You have an option to add a Co-Borrower on the loan should you choose to do so. Some of the common reasons you would want to add a Co-Borrower are:
- High DTI (Debt to Income Ratio)
- Get a better Interest Rate (If applicable)
- Raise the amount of the loan
- The Co-Borrower would like to be on the loan as the purchase is in both names
A Co-borrower can only be added to a loan if he matches the minimum requirements to be approved.
Please note that it is not possible to create an application with two applicants at the same time. The main applicant needs to be approved prior to be able to add a co-borrower.
Once you are on the borrower’s unique loan application page, you will need to select “Add Co-Borrower”
A pop-up will appear allowing you to enter in the details of the co-borrower just as you would on a normal loan application.
Once the co-borrower’s information has been filled out you will need to check off the agreement allowing Financeit to obtain the applicant’s credit report and verify their income if necessary. Select “Add Co-Borrower” and a decision will be given within seconds.
If you ever have questions on how to add a co-borrower, please feel free to contact us at 1-888-536-3025