changing status of loan--will it change debt to income ratio??

[Anonymous]

We have co-signed a private SM loans, and due to the fact that SM no longer refis loans, we have to go elsewhere and get them all under our name only as unsecured personal loans. My question here is will it adversily effect our risk factor when applying for a car and a home refi (both which we NEED to do as well ) They are large loans, by changing the status from co-signers on SM student to a straight unsecured personal loan??? Anyone ? Spooky

[Anonymous]

There is no difference between being a cosigner on a loan or having the debt solely in your name...they are both considered your debt.

You will however get the hit of a new inquiry, a new loan and a small hit on average age by paying off the SM Loans...

If you have enough equity in your house you could refi all into one loan...But of course that is a very bad idea....

So I would suggest that you refi the worst interest rate, then attempt the second and then the third. If you joined a credit union you could take one hit on the inquiry and refinance each of these loans separately with them.

Good Luck!