Question:
“My son asked me to cosign on a loan so he can buy his first home. Is there any risk to me doing that?”
Answer:
Cosigning on a loan makes you as liable as the person you’re cosigning for.
So if your son is late on his mortgage, his and YOUR credit will be damaged.
Helping your son buy his first home is a great and wonderful thing. But know the risks if you decide to do it.
