Co-Signing a loan or mortgage: What you need to do

Co-signers are sometimes required as a condition before a loan or mortgage application is approved. But what is a co-signer, and how does a co-signer apply at Cambrian?

What is a Co-signer?

If an applicant has a lower credit score, or does not have much credit history, frequently a co-signer will be required. Co-signers are effectively guaranteeing the loan, and stating that if the primary borrower cannot re-pay the debt, then they will do so. Before co-signing for someone, ensure you are ready to take on this responsibility if the borrower cannot make their payments.

When choosing a co-signer, ensure it is someone with a strong credit score and credit history. Your loan application may not be accepted if both of you have a weak credit history, despite applying with a co-signer.

How does a Co-Signer Apply at Cambrian?

If you submit an application and a co-signor is then required, the co-signor will be able to submit their application at a later date using your User ID. If you prefer, the co-signer can also apply in-person at any of our branches. Your co-signer will need to provide the following information:

• Social Insurance Number
• One piece of Primary Identification such as a Drivers’ license, passport or birth certificate
• Current Contact Information
• Your current home address including postal code
• Your current daytime telephone number
• Employment Information
• The name of your current employer
• The name of your previous employer if less than 3 years at current
• Your current base monthly salary
• Other income information
• Asset Information
• Approximate value of your major assets including real estate and vehicles
• Existing RRSP and GIC term deposits
• Chequing and Savings account balances
• Other assets
• Liability Information
• Existing mortgage loan balances, payment information and maturity dates
• Existing loan, line of credit and credit card balances and payment information
• Existing rent, child support and other monthly payments

Co-signers can complete the application online via our website, or in-person at any of our branches.