For some people, using a cosigner may be the only way to qualify for a mortgage loan and purchase a condo for sale in downtown Boston. Before entering into these arrangements, however, all parties should have a clear understanding of what they entail. Boston condo buyers should know upfront whether cosigners expect to retain partial ownership and whether or not they’ll ever be able to manage all of their ownership costs on their own.
Why Use a Cosigner When Buying a Boston Condo?
People who are self-employed generally lack the proof of consistent and reliable income that lenders need to see. Cosigners allow these individuals to pursue conventional funding products despite their unconventional employment and financial profiles. Cosigners are often used by divorcees to qualify for mortgages that will enable them to take over the homes they once shared with their spouses. People can additionally use cosigners when taking leave from work to pursue higher education. Although a cosigner does not have the ability to improve you credit score or any other aspect of your financial profile, the addition of this person’s income could increase the size of the loan that you’re qualified to receive. In each of these instances, the cosigner provides greater assurance that lenders won’t suffer any loss should things fall through.
Different Types of Cosigners
Cosigners can be either occupant co-borrowers or non-occupant co-buyers. With occupant co-borrowers, lenders may perform checks to ensure that the cosigner has actually moved in post-closing. Non-occupant co-borrowers are currently the most common type of cosigners and they are not required to live on the property at all. The most important thing to discuss with either type of cosigner is how ownership will be shared.
Banks Require All Borrowers to Be Listed on the Title
Lenders require that each borrower be listed on the title. If you’re using a cosigner, this person could take title as a joint tenant, in which case, you and the co-borrower will share equal ownership rights to the home. The only way to define your individual ownership shares is by taking title as tenants in common. The ability to claim different ownership percentages has no impact on financial culpability. Irrespective of how ownership is assigned, both parties will be equally liable for the maintenance of the loan agreement. Late payments or mortgage default will impact both the buyer and the cosigner in the exact same way and thus, each person should be fully prepared to manage the loan before accepting it.
Still looking? Find the place of your dreams by checking out our inventory of condos for sale in downtown Boston. If you see something you like, give us a call at 617-720-5454 and we can set up a showing as soon as possible.
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Over the course of 20 years in the Boston downtown real estate market, John represented and sold numerous, condominiums, investment and development properties in Greater Boston and in the surrounding suburbs
In addition to representing Boston condo buyers and sellers, John is currently one of the most recognized Boston condo blog writers regarding Boston condominiums and residential real estate markets. John's insights and observations about the Boston condo market have been seen in a wide variety of the most established local & national media outlets including; Banker and Tradesman, Boston Magazine The Boston Globe, The Boston Herald and NewsWeek and Fortune magazine, among others.
For over 24 years, John Ford, of Ford Realty Inc., has been actively involved in the real estate industry. He started his career in commercial real estate with a national firm Spaulding & Slye and quickly realized that he had a passion for residential properties. In 1999, John entered the residential real estate market, and in 2000 John Started his own firm Ford Realty Inc. As a broker, his clients have come to love his fun, vivacious, and friendly attitude. He prides himself on bringing honesty and integrity to the entire home buying and selling process. In addition to helping buyers and sellers, he also works with rental clients. Whether you’re looking to purchase a new Boston condo or rent an apartment, you’ll quickly learn why John has a 97% closing rate.
Charles River Park
Surrounding Communities of Boston
John Ford and his staff can be reached at 617-595-3712 or 617-720-5454. Please feel free to stop by John's Boston Beacon Hill office located at 137 Charles Street.
Ford Realty Inc
137 Charles Street
Boston, Ma 02114