A Guide for Refinance - Maximizing your mortgage pre-approval amount involves a combination

7. Consider a Co-Borrower

If you're struggling to qualify for the amount you want, consider applying with a co-borrower. A co-borrower’s income and credit score are factored into the lender’s calculations, which could increase your pre-approval amount.

How a Co-Borrower Can Help:

• Combined Income:
  Two incomes are better than one. A co-borrower’s income can significantly boost the amount you’re approved for.
   
• Shared Responsibility:
  A co-borrower shares responsibility for the mortgage, which can make lenders more comfortable offering a higher loan amount.
   
• Improved Credit Profile:
  If your co-borrower has a higher credit score, it can positively influence your mortgage terms and increase your pre-approval amount.