If your current income or credit score isn't quite enough to qualify for the home you want, you don’t have to give up.
You can apply for a mortgage with a co-borrower, which means adding a second person - like a spouse, partner, or family member - to the loan.
Lenders evaluate both of your incomes and credit profiles, which can significantly increase your buying power and help you qualify for a mortgage.
Just remember that a co-borrower shares full financial responsibility for the payments and typically shares legal ownership of the property, depending on how the loan and title are set up.
Planning to buy or sell a house or a condo in Mississauga, Brampton, Toronto and GTA? Give me a call!
