Difference between Co Borrower and Co Signer?


There is a difference between a co-signer and a co-borrower. A co-signer does not hold interest in the item the loan is buying, but is obligated to repay if the loan is not repayed. A co-borrower is listed on the mortgage or loan note as a purchaser.
Q&A Related to "Difference between Co Borrower and Co Signer?"
A co-borrower has an ownership interest in the property. A co-signer guarantees the repayment of the loan although they do not own the property. If the primary borrower defaults,
According to Loan.com, a co-signer is a person who agrees to attach himself to a loan or other debt in the event that the primary loan applicant does not qualify to receive funding
Hello W.b. As far as the bank is concerned both borrowers will be on title. Now, if one person wants to sign off on title, they can do so, after the close of escrow. This is called
The two are basically the same as far as your responsibility is concerned. He defaults - you owe. Even one day & that's late & the creditor has the right to contact you for
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Ask.com Answer for: difference between co borrower and co signer
The Difference Between a Co-borrower and a Co-signer
You may see publications and websites that use the words "co-borrower" and "co-signer" interchangeably as though they're treated the same by lenders. However, the Federal Housing Administration and the U.S. Federal Trade Commission make significant... More »
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