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“If you are a cosigner,” Furman added, “you’ve got to be prepared to make the payment. If there’s a late payment, it’s going to wreck your credit too.” Damaged credit aside, partnering on a loan can sometimes damage relationships. The best way to avoid hard feelings is to have everything spelled out in a written contract before the purchase. Include things like how repairs are handled, who pays for upgrades, and most importantly, how the proceeds will be split upon selling. The children may think their cosigners are gifting them the funds, But parents may expect a return of principal plus interest and a share of the profit, even if they are not on the deed. Consider having an attorney draft the agreement. Because arguing with family over money is worth avoiding at any cost.
friends, where proof of a longstanding friendship can be documented. Kristy Furman, a mortgage loan officer for Sunstreet Lending here in Maricopa, has lots of experience with cosigners. “The process allows you to use someone else’s income or credit score to improve your application and get access to more money,” Furman said. In a recent study by Intuit and Credit Karma, 38% of Gen Z homeowners said they received financial assistance from parents to buy a home. Boomers tend to be a wealthy generation, whereas their kids are often saddled with student debt, making it harder to purchase a home Furman has seen good results when parents cosign for their grown children. “In those cases, the parents are well educated on the process. They have a good understanding of what they’re getting into. They know their kids and their spending habits and are aware of the risks.” But what about the old saying, “Never do business with friends or relatives” — does it apply here? Taking on the role of a cosigner means taking ownership of the loan.
T HE USE OF A COSIGNER CAN BE A powerful tool for increasing a buyer’s spending power. While there’s a multitude of reasons why a cosigner might be needed during the loan application process, the two most common include a borrower who doesn’t have a good enough credit score, or doesn’t meet the income requirements to qualify for the loan. A cosigner is usually a family member who doesn’t have a vested interest in the property. However some organizations, like the Federal Housing Administration, are starting to allow The pros and cons of cosigning BY DAYV MORGAN
Cats: Are you in or out?
BY JULIE COX
A
AMONG THE ESTIMATED 80 million pet cats in the U.S., almost 30%, are “outdoor” cats — domesticated but allowed to
roam freely outside. Many pet owners feel this lifestyle choice is more attuned with a cat’s natural instincts and anything else would be unkind. Another rationale is that it offers greater physical activity and mental stimulation. No matter your view, the challenges that accompany the choice are many. Here in Maricopa, free-range felines must contend with predators like coyotes whose diets include small animals, both wild and domestic, and owls who can carry up to five pounds. Although most cats are larger than this, they can still be injured and frightened in a tangle with carnivorous birds. Another threat wandering cats come across is other cats. Whether it’s a neighbor’s kitty or feral felines in the area — and Maricopa city officials last month declared a feral cat crisis — any of them can be a source of serious disease, which can be passed to your cat. Common examples are feline leukemia, feline immunodeficiency virus, feline infectious peritonitis, feline distemper and upper respiratory infections. External parasites like fleas, ticks and ear mites, as well as internal parasites like roundworms, hookworms and tapeworms, can all be picked up during one of Kitty’s nights on the town. Ringworm, not a true worm but a contagious fungal infection of the skin, can spread to other pets and family members alike, requiring treatment for all. You may have the nicest kitty in the world, but another unintended consequence of an unsupervised cat is the death of as many as 4 billion birds yearly in the U.S., attributed to outdoor cats both feral and owned even when they are well fed at home.
Dayv Morgan is a Maricopa Realtor and owner of HomeSmart Premier.
480-251-4231 DayvMorgan@gmail.com MaricopaHomeSmart.com
Potential hazards to your cat’s well-being — some life-threatening — include: • Accidental
struck by cars.
fatal diseases, especially those resulting from bites. Unplanned parenthood. Outdoor cats that haven’t been spayed or neutered produce unwanted litters. Frightened cats can hide for days or may wander into a neighbor’s garage, especially when it’s hot, and become trapped when the garage door is closed.
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Abuse. Cruel people abuse cats. It’s a sad fact. Roaming cats can get lost. Others are mistaken for strays and taken in by strangers. Some are picked up by Animal Control. Others fare worse. Cat fights. Tangling with unvaccinated or sick cats can infect yours with a wide range of sometimes
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rodent that recently ingested poisoned bait. Weed killer and lawn chemicals can have the same effect. Road traffic. While some cats may seem savvy, most lack the instincts to avoid or navigate busy streets and are often
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• Always be sure to collar and tag your cat with contact information, not relying on a microchip as the sole means to bring your pet back. A kind stranger must first suspect that your cat is lost and then be willing to take him somewhere to be scanned for a possible microchip. Seriously, what are the odds? And if you’re not doing this already, make time to brush and bathe your cat. Not only will this help keep “hitchhikers” away, but the hands-on contact between you and your buddy can offer early detection of health issues.
Because many bird species like the mourning dove will mate for life, this is no small loss. No matter how ardent pet owners might feel about their cats’ lifestyles, the goal is to keep them safe. Seeing as outdoor cats generally have shorter lifespans than their strictly indoor counterparts (just two to seven years compared to 12 to 15), some simple steps will help in achieving that aim: • Keep them in at night and limit outdoor access in the summer heat. • Make regular veterinary appointments for health exams, recommended vaccines and parasite screenings.
InMaricopa.com | July 2024
July 2024 | InMaricopa.com
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