What is Credit?

  • Credit Rating: a number score that lenders and service providers use to assess an individual’s level of financial responsibility
  • Contributing Factors: outstanding debt, payment history, severity and frequency of late/missed payments, and balances vs. limits

Guarantors & Co-signers

  • Acceptable for purchases of owner-occupied homes
  • The presence of a guarantor/co-signer on an application allows the lender and insurer to use their income, debt and credit score to debt service the new mortgage application
  • Guarantors do not have to be on title
  • The role of guarantor/co-signer is limited to immediate family members
  • The responsibility of the guarantor/co-signer is to ensure that the mortgage applicant(s) make their monthly payments, or, step in and pay on their behalf as necessary


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