A Co-Signer Could Be the Key to Mortgage Qualification Success

Melanie ConsMortgage Talk Canada

If you’re having difficulty qualifying for a mortgage due to bad credit, are fresh out of school, or maybe just don’t have enough of an employment history for some lenders. Don’t despair… co-signer might tip the scales in your favour.

Robb Nelson, CEO of FamilyLending.com, says a co-signer often tips the scales from ‘no’ to ‘yes’ with many lenders. Often, borrowers are very close to being approved, but just need one more small advantage to get a mortgage approval.

“When choosing a co-signer, look for somebody who has a different strength from your own,” says Nelson. “If you have a good employment history, but bad credit, choose someone who has good credit even though may only have been in a job a short while. An advantage like that can make all the difference.”

Talk to a mortgage broker to see if a co-signer is what’s holding you back.

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