I have a question about the rights of a co-signer. I am looking to get about a $100,000 first time home buyers loan. My father wants to be a co-signer on the loan. I know that if I can't pay the mortgage off, he will be the one to take on the bill. However, what other rights would he have to the mortgage, can he view the balance or have any other control over it. I have a decent job and 133 acres of land under my name, so I should'nt have a problem being approved. Would it be in my best interest for it to be just under my name or to have a co-signer as well. Also, who encounters the debt if for whatever reason I cannot (with no co-signer). THANKS:)

Hi,
I am a Loan Officer and if you do not need a co signor there is no reason to have one unless your father has interest in the property with you. If you do have a co signor he would be responsible for the payment if you for any reason could not make that payment. If you do not have a co signor and you do not make your payments at some point the bank will foreclose on your property and you will lose your equity, home and the good credit that you established.

To answer your other question on what type of access you father would have to your account; he would have access to information from customer service at any time if he wanted to check that the payments were being made, etc. But the mortgage coupon (bill) would be mailed to you only. You can chose how to take title with a co signor; he doesn't have joint tenancy unless you agree on it. Talk to a local lender to get more information before making an important decision in your home loan experience.

If you have any other questions; please fell free to email me at [email protected].

Why does your father want to co-sign? I can understand being WILLING to co-sign to help you get a mortgage, but I don't understand wanting to.