4 Responses to “If my Dad cosigns for my student loan will it affect his ability to get a loan to refinance his house?”

1. SU says:

   September 9, 2011 at 9:44 pm

   As long as his credit is good now and you make the loan payments on time, his credit should not be affected adversely. However, the loan may appear on his credit as a debt which would affect his debt to income ratio and that could cause an issue with the house refinance if his debt to income ratio is already high. If this happens, there is a way to counteract it. Consumers have a right to put a statement on their credit report explaining something/anything about a debt. IF the loan appears on his credit as a debt, he can write to the credit bureau and have a statement placed on his report indicating the loan is a co-signed debt and not a personal debt. He can also provide this letter to the loan officer handling his house refinance along with a copy of the student loan paperwork showing he simply co-signed for you. It shouldn’t be a problem.
2. KatGotHerTongue says:

   September 9, 2011 at 9:47 pm

   It most definitely will show up as a liablitly on his credit rating. but if his debt ratios are fine, he will still be able to refinance his home in spite of the fact. so it depends what else is on his credit rating, most loan officers will run a quick report to see if he can get the loan.
3. ~Shortstuff~ says:

   September 9, 2011 at 9:52 pm

   That’s a question for the lending institution.
4. Sweet C says:

   September 9, 2011 at 10:02 pm

   Students who are looking for a bad credit student loan should pick three schools they are most interested in, talk to the admissions office, and ask what is needed to apply in their school.A bad credit