Co-signing a note

"What does this mean? And will I be responsible for the payments?"

This means that you are signing for another person and stating that if for any reason they default on the loan you will be responsible for the note, your credit will also be effected in the event of late payments or foreclosure.

Since you are jointly responsible for the mortgage payment this may affect your ability to qualify for new loans in the future.

Your credit report will also reflect this as a mortgage.

Be sure to know the risks for co-signing on any type of loan. When you co-sign, you become equally responsible for the loan, no matter if you are just trying to help a friend get qualified.