Need a mortgage but your credit score isn’t quite there? A cosigner can help. A “Sample Letter, To Request Someone Cosign Mortgage” is what you send to ask someone to be that cosigner.
We know asking can feel awkward. That’s why we’ve got you covered. We’ll share ready-to-use letter templates.
These samples make asking for a cosigner easier. Use our examples to craft your perfect request. Let’s get started!
Sample Letter, To Request Someone Cosign Mortgage
[Your Name]
[Your Address]
[Your City, State, Zip Code]
[Date]
[Cosigner’s Name]
[Cosigner’s Address]
[Cosigner’s City, State, Zip Code]
**Subject: Request to Cosign Mortgage Application**
Dear [Cosigner’s Name],
I hope this letter finds you well.
I am writing to you today with a request for your consideration. I am in the process of applying for a mortgage to purchase a home located at [Property Address]. While I have been pre-approved for a loan, the lender requires a cosigner to finalize the approval due to [briefly explain reason, e.g., limited credit history, recent job change].
I understand that cosigning a mortgage is a significant commitment, and I want to assure you that I have carefully considered my ability to meet the monthly payments. My current income is [Your Income] and my monthly expenses are [Your Monthly Expenses]. I am confident in my ability to manage the mortgage responsibly.
I have attached a copy of my pre-approval letter and a summary of my financial situation for your review. I would be happy to discuss this further with you at your convenience and answer any questions you may have. You may also want to consult with a financial advisor to fully understand the implications of cosigning a mortgage.
Thank you for considering my request. Your support would be greatly appreciated.
Sincerely,
[Your Signature]
[Your Typed Name]
How to Write a Letter to Request Someone Cosign a Mortgage
Subject Line: A Compelling Overture
The subject line is your initial enticement. Ditch the bland “Cosigner Request.” Instead, opt for something that piques interest while remaining transparent.
- Example 1: Seeking Partnership: [Your Name] Mortgage Application
- Example 2: A Proposition: Helping Me Secure My Home
- Example 3: Cosigning Opportunity: [Property Address/Brief Description]
Salutation: Cultivating Concord
Begin with a salutation that reflects your relationship with the prospective cosigner. Formality breeds respect, but warmth fosters receptivity.
- Formal: Dear Mr./Ms./Dr. [Last Name],
- Informal: Dear [First Name],
- For Family: Dearest [Relationship – e.g., Mom, Uncle John],
Introduction: Setting the Ambit
Clearly and concisely state your purpose. Be upfront about your mortgage application and the need for a cosigner. Transparency curtails trepidation.
- “I am writing to you today with a proposition that I hope you will consider. I am in the process of applying for a mortgage to purchase a home, and I require a cosigner to bolster my application.”
- “I am reaching out to you because I am pursuing homeownership, and your support as a cosigner would be invaluable in securing the necessary financing.”
Body Paragraph 1: Elucidating the Circumstances
Explain why you need a cosigner. Be candid about your financial situation without divulging overly sensitive data. Focus on mitigating factors and future prospects.
- Detail your income, credit score, and any debts. Highlight strengths, such as a stable job or diligent payment history.
- Address weaknesses head-on. For example: “While my credit history is relatively nascent, my income is consistent, and I am committed to responsible financial management.”
- Mention the loan amount and the property in question.
Body Paragraph 2: Alleviating Apprehensions
Address the elephant in the room: the cosigner’s risk. Emphasize your commitment to fulfilling your obligations and outline safeguards.
- “I understand that cosigning is a significant commitment, and I want to assure you that I am taking this responsibility very seriously. I am fully prepared to meet all mortgage payments punctually.”
- Outline your repayment strategy. Perhaps you are planning to increase your income or reduce expenses.
- Offer to provide regular updates on your financial status and mortgage payments.
Body Paragraph 3: Furnishing the Pertinent Details
Provide all necessary information for the prospective cosigner to make an informed decision. Clarity assuages anxiety.
- Name of the lender.
- Loan amount and interest rate (if known).
- Contact information for the lender or mortgage broker.
- A timeline for the cosigning process.
- Express gratitude for their time and consideration.
Closing: A Genial Farewell
End with a courteous closing and express your hope for a favorable response. Sincerity resonates profoundly.
- Formal: Sincerely, [Your Full Name]
- Semi-formal: Best regards, [Your Name]
- Informal: Warmly, [Your Name]
- Include your phone number and email address for easy communication.
Frequently Asked Questions: Requesting a Cosigner for Your Mortgage
Securing a cosigner can significantly improve your chances of mortgage approval. This FAQ addresses common inquiries regarding the process of formally requesting someone to cosign.
What is the purpose of a cosigner request letter?
The letter formally asks an individual to consider cosigning your mortgage, outlining the responsibilities and commitment involved.
What key information should the letter include?
The letter should clearly state the loan amount, the property address, your repayment plan, and the cosigner’s legal obligations.
How should I approach the individual I’m asking?
Ideally, approach them personally first to discuss the request before sending the formal letter. This allows you to address any initial concerns.
What tone should I use in the letter?
Maintain a respectful, professional, and honest tone. Clearly communicate the benefits and risks associated with cosigning.
Is a cosigner legally responsible for the mortgage?
Yes, a cosigner is legally responsible for the mortgage if the primary borrower defaults on the loan payments.