Not everyone can be approved for a home on their own. If you have a poor credit history or if for some other reason you can’t get approved for a loan, one option is to use a co-signer. A mortgage co-signer is a second person who agrees to back up your loan, guaranteeing the lender that the loan will be repaid. The DiMora Team are real estate experts in the Northville and Novi neighborhoods and we know that a co-signer can give you the borrowing strength you need, this is a serious legal relationship that should be considered carefully. Your co-signer needs to be someone who will be approved by lenders, someone you trust, and someone who is willing to be involved in this agreement for the long haul. For married couples, a spouse typically acts as the co-signer for a mortgage. Also, sometimes parents, business partners, sisters, brothers, aunts, grandparents or long-trusted friends can help. Check out below to see what sold in Hills of Crestwood in August 2015:
46502 Red Oak Court, Northville: 4 bedrooms, 2.1 bathrooms, 3,365 sq. feet, 3 car garage, Sold Price: $455,000
If you plan to use a co-signer, it’s best to have a formal contract that you both sign. It can serve as a protection for both of you and a reminder of the seriousness of this agreement. For more information on Hills of Crestwood, or similar Northville or Novi neighborhoods such as Bella Terra, Chase Farms and Kirkway Estates, contact The DiMora Team today at 248-505-7728 or email@example.com.