IK Financial Metarials
Mortgage Glossary

Mortgage 101 - Co-Applicant

Who is “Co-applicant”?
Co-applicant - an additional person considered in a mortgage loan application. Co-applicant may help improve the chances of getting loan approval with more favourable loan terms.
⠀ 
Who can be a “Co-applicant”?
🔹Parent
🔹Child
🔹Sibling
🔹Husband or Wife
🔹Common-Law Partner
🔹Close Friend
🔹Business Partner
⠀ 
What are the advantages of having a Co-applicant?
🔹Good Financial Health = Better Mortgage Rate. Considering both applicants have a good Credit Score and Stable Income, the chance of getting a more favourable mortgage rate is growing
🔹 Big Mortgage = Big Home. Bringing co-applicant increases your chance for a bigger mortgage loan.
🔹Co-applicant = Co-owner. If payments are made on time, co-borrowers will receive favourable credit score for the shared mortgage
⠀ 
If you have any questions, you can contact our licensed mortgage Agents:
Inna Bogdanov 416.268.0004 | Inna@ikfinancial.com
Katerina Markevich 416.388.8153 | Katerina@ikfinancial.com