Is it a good or bad idea to co-sign a mortgage? Or need a co-signer?

Keep in mind that if you "co-sign" on a mortgage, or any debt for that matter, you are equally liable for the debt as the primary person. I think in most instances it's a bad idea because you never know what could happen. You have to go into it thinking that if something were to go wrong and you had to make the payments on your own to maintain your credit, you would be ok with it.

I believe the only answer that is appropriate here is, "It depends..." If you are trying to buy a home and the only way you can qualify, right now, is to get a co-signer, then it could be a good idea. But, depending on the person you may be co-signing with, it could be a bad idea. Ultimately, you have to way the pros and cons for each person signing on the mortgage and determine what makes the most sense for all parties at that time, AND into the near future. I would suggest that anytime you don't need a co-signer, or don't derive any benefit from being a co-signer for another, then try to fly solo on that transaction. Keep in mind it's not always easy to take that other person off, or come off the mortgage yourself, if something ever changes between you personally; it also ties up the credit for all parties involved, as well. If you're entering into a business transaction and co-signing on mortgages for investment properties, this could be the best way to get started for both of you, but just be aware of who you are going into business with...trust should be a key factor between all signing parties. I hope that helps!

I always suggest you never co sign for anyone unless you have a very close relationship with.. (son, daughter, mother, father, etc.) I also suggest that you verify the mortgage payment is made every month.. if it isn't, you wont know about it until it has already affected your credit.. Also understand that YOU are taking on 100% RESPONSIBILITY if the borrower does not make they payments... When it comes to mortgage lending, having a co signer does not help if the borrower has bad credit.. it only helps if the borrower has limited credit, no credit or limited income.. Whether or not it's a bad idea or not.. only you can answer that. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com