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.”
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