Or maybe one of you has had credit issues in the past.
Typically, mortgage co-signing is done by an immediate family member. Parents being the most common. If you’re thinking of “borrowing” from the bank of Mom & Dad, view this AskRoss video to discover the ins and outs of using a co-signer:
[0:49] Find out why having your parents as a cosigner is not necessarily a slam dunk
[2:20] utilize your lawyer’s expertise when drafting the cosigning agreement
[2:40] learn how to alter the mortgage in the future if/when things change
Also, don’t forget to leverage your parents experience in the mortgage and home ownership arena during the whole process… and be sure to give them a big hug upon signing! 😉