This vs That: Co-signer vs Guarantor
Michael Hallett • September 25, 2025
A guarantor and a co-signer both help strengthen a mortgage application, but their roles and responsibilities differ in important ways:
Co-signer
- On the title: A co-signer usually goes on both the mortgage and the property title (ownership).
- Shared ownership: Since they’re on the title, they legally own part of the home.
- Shared responsibility: They’re equally responsible for making the payments.
- When it’s used: Often added when the borrower needs help with income qualification (e.g., a parent helping their child qualify for a bigger mortgage).
Guarantor
- Not on the title: A guarantor is on the mortgage but not on the property title. They don’t own the home so don’t have claim to the asset.
- Back-up payer: They promise to step in and make payments if the borrower defaults.
- Liability: They’re legally liable for the debt, even without ownership rights or claim to the asset.
- When it’s used: Usually when the borrower qualifies on income but needs support for fall back/assets or credit reasons (e.g., poor or short credit history).
- Who can be a guarantor? Guarantors are to be an immediate relative (spouse or common-law partner, parent, grandparent, child or sibling). Typically guarantors occupy the property, in cases where the guarantor does not occupy a rationale for reasonability and ILA is required
Quick Example
- Co-signer: Think of it like a tag-team partner — both are on the mortgage and the deed. If one can’t pay, the other must, but both are on the title.
- Guarantor: More like a safety net — they don’t share the house, but the lender can still go after them for money if the borrower defaults.
When can you use income from a guarantor on a file?
Guarantor's qualifying income may be considered under the following circumstances:
- Uninsurable loans & CMHC Insured/Insurable loans: guarantors must occupy the subject property and be a spouse or common law partner of the borrower
- Sagen and Canada Guaranty Insured/Insurable loans: immediate family member who may or may not occupy the subject property with documented rationale
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One of the most common questions, “how long does it take to get pre-qualified?” My response, “how fast can you provide the information I need.”
Playing in the forest today. Always fun exploring. #mountainbikingmortgagebroker
Mortgage Brokering meets mountain biking and craft beer. A couple months ago I set for a bike ride with the intention of answering few mortgage related questions, mission accomplished. Any good bike ride pairs nicely with a tasty beer which we enjoyed @parksidebrewery. Hope you see the passion I have for brokering, biking and beer. @torcabikes #mountainbikingmortgagebroker
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Spotted a ski-bunny today @kirstinjhallett so I trapped ‘er. 📸 credit @troy.hartley
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Happy Holidays. Seasons Greetings. Merry Christmas. All the best from Kirstin, Aidan and Michael. Enjoy your family time.
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My ski buddy getting untracked turns. It was knee to thigh deep all day for him, only shin to knee for me.
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This is a great start to the day!
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The crew shredding some turns , it was a 23,000 vertical foot kind of day.
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Saratoga Beach fire.
Canadian tuxedo.
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Your credit score is one of the most important numbers in your financial life — especially when it comes to getting a mortgage. But for most Canadians, how that number actually gets calculated remains a bit of a mystery.
Don’t Forget About Closing Costs When planning to buy a home, most people focus on saving for the down payment. But the truth is, that’s only part of the equation. To actually finalize the purchase, you’ll also need to budget for closing costs —the out-of-pocket expenses that come up before you get the keys. Closing costs can add up quickly, which is why they should be part of your pre-approval conversation right from the start. Lenders will even require proof that you’ve got enough funds set aside. For example, if you’re getting an insured (high-ratio) mortgage, you’ll need at least 1.5% of the purchase price available in addition to your down payment. That means a 10% down payment actually requires 11.5% of the purchase price in cash to make everything work. Let’s break down some of the most common expenses you should prepare for: 1. Home Inspection & Appraisal Inspection : Paid by you, this gives peace of mind that the property is in good shape and doesn’t have hidden problems. Appraisal : Required by the lender to confirm value. Sometimes this is covered by mortgage insurance, sometimes by you. 2. Legal Fees A lawyer or notary is required to handle the title transfer and make sure the mortgage is properly registered. Legal fees are often one of the larger closing costs—unless you’re also responsible for property transfer tax. 3. Taxes Many provinces charge a property or land transfer tax based on the home’s purchase price. These fees can range from hundreds to thousands of dollars, so you’ll want to factor them in early. 4. Insurance Property insurance is mandatory—lenders won’t release funds without proof that the home is insured on closing day. Optional coverage like mortgage life, disability, or critical illness insurance may also be worth considering depending on your financial plan. 5. Moving Costs Whether you’re renting a truck, hiring movers, or bribing friends with pizza and gas money, moving comes with expenses. Cross-country moves especially can be surprisingly pricey. 6. Utilities & Deposits Setting up new services (electricity, water, internet) can involve connection fees or deposits, particularly if you don’t already have a payment history with the utility provider. Plan Ahead, Stress Less This list covers the big-ticket items, but every purchase is unique. That’s why it pays to have an accurate estimate of your personal closing costs before you make an offer. If you’d like help planning ahead—or want a breakdown tailored to your situation—let’s connect. I’d be happy to walk you through the numbers and make sure you’re fully prepared.
