Can A Co-borrower Help Your Mortgage?

By: SHAN JAFFREY

Can A Co-borrower Help Your Mortgage?

Tags: mortgage, real estate, criteria, options, leverage, rates, mississauga, milton, oakville

Getting a Mortgage is not easy as it used to be, mainly due to the mortgage qualification rules and the skyrocketing real estate price, a great job, a good income still won’t be enough to qualify.
 
That is where a Mortgage co-signer comes in handy. If an applicant has a poor credit score, with a co-signer it becomes much easier to apply for a mortgage and in some cases, they may get a slightly lower financing rate.
 
Co-signers will offer additional support when filling out the mortgage application, a co-signer with a better credit score and income can help the applicant with lower income and credit score. There are two different ways a co-signer can support your application