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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 an FHA-approved lender. I like Julie at http://primelendingonline.com

Good luck. Source(s): http://primelendingonline.com
Typically a cosigner can be used on a mortgage loan to assist in additional income used to qualify for the loan if the overall transaction meets certain guidelines. With most mortgage loans, cosigners cannot be used to off-set poor credit. Typically the file credit score is determined by the lowest credit score of all of the borrowers on the loan.

The interest rate should not be determined by whether or not there is a cosigner on the loan. The interest rate would be determined by one or more of the following items: the type of loan selected (adjustable or fixed rate, length of the loan term, government or conventional, etc), the amount of down payment, the occupancy (primary, vacation, or investment), etc.
15 yrs in mortgage banking
no, your the one getting the mortgage they ain't they are just a co-signer. your interest is based of ur credit not theres. the only thing a co-signer does if you don't pay they are the ones that are responsible for the payment then. then you will screw there credit up plus yours at the same time. they will run a credit report on them to make sure they would beable to pay the payment if for what ever means you didn't or couldn't based on what they have going out and there income is. on some cases you may need more then one co -signer.
No, your credit rating will affect your interest not your parents
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