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Mortgage Glossary

Terms & Definitions


What Is A Co-Applicant?

A co-applicant is a person who is applying for the same credit with another person. They both share the same credit score and will be jointly held accountable for all financial decisions. A co-applicant may be a spouse, parent, sibling, co-worker, or friend and in some cases, they do not have to reside in the same geographical location as the applicant.

Co-Applicants must meet certain qualifications to qualify as one:

  1. Be 18 years of age or older
  2. Have an established Canadian residence or Canadian mailing address
  3. Have enough personal income to repay debt obligations on their own without relying on another individual’s income

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