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| *Loan,banking and credit>>>mortgage loan |
If a parent co-sign on a mortgage what intereste will the loan be at? |
If the parent would be normally be eligable for the best interest available will the same interest rate be available if they were co-signing on the mortgage. thanks in advance There are only a very few programs which allow a non-occupying co-borrower, but FHA is one of the best IMHO. The interest rate is determined by the qualifications of the highest earner--in this case probably your parents. The interest rate would be about 6% to 6.5% today. Contact a lender that is FHA approved. I like Julie at http://primelendingonline.com Good luck. Source(s): http://primelendingonline.com it will have the same intrest if no one cosigns Generally if the parent co-signs the interest should not change. Yes. Only the cosigner's credit is considered, and they are responsible for the loan, just as if you weren't even on it. Can't answer this question as asked. Many other factors must be taken into account, such as LTV, debt to income ratios, credit history, and the like. no, the interest will not be the same interest as the parents as the parents will usually have better credit and usually get a better interest rate, it just depends on your credit, the interest rate might come down some if the parent has good credit, but it wont be as low as the parents rate would be alone |
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