Mortgage Knowledge Base
In the context of a mortgage, a guarantor is a person who agrees to be responsible for the borrower’s mortgage payments if the borrower is unable to make them. A guarantor may be required by a lender if the borrower has a poor credit history, insufficient income, or insufficient assets to secure the loan on their own.
Being a guarantor is a serious financial commitment, so it’s important for a guarantor to carefully consider their financial situation and their ability to make the payments before agreeing to be part of the mortgage.
