Guarantor

A person who will make repayments on a mortgage if the borrower(s) default.

Guarantors must be able to cover the entire mortgage payment by themselves.

Guarantors are sometimes necessary when the original applicant(s) have enough income, but have insufficient or imperfect credit.

Unlike co-borrowers, guarantors are not on title to the property.

 

Source: CanadianMortgageTrends.com