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View Full Version : Drop Co-Signers from Mortgage/Title?



masoncgy
02-10-2009, 12:38 PM
Question for the experts here...

Just over a year ago, I went through the process of changing the co-signers on both of my houses, as the other person was a friend who became rather irresponsible and I feared that I might get screwed over as a result, but fortunately he was happy and willing to be removed from the mortgages and titles on both.

In his place, my Dad stepped in to become the co-signer as I could not take on both and I was apparently 'too early' to be able to just drop him off title.

Here's the question. I have a partial understanding that in Alberta, one can dump their co-signer off of title after one year, and then I can also drop them from the mortgages without qualifying??

Is this accurate? It seems a little too easy to me, but again I do not have the whole picture.

Do I have the ability to drop the co-signers this easy now that a year has passed since the last changes?

calgarys_finest
02-10-2009, 12:53 PM
Alot of companys will do that if you have a good history. If it was qualified with somebody some companys will need you to requalify on your own. Your best bet is to just call the company and ask.

06civic
02-10-2009, 12:55 PM
maybe ATB or other mortgage firms, but any other bank will not let you drop without qualifying