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What is the difference between co-borrowers and cosigners?

Another important distinction is that co-borrowers are responsible for recurring payments. A loan’s cosigner is only responsible for payments if the principal borrower stops making them. Both co-borrowers and cosigners can help primary borrowers obtain loans.

Do you need a co-signer or co-borrower to get a loan?

A co-borrower has more responsibility than a co-signer, and both can help you qualify for a loan. Co-signers have no ownership stake, but they still put their credit on the line. If you're applying for a loan but struggling to qualify, you might benefit from a co-signer or co-borrower.

Can a co-signer or co-borrower buy a home?

Working with a co-signer or a co-borrower to purchase the home can make your financial situation look better to your lender. A co-signer or a co-borrower can strengthen your mortgage loan application.

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