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What is the difference between a co-signer and a guarantor?

April 26, 2017co-signer guarantor

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What is the difference between a co-signer and a guarantor?

2 Answers

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A co-signer is registered on title with you, effectively making them a co-owner of the property. A guarantor guarantees the mortgage, and that the payments will be made. After a period of time, a guarantor can apply to CMHC /GE to be removed off title should the owners of the property be able to qualify on their own. Back to top ↑ View our available Mortgage Products or fill-out our Mortgage Application today!

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A Co-signer is placed on the mortgage and is registered on the title. A Guarantor signs a document that personally guarantees the mortgage.