Real Estate

Getting a mortgage while you're a guarantor on another mortgage

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  • Jul 24th, 2020 11:39 am
[OP]
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Mar 30, 2010
3370 posts
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Greater Toronto Area

Getting a mortgage while you're a guarantor on another mortgage

Hypothetical question.

If I'm a guarantor on someone else's mortgage, I'm told that this will affect my ability to get a mortgage of my own.

However, what if the mortgage that I'm guaranteeing doesn't appear on my credit report for whatever reason? Wouldn't that theoretically allow me to get a mortgage of my own without any issues? I'm assuming the main credit bureaus are where the lenders get their credit reports from.
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Mar 2, 2017
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dc200 wrote: what if the mortgage that I'm guaranteeing doesn't appear on my credit report for whatever reason?
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[OP]
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User avatar
Mar 30, 2010
3370 posts
1328 upvotes
Greater Toronto Area
Forget about it.

I did some research and found that the credit report isn't everything. Even if something doesn't appear on your credit report, lenders always exercise due diligence and will pursue other avenues to make sure that the information they have is accurate.

Best to be upfront and disclose everything unless you want the deal to fall through a few days before closing, and then you're SOL.
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