At the beginning of the year, Canada’s housing debt was recorded at its highest in over a decade, and with the average purchase price of a home in Canada increasing by more than 40%, it’s little wonder more and more Canadians are getting themselves into mortgage debt.

While seeking pre approval for a mortgage is a wise decision, there are still no hard and fast guarantees that you’ll get the mortgage you want from your chosen lender when the time comes for you to make a purchase.

While paying off a high-interest consumer loan, or financing home improvements with the money from a second mortgage, is a worthwhile and sound idea, there is a better way to use that money: make a down payment on a rental property.

It can be easy to get caught up in the excitement of buying your first property, and while the process doesn’t have to be complicated, (and often isn’t, especially if you seek help from a mortgage broker) there are mistakes that many make when they rush things, or don’t seek professional guidance.

When it comes to applying for a mortgage in Canada, it could benefit you to have someone co-sign it for you, and below we take a look at co-signing in a little more detail: