A person who has been approved to receive a loan and is then obligated to repay it and any additional fees according to the loan terms.When a husband and wife are qualifying as borrower and co-borrower many lenders will use the lowest middle score to qualify them for a particular program. This is why it's important to keep your scores as high as possible.
The borrower on the loan is the one with the highest income however co-borrowers are equally responsible for the mortgage payments as well.
There are some lenders that have loan programs that will use the score of the co-borrower.
Having a co-borrower on the loan often may be the difference between qualifying or being denied for a loan.
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