I have recently been asked to co-sign a home loan since the primary borrower does not have good enough credit. They have the means to make payment are putting a good amount of money down.
My ultimate goal is to get myself removed from the loan asap and potentially add my wife on it as a replacement(it’s for her parents)
Should I do a co-borrower instead of co-sign as a safety measure? Since co borrowers half ownership rights. I don’t plan on occupying the residence and they will be paying for it fully.
How soon can I get myself out of the loan is either situation? How soon can my wife be put on it instead of me? She will start earning by beginning of next year.
I have good credit and around 32% DTI.
How will this affect me in future loans I want to get (car, 2nd property) I already had 1 home, 2 cars and student loans on my credit.
How long would it take for the cosign/Co borrower to no longer impact my eligibility for future loans?