Guarantor
A person that is not a Borrower on the mortgages but promises to make the mortgage payments in the event the Primary Borrower is unable to pay off the loan. Why might a lender require a guarantor? Usually, because the person applying for the mortgage has sufficient income to support the mortgage but doesn't have sufficient credit strength/history to qualify for the mortgage on their own.
About The Author
Don Scott
Don Scott is the founder of a challenger mortgage brokerage that is focused on improving access to mortgages. We can eliminate traditional biases and market restrictions through the use of technology to deliver a mortgage experience focused on the customer. Frankly, getting a mortgage doesn't have to be stressful.
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