Most people do not know what it means to co-sign a mortgage. Some people think its a curse, and some think its no big deal. The truth is somewhere in between.

The good news is that co-signing a loan does not hurt your credit, as long as the person you are co-signing for does not make any late payments. Most co-signing situations are a parent or parents who are co-signing for a child. Other good news is that the co-signers will not have the mortgage they co-sign for count against their credit and their debt ratios, as long as the child they helped can produce canceled checks for one year showing the payments have been made on time by the child. Read the rest of this entry »