When purchasing a home, whether you are a first time home buyer, or buying a new home as part of a move or for more space, you will find that taking out a mortgage is the first step. In some cases, if a buyer does not have the best credit rating, has defaulted on payments in the past, does not have enough credit to establish a "history," or many other factors which come in to play, the buyer may be required to have a co-mortgager apply with them. A co-mortgagor is someone who signs the mortgage along with the borrower and jointly obligated, along with the borrower, to pay back the loan. This person may not be the borrower's spouse.

Many mortgage companies will require a co-mortgager from those who have poor credit scores. Especially in today's economy, and with the poor real estate market, having a person on the mortgage with a great credit rating who has the ability to make payments and will presumably not default on the mortgage is essential for a mortgage company to be willing to make a loan. So, for those with less than average credit, a co-mortgager may be required. For a first time home buyer, or those who are younger and have no real credit history, a co-mortgager may also be required. Due to the fact that the mortgage company does not have a credit history on the young buyer, a lender cannot be sure of their ability to make payments. Therefore, a co-mortgager with a higher credit score is likely to be required to co-sign.

If you have ever defaulted or have filed for bankruptcy in the past, a co-mortgager is also likely to be required for the purchase of the home. Due to your poor credit history in the past, inability to pay creditors, and the bankruptcy, you are likely not to be able to get a mortgage on your own, and most, if not all lenders, are going to require that you have a co-signer sign on the mortgage note.

There are various reasons a company may require a co-mortgager or signer in order to offer the buyer a mortgage for the purchase of the home. Each mortgage company has different guidelines and criteria; therefore, knowing what the mortgage company you are applying with requires, is something that the buyer has to take the time to learn. Depending on your situation, a co-mortgager might be needed to close.