Mortgage Co-Signor vs. Guarantor: What is the Difference?

If you are a borrower who is perhaps self-employed, have questionable income stability or employment history or mediocre credit, it’s likely that your lender will need a guarantor or cosigner for your mortgage. In their eyes, this will ensure them that someone will be held responsible if you areunable to make your mortgage payments.

Are you the person who is considering becoming the guarantor or cosigner, then you should understand the difference between the two, they are very different, as each comes with certain rights and responsibilities. (more…)