Co-signer vs Guarantor:
📝Co-signing a mortgage means your assuming responsibility for that property. It requires the co-signers name to be on both the mortgage and the property title. This can be a great way of increasing your borrowing power. Your co-signer’s credit score and income influence your qualifying power.
📝Guarantors are supporters to the mortgage application, but they don’t always have to co-own the property. A guarantor offers collateral for your loan-meaning that if you were to default on your payments, your guarantor will also assume responsibility.
Many lenders prefer a co-signer to a guarantor, but it is always situation dependent.✍🏼