The co-signer’s income, debts and credit are weighed exactly like yours. The loan gets added to their obligations, which can cut their own borrowing capacity for years.
Tidy up before applying
A few things move in weeks, like card utilisation under 30% or a collection cleared. Others need months of clean payments. The difference tells you when to apply.
An alternative lender: what does it cost?
If that is the route, the plan is worth more than the rate. Ask what it costs, how long it lasts, and what must change before you return to a conventional lender.
Documents to gather
What the lender will ask for.
Purpose of the file
Income and documents
Debts and credit
Property or security
Timeline
Lender options
Frequently asked
What risk does my co-signer take on?+
Joint liability. If you stop paying, the lender can go after them for the full balance. The mortgage also sits on their credit file and lowers what they can borrow themselves. Talk about it frankly before signing, not after.
Which documents should I gather?+
Your last two notices of assessment, recent pay stubs, an employment letter, three months of bank statements and proof of your down payment. Have them before the offer, and a five-day financing condition can work. Afterwards, they add weeks.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
