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Co-Borrower
a person who applies for and shares liability of a loan with another borrower.
The difference between a co-borrower and a guarantor is that a guarantor is responsible for the debt repayment if the borrower (applicant) is unable to pay but has no benefits of owning any part of the property
Learn MoreYes, to remove a co-borrower from a mortgage consider refinancing your mortgage in your name alone. It is important to remember that the equation has changed in terms of approval, as the lender is looking only at the financial variables for one person instead of two.
Learn MoreNot particularly. When a lender views loan applications, the lower of the two scores are taken into consideration when there's a co-applicant involved.
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