What is a Co-Sign Mortgage?

Author: Boychuk Mortgage Group |

A Co-Sign Mortgage involves a secondary party, the co-signer, adding their name and financial credentials to the mortgage application to help the primary borrower qualify for the loan. This can be crucial for individuals with limited credit history, lower income, or those who have faced financial difficulties that impact their ability to secure a mortgage independently. The co-signer acts as a guarantor, promising to take on the mortgage payments if the primary borrower cannot make them. This added layer of security can make lenders more willing to approve the mortgage, offering better terms and rates for the borrower.