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What is the Difference Between a Co-Signer and a Guarantor?

What is the difference between a co-signer and a guarantor?

 

I am a little confused regarding the differences between a consigner and a guarantor. Do I need both to be able to qualify for a mortgage? Will one help me get approved faster or more so than the other?

 
Thank you

Answers

By Canadalend
Hi there and thank you for reaching out to the Canadalend Team with your inquiry.
 

The difference between a co-signer and a guarantor is that a co-signer is on the title and a guarantor is not. A guarantor must be more credit worthy as they are guaranteeing the entire mortgage.

 
Have additional mortgage related questions? Feel free to contact a member of the Canadlend team directly by calling us at: 1-866-422-6536
 
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