What You Need to Know About Mortgage Co-signing

Mortgage lenders might ask for a co-signer if they feel you don’t have enough income to service your mortgage. (Especially with the new stress test rules!)

Or maybe one of you has had credit issues in the past.

Typically, mortgage co-signing is done by an immediate family member. Parents being the most common. If you’re thinking of “borrowing” from the bank of Mom & Dad, view this AskRoss video to discover the ins and outs of using a co-signer:

[0:49] Find out why having your parents as a cosigner is not necessarily a slam dunk
[2:20] utilize your lawyer’s expertise when drafting the cosigning agreement
[2:40] learn how to alter the mortgage in the future if/when things change

Also, don’t forget to leverage your parents experience in the mortgage and home ownership arena during the whole process… and be sure to give them a big hug upon signing! 😉

Related Links:

• The Myths About Co-Signing For A Mortgage
• What does mortgage stress test mean?
• First Time Home Buyers Ontario: Everything You Need to Buy Your First Home