How to go about securing the best rate and plan for your credit card in Canada.
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Asked to Co-Sign? What To Know Before Co-Signing a Mortgage or Loan
– canadianfinanceblog.com
Have you ever been asked to co-sign for a loan or mortgage for a close friend or family member? If so, did you agree to sign the dotted line? There are many situations in which co-signing may be an option. It could be for a young person without any credit history or someone more experienced with lousy credit. If you’re trying to decide whether to cosign, here are some things to be aware of.
What is a Co-Signer?
A co-signer is someone who can help a candidate qualify for a loan or mortgage when they aren’t eligible on their own.
Having a co-signer reduces the lender’s risk as there is now more than one person responsible for ensuring repayment of the loan. With a co-signer, the loan has a backup, someone who will pay if the primary borrower doesn’t. Lenders like co-signers and are more likely to lend with them.
Parents may choose to act as co-signer for their children to help them qualify for a mortgage. Or, you may decide to co-sign for a friend or family member who has a poor credit score…
What is a Co-Signer?
A co-signer is someone who can help a candidate qualify for a loan or mortgage when they aren’t eligible on their own.
Having a co-signer reduces the lender’s risk as there is now more than one person responsible for ensuring repayment of the loan. With a co-signer, the loan has a backup, someone who will pay if the primary borrower doesn’t. Lenders like co-signers and are more likely to lend with them.
Parents may choose to act as co-signer for their children to help them qualify for a mortgage. Or, you may decide to co-sign for a friend or family member who has a poor credit score…
