Sunday, June 17, 2007
Co-Borrower or Guarantor?
What should I do?I was raised the question the other day from a great client: "What exactly is the difference between a guarantor and a co-borrower?" since many people use the term interchangeably.I replied with the answer. "Guarantors are required to sign for the mortgage, but are not on title to the property. While co-borrowers are required to sign for the mortgage AND be on title to the property. In the event of default, the lender/insurer can take immediate action against all borrowers, including co-borrowers, which is not always the case with guarantors."Just a little note. Guarantors can usually be taken off the mortgage within one year of the term. Only if there is a good re-payment history in this first year.
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