I have an existing mortgage where I am the co-signer with my spouse. How will separation affect my ability to get a second mortgage? Can my daughter co-sign on a mortgage?
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Our response:
If you have an existing mortgage where you are the co-signer, you will need to show the lender that you qualify for another mortgage. There are many factors to consider with respect to getting a mortgage approved. Before you consider a new mortgage, you may need to update your overall financial plan, investment strategy and will, among other things.
If you are planning to buy another home, first speak with a lawyer in addition to speaking to a financial representative about your financial situation.