Who Can Be A Guarantor In A Mortgage Loan?

If you have been looking for mortgage loans, surely you have already read in some requirements or applications that it is necessary to have the signature of a mortgage guarantor so that the process is approved or has a better chance of being approved.

You will surely wonder what the mortgage guarantor is, why he is such a special person for the bank and who can be the guarantor of a mortgage loan.

Well, the answer is very simple, the guarantor is the person who will be in charge of the debt in case you cannot meet the monthly payment.

In this way, the bank protects itself against any eventuality that may happen in your life and gives a greater degree of security to your investment (the loan it gave you).

 

It is very important for credit approval if you have a guarantor

It is very important for credit approval if you have a guarantor

The bank will have greater certainty that you will return your money, which will increase your confidence in you.

Now, you have to be very responsible when working with a mortgage guarantor, because if you do not meet your payments you will leave all the debt to him alone.

Now you know what a mortgage guarantor is and why it is so important.

If you have already decided to use it to acquire your loan, the remaining question is who can be the guarantor of a mortgage loan?

 

Requirements to be a mortgage guarantor

mortgage guarantor

Anyone, it doesn’t matter if he is a direct relative or friend. Everyone can be a mortgage guarantor of your credit. However, if they are required to meet some requirements:

  • Age: The person acting as guarantor must be of legal age and an excellent credit history that supports their ability to pay.
  • Liquidity: At the same time, you must have high incomes that allow you to face, at least to the monthly payment of the mortgage debt to be incurred.
  • Stability: The bank not only seeks a person with solvency to deal with the debt, but it also seeks that this person has economic stability in the short and medium-term (that he does not lose his job or his main source of income).
  • Properties: Fundamental point that every mortgage guarantor must cover. It must have properties that in case of default by the principal debtor and the guarantor, are used to cover the total loan requested.

In conclusion, anyone can be the mortgage guarantor of a loan, as long as it meets the above requirements.

eye! If you have not achieved who is a mortgage guarantor in your mortgage loan or you do not know someone who meets the requirements.

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