You've found a house, been approved for a mortgage, and life is good! There are just a few things - you need to co-sign a loan so your son can buy a car, and while you're at the dealership you see a new truck you can't live without. Your credit's good, you've been approved - what's the big deal?
The big deal is this - by taking repayment responsibility for those two loans, you might have dramatically changed your Debt to Income Ratio, which plays a large role in determining your creditworthiness and interest rate. Even though you've been approved, there are a few things to avoid between the time your mortgage is approved and when it closes. Bottom line - if you have any questions at all, talk to your lender.
The views, information, or opinions expressed in this article are solely those of the author and do not necessarily represent the views of Citizens State Bank and its affiliates, and Citizens State Bank is not responsible for and does not verify the accuracy of any information contained in this article or items hyperlinked within. This is for informational purposes and is no way intended to provide legal advice.