What is a co-borrower?

Co-Borrower Definition: When a co-borrower enters an agreement or contract with a loan, there are at least two people responsible for paying the loan: the borrower and co-borrower, and other parties that appear on a title like a mortgage.

A co-borrower can help the initial borrower qualify for a loan if they cannot meet the criteria independently. Co-borrowers vary from a co-signer, as they have access to the real estate, whereas the co-signer doesn’t own property or loan, while both are responsible for repaying the loan. Credit scores are essential in deciding whether a borrower and co-borrower qualify for a mortgage or loan.

Aug 13 - Comparewise Personal Loan Banner

Other Personal Loan Terms:

Personal Loan Help Centre:

How To Choose Health Insurance For Seniors
How to Use a Wealthsimple Trade Referral Code
How to Use a Wealthsimple Cash Referral Code
How to Use a Wealthsimple Referral Code
Innovation Credit Union
Daily Rewards
American Express Aeroplan Card
MBNA Rewards World Elite Mastercard
Scotiabank Passport Visa Infinite Card
BMO Air Miles World Elite Mastercard


Didn’t find the information you were looking for?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!