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)
- To get a better rate
- The Co-Borrower would like to be on the loan as the purchase is in both names
A Co-borrower can also be added to a loan if he matches the minimum requirements to be approved.
Once you are on the borrower’s unique loan application page. In the header you will find the option to “+ 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.
Should the Co-Borrower qualify for a better rate based on their credit score the loan will be adjusted automatically to reflect.
If you ever have questions on how to add a co-borrower, please feel free to contact us at 1-888-536-3025