Fundamentally, both guarantor and co-signer are used to help qualify the mortgage for debt servicing or for credit score purpose.
A frequently asked question is which one can be on the title?
Here is the answer:
A guarantor can choose not to be on the title. He/she is used to qualify for the loan to strengthen the income, credit score, or both. Some lenders allow a guarantor not to be on title or to be removed from title.
A co-signer will be on the title. He/she is essential a formal co-applicant for the mortgage.
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