Co-signer – Guarantor

Co-signer & Guarantor

Co-signer: Is added in the title of the property and can claim ownership of it, he or she commits to the same obligations to the mortgage as the primary borrower, but it understood that will the co-signer might not be making any payments and/or not occupying the property

A cos-signer may help the applicant to support income and meet the ratios required by the lenders to qualify on a specific mortgage deal when the standards are not met by the primary applicant alone

Some people consider adding another person into the mortgage loan seeking to qualify for a property of a greater value than what they could afford without adding that extra person, the terms on how this extra person is added, indicates different rights and responsibilities

Guarantor: Commits to pay the debts or perform the obligations that the primary applicant contracted in the event that this primary borrower fails to pay, or to perform as agreed on the mortgage loan, however, the guarantor won’t be on title, therefore can’t claim ownership of the property.

The guarantor may help when the applicant’s credit is not so great or very few transactions has been registered in his/her credit history

Call or text 416-262-7139