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remove co-signer

My co-signer's credit score has dropped. Will this effect my mortgage loan? I would like to remove her, how long do I have to wait before re-finance to remove the co-signer? I purchased December 18th, 2018. by thurston432 from Huntsville, Alabama. Feb 19th 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but First, once the loan has been funded and recorded, if one of the borrowers scores drop, it wont have any affect on the loan. As far as refinancing, we would need to know what type of loan you have now.. (FHA, VA, USDA, Conventional, Portfolio, Hard Money) With some, you can refinance any time, other programs make you wait 6 to 12 months,, and other programs could be longer if you got some grant funds to help with your purchase.. In short, so long as you can qualify on your own, and you have met the minimum required waiting period.. then you can apply any time.. If you just bought 2 months ago and needed a cosigner, has your scenario changed? If so, and you feel you can qualify on your own, then you just need to know what the mandatory waiting period is for your specific loan. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Feb 20th 2019
Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 4,703 contributions

There is no such thing as a co-signer. There are only co-applicants. Once a loan is in place, it is never reviewed again, so a changing credit scores after the fact means nothing. I'm a little bit confused though, as if you just did a loan with that person two months ago, and now you want to refinance without the co-applicant?

Feb 25th 2019
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