Mortgagenomics Canada

With real estate prices soaring across the country many applicants are seeking assistance when it comes to qualifying for a mortgage.  More commonly, the assistance comes in the form of gifted down payments from the Bank of Mom & Dad, but coming in a close second these days is the addition of applicants to help combat the rigid income qualification criteria.  You have likely heard of the term, Co-Signer.  This is the 11th hour addition to a mortgage application (usually mom or dad) that gives the qualification effort that extra little boost required to get the main applicants over the hump.  But what many people don't know is that there are two types of co-applicants and various conditions and characteristics associated with each one; a Co-Signer and a Guarantor.  Here are the distinguishing factors of both:Key Characteristics of a Guarantor:Guarantors are usually added to an application when the main applicants can sufficiently qualify based on their income, but instead have some