Don’t Feel Pressured Into Co-Signing a Mortgage
Ten years ago, my husband and I were looking for a condo in Toronto. We found a unit that we really liked in a building that had not yet been built. In fact, it wasn’t due to be ready for two to three years. We ran the numbers and felt that we could afford to make the mortgage payments and that in the interim we could put aside a chunk of cash.
Unfortunately, the bank didn’t quite agree with us.
We asked his parents to co-sign our mortgage with the intention that we would remove them from the deed once we were established. It was a difficult favour to ask and neither of us took it lightly. His parents agreed and everything worked out fine, but this article outlines how it doesn’t always work out for the best.
Co-signing for a mortgage is tricky – it’s just such a large amount of money money. Make sure that you’re comfortable with the circumstances, just in case you end up on the hook for the full amount.
