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Forum » Finance brahs advice..will co-signing a student loan mess up my mortgage application?
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Thread: Finance brahs advice..will co-signing a student loan mess up my mortgage application?

post 1640042173 06-03-2021, 07:55 AM
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Finance brahs advice..will co-signing a student loan mess up my mortgage application?

a close relative was asking help to co-signing a student loan. i am on the fence and hesitant as i read it can mess up my debt-to-income ratio especially if its a variable rate loan. i was planning to buy a house within next 2 years and the kid wont even graduate till then. will this mess up my mortgage rates and approval chances?

its a lot of fukin money..almost 100 grand.
they have helped my family out in the past but this is a big ass favor they are asking which i feel could jeopardise my financial status.
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post 1640042343 06-03-2021, 07:58 AM
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Yep, it could mess up your debt to income ratio and repayment history
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post 1640043113 06-03-2021, 08:10 AM
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never co-sign a loan!!!
post 1640043593 06-03-2021, 08:15 AM
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Originally Posted By GordonXXX⏩
never co-sign a loan!!!
they are putting pressure on me
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post 1640043763 06-03-2021, 08:17 AM
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Yes liability

Is this family? If so then do it, cus it would be pretty ****ty to deny a family member an education for a small negative strike on your mortgage application
post 1640043893 06-03-2021, 08:19 AM
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Originally Posted By 5x10⏩
Yep, it could mess up your debt to income ratio and repayment history
x2

Taking on any kind of debt will put getting any other loans at risk.
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post 1640043943 06-03-2021, 08:20 AM
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I would never co-sign ANYTHING.
Everything I post is satire.
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post 1640043953 06-03-2021, 08:20 AM
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Originally Posted By Nocturnal310⏩
they are putting pressure on me
https://www.edelmanfinancialengines....cosign-a-loan/
post 1640044243 06-03-2021, 08:23 AM
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Originally Posted By Nocturnal310⏩
they are putting pressure on me
Oh in that case sign away. In case he can't pay the loan you are liable.













































not a fkin chance. You don't owe them anything so just say your bank told you no comprende because you want to buy real estate soon.
post 1640044363 06-03-2021, 08:24 AM
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Originally Posted By Nocturnal310⏩
they are putting pressure on me
Practice saying NO until your tongue bleeds.

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post 1640045573 06-03-2021, 08:38 AM
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Answer is no - you're buying a house and it will impact your ability to.
Not your problem.

They need unsubsidized loans through FAFSA.
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post 1640046033 06-03-2021, 08:43 AM
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Originally Posted By Nocturnal310⏩
they are putting pressure on me
Fukk that absolutely not, no fukking way bro, hard pass, not from me brah, nacho guy for a loan guy.

The second this fukstick stops paying you'll be held liable. I don't know how close you are to this person, but I wouldn't even cosign a loan for my own sibling. This will no doubt effect your ability to buy a house, and even worse, if you're getting azz ****ed by a mortgage, and then you get hammered by this loan, you'll be financially ruined, srs.
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post 1640046193 06-03-2021, 08:46 AM
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I would not do that unless the loan was less than 1% of my net worth.
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post 1640046603 06-03-2021, 08:53 AM
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So they can get a degree in some BS, not find a job then not be able to pay it? Enjoy
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post 1640047393 06-03-2021, 09:07 AM
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Originally Posted By Nocturnal310⏩
they are putting pressure on me
lmao even more reason not to
post 1640047713 06-03-2021, 09:12 AM
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Originally Posted By bov188⏩
What is the kid majoring in? Not that it would have any impact on my decision... Just curious to see how ****ed you would be when they graduate
Inb4 gender studies

I would do it for a close family member srs. My family is very traditional in values though and we are very close to one another. (South euro immigrants)

When my older sister had her first kid, I gave her and her husband 80k $ to help with their downpayment and renos.


Ofc they paid this back, but honestly i wouldnt have cared if they didnt. Family > money





On a completely separate note though, why do you american brahs allow yourselves to get anally raped by these universities with their ridiculous fees?
post 1640053653 06-03-2021, 10:36 AM
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DTI calculates the payments for every loan you are on and assumes you are paying them all. So yes being on a student loan would impact your DTI.
post 1640054103 06-03-2021, 10:43 AM
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The last Mortgage application I did actually had an initial box that I had to check that said that if I applied for any type of credit or co-signed on any loans during the loan process, my mortgage could be rejected or locked rate recalculated.
Like everyone else is saying, don't do it. At least wait until your home loan is complete and all the closing paperwork is signed.
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post 1640056173 06-03-2021, 11:06 AM
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I'm pretty sure everybody can apply for FAFSA and pay nearly 100% for a school that is going to be accredited. They can get pell grant (based on income, dont have to pay back) and sub/unsubsidized loans. I never understood people getting private loans going to school, let alone requiring a co-signer.
post 1640056323 06-03-2021, 11:08 AM
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don't cosign anything under any circumstances obv
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post 1640056393 06-03-2021, 11:09 AM
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100k?

the best thing you can do is not co sign. That kid is already fukking up.
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post 1640056553 06-03-2021, 11:11 AM
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Absolutely do not do that. Being liable for 100K of someone elses debt is a terrible idea.
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post 1640056723 06-03-2021, 11:13 AM
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0% chance I would co-sign in your situation. If they want to be chitty about, that is on them. Its chitty that they would even ask you.
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post 1640056983 06-03-2021, 11:15 AM
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lmao, co-signing a student loan? never heard of it. between all the grants you can apply for and chit ton of subsidized and unsubsidized loans they shove in your face, how exactly can you not qualify for loans or be required a co-signer. da fuq
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post 1640057083 06-03-2021, 11:17 AM
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post 1640057193 06-03-2021, 11:18 AM
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Originally Posted By Better
lmao, co-signing a student loan? never heard of it. between all the grants you can apply for and chit ton of subsidized and unsubsidized loans they shove in your face, how exactly can you not qualify for loans or be required a co-signer. da fuq
When the parents make a lot but don't want to co-sign, they pawn it off on relatives like *******s.

The parents are the ones at fault here. They're either lying about their income or the kid hasn't applied for grants OR the kid is trying to go to a private school that is expensive for no reason.

There's NO reason to take on $100k of debt for education.
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post 1640057223 06-03-2021, 11:18 AM
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Originally Posted By Better
lmao, co-signing a student loan? never heard of it. between all the grants you can apply for and chit ton of subsidized and unsubsidized loans they shove in your face, how exactly can you not qualify for loans or be required a co-signer. da fuq
apparently OP was banned for being dumb enough to consider it.
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post 1640057703 06-03-2021, 11:24 AM
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just say your credit sucks
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