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Here's your Rewards Canada update! Your near daily dose of loyalty program, credit card and travel news, bonuses, deals and more. The Canadian Government announced the resumption of COVID-19 mandatory random testing for those entering Canada by air. As of July 19 the random tests will return f.... More »
Making the most of the pension tax credit Nov 28th
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I liked your coverage of RRIF taxation. I would like to see more information on LIF taxation. More precisely, on the following scenario: Individuals do not get the $2,000 tax credit for RRIF withdrawals before age 65. Did I read properly that for LIF withdrawals the $2,000 tax cr.... More »
After payment processors prompt removal of Steam games, journalists investigating the censorship resign - Notebookcheck + MORE Jul 21st
After payment processors prompt removal of Steam games, journalists investigating the censorship resign NotebookcheckValve confirms credit card companies pressured it to delist certain adult games from Steam PC GamerAustralian anti-porn group claims responsibility for Steam's n.... More »
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How to earn over $1,200 in value from the right travel credit card + MORE Nov 26th
Travel rewards cards are super-popular with Canadians, and competition in the sector is fierce. Determining the real tactical value of a card can be a challenge—and we warn you: There’s math! The effort is worth it, though. Pick the right card and you can earn big. In this article, we’ll use t.... More »
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…
