TRANSCRIPTION OF VIDEO BLOG:
Hi, everybody. Rowan Smith from City Wide Mortgage Services. Here today to talk about cosigners or guarantors. Question comes up a lot of times. “Can I get a cosigner, because my credit isn’t good enough?” Or, “Can I get a cosigner, because I don’t show enough income on paper?”
The answer to these is “Yes.” The problem is that a cosigner needs to provide strength. They’re not just another name on the file. Just having another person signed onto the mortgage doesn’t make the mortgage better from the bank’s standpoint.
If the person cosigning doesn’t have income that is available and isn’t already encumbered by other debts, mortgage payments, car leases, and all this other stuff, then they’re of no help. Whether or not they make good money, they also have to not have a lot of debt, or they have to have enough income to service their debt and your debt.
If you have somebody in this circumstance that’s been told that no, their cosigner won’t work, give me a call. I can explain what we’re looking for in a cosigner, how to get the application approved. Maybe we have to structure it a little bit differently, put people on title, take people off title.
If you’re needing a cosigner, you need to know how to do it, give me a call. It’s Rowan Smith from City Wide Mortgage Services.