By: ANNA DANAJ
Consider the following typical scenario in today’s real estate market: A young husband and wife wishes to purchase their first home and quickly find a great mortgage with an attractive interest rate. Unfortunately, the young couple does not have enough income to purchase the home on their own. The mortgage broker advised adding the husband’s uncle as a Guarantor on the mortgage. A Guarantor is an individual who pledges their own assets to a lender in case the borrower’s defaults on their mortgage.