Please, Mom and Dad—I really want this house! Everything you need to know about co-signing a mortgage.

You’re ready.  You’ve put your careless credit habits of your youth aside (come on, we were all foolish about credit when we were young!) and you have a job income that can support a mortgage for your starter home.  But maybe you are self-employed and invested a lot into your startup so your taxes show little income.  Or maybe you took on some debt to buy that new minivan that’s  so useful car-pooling to the kids’ soccer practice.  Or maybe you’ve only been at your new job for a year and the bank wants two years employment history.  But you’ve fallen in love with the cute little ranch just minutes from the elementary school in Leeds, or you’ve found the perfect acreage for your organic farm in Deerfield.  The bank laughs at you when you come in on your own—what can you do?  Well, this is where Mom and Dad come in.  This is why we have parents— to co-sign a loan to help us achieve our dreams!  Read on for the details and the fine print on having someone co-sign your mortgage loan…and how you can become independent of them later on down the road.

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