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