What are the mortgage cosigner requirements in Canada? (can they help you afford a home?)

Apr 11, 2019

Applying for a mortgage? Can't meet all the financial requirements? In this episode, we discuss how a mortgage cosigner can help and when to use one. We also explore if there are limits to how many cosigners a mortgage can carry as well as the financial/credit impacts to the cosigner. Finally, we look at how to get a cosigner off your mortgage and if you need to go through another approval process. 

  

Prefer to watch the video or read and take notes? See the transcript:

https://stories.brookfieldresidential.com/homebuyersschool/what-are-the-mortgage-cosigner-requirements-in-canada

 

 We discuss the following items: 

• How does a mortgage cosigner work and when to use them
• Are there limits to the number of cosigners on your mortgage?
• Financial/credit impacts to a cosigner
• Are a cosigner and coborrower the same thing?
• What if a cosigner has bad credit?
• How do you get a cosigner off your mortgage?
  • Do you need to go through another mortgage approval if you do?

 

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