Mortgage applications often reach that critical tipping point when the addition of a non-occupying applicant is required to push the application over the finish line for approval. The non-occupying applicant is often a parent or close family member and is referred to as either a Co-signer, or Guarantor. The difference between the two is as follows:
Co-Signer: the addition of a non-occupying applicant to a mortgage and land title registration.
Guarantor: the addition of a non-occupying applicant to a mortgage, without the requirement of registering on title. Only available with select lenders and with loan to value ratios that are less than 80%
As you are now aware, there are two distinct types of non-occupying mortgage applicants...CLICK HERE to be re-directed to the blog version of this episode
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