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I'm at a risk of home loan(primary residence) approval for over $560k, due to other investment properties that I can not sell.
My Lender suggested me having a co-borrower / co-signer for the loan.
My wife's brother, a home owner, is willing to be a co-borrower/ co-signer due to certain obligations. However as a co-borrower he is not going to stay in the home
I want to understand all the risks for both me(as a Primary borrower/primary resident) and my brother in law as a non-resident co-borrower on the loan.
Well your brother in law will be carrying most of the risk. In the fact that if you cannot make or fail to make payments it will be on him to pay. the biggest risk is the cosigner doesn't/maynot know this is going on until it is too late and has already affected the cosigners credit.
if everything goes as it is suppose to then the risk is slim for him. You can sell the properties later when u can and then refi this one and have him removed as a cosigner.
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