The difference of a co-borrower and a co-signer is that they don't have the same benefits, but they may have the same responsibilities in some situations. The income of the co-borrower is usually considered during the loan application while the income of the co-signer is never considered, as stated by Auto Credit Express.Know More
When applying for a loan, a person can opt to share the responsibility of the debt with another person, who can either be a co-borrower or a co-signer. This can be necessary when the applicant lacks enough credit history, making it difficult for him or her to get a mortgage or a student loan.
In some situations, being a co-borrower in a loan application is better than a co-signer because co-borrowers reap more benefits. They are able to directly benefit from the loan. If the borrower fails to pay the loan, the co-borrower enjoys the benefit of sharing the car or the home bought using the loan.
During the loan application, the assets, income and credit history of the co-borrower are taken into account to assist the borrower. All these are combined together with the borrower's income and assets to meet the loan criteria, as stated by Total Mortgage.Learn more in Insurance
The main difference between term and whole life insurance is the length of the policy. Other lesser differences include the price, cash value accumulation and the length of the premium guarantee.Full Answer >
The primary difference between HMO and PPO insurance plans lies in the restrictions on doctors and networks. An HMO plan is typically more affordable but comes with more restrictions on which doctors can be seen. A PPO plan is more flexible and has fewer restrictions on the plan, but can come at a higher cost. HMO is short for Health Maintenance Organization, while PPO is short for Preferred Provider Organization.Full Answer >
The differences between an HO-3 and HO-6 homeowner’s insurance policy are the dwelling limit, other structure coverage and loss assessment coverage, writes Equifax. HO-3 policies are issued to an owner of a residential home, while HO-6 policies are issued to an owner of a condominiumFull Answer >
In art and literature, realism expresses a message that depicts situations realistically, whereas romanticism illustrates messages by using fiction. Romanticism focuses on plot, hyperbole, metaphor and feeling. In contrast, realism focuses on characters, details, objectivity and separation of author and narrator.Full Answer >