Who can be a co-signer?

Author: Boychuk Mortgage Group |

Typically, a co-signer is a family member or a close friend with a strong credit profile, stable income, and a low debt-to-income ratio. The co-signer should have a good financial standing, as their credit history and economic status will be evaluated by the lender and the primary borrower. Common co-signers include parents helping their children purchase their first home or siblings supporting each other. The co-signer needs to understand that they are equally liable for the mortgage debt, and their credit score can be affected if payments are missed. Before agreeing to co-sign, both parties should thoroughly discuss the financial implications and responsibilities.