<prompt> Human: My parents are trying to refinance for a new home loan. Bank wont approve without more income. I was asked to cosign the loan for approval but I am concerned that since my name is on this loan, I will not be able to purchase a new home in a few years time.The banker said that as long as I dont 1. use any of the loan and 2. make any payments for 12 months, the loan will not affect my chances of buying a new home. Is this true? The banker said this was a loophole for families without actual incomes. My parents will repay the loan. I will not be paying any of the loan. I only have concerns on whether my credit will be tied up denying me from buying a home for myself. Thanks. New to this sub so hopefully I didnt break any rules.  <response>: Banker is trying to close the loan, and not looking out for your best interests. Consigning means it will impact your ability to get credit in the future, as well as you will be responsible for payments if they dont pay. So no. Just no. 