Co-Borrower

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.

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