Co-Borrower

Co-Borrower
A co-borrower is an additional person who is responsible for repaying a loan and is listed on the loan agreement alongside the primary borrower. Both borrowers are equally liable for the debt.
Co-Mortgagor
A co-mortgagor is an individual who signs a mortgage contract with another party and is jointly obligated to repay the loan. This person typically helps in meeting the loan requirements and gains a share of ownership in the property.

Accounting Terms Lexicon

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