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re: Paying off student loans with mortgage equity
Posted on 7/24/17 at 12:49 pm to Volvagia
Posted on 7/24/17 at 12:49 pm to Volvagia
I checked into this but they are saying that they would need a cosigner (she is a teacher and I think her income is negatively impacting this). I have great credit and don't want to negatively impact that. Would cosigning for her impact me in any negative way? Essentially I am the one paying for it at the end of the day.
2
Posted on 7/24/17 at 12:50 pm to Phil
It would show up on your report as well.
Posted on 7/24/17 at 5:41 pm to Phil
quote:
I checked into this but they are saying that they would need a cosigner (she is a teacher and I think her income is negatively impacting this). I have great credit and don't want to negatively impact that. Would cosigning for her impact me in any negative way? Essentially I am the one paying for it at the end of the day
It would only negatively affect it as far as DTI goes.
But depending on the layout of your credit, it is minor enough that it might be negated by the boost to your credit from increasing debt diversity
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