Co-Borrower

A co-borrower is a second person who applies for the mortgage with you, sharing ownership, income, and full responsibility for the debt.

What Co-Borrower means

Lenders count both incomes and review both credit profiles, which can boost borrowing power but also means a weak score on either applicant can raise the rate. Co-borrowers are usually on the title.

Florida example

A married Florida couple applies together so both salaries count toward qualifying. If one spouse has a 760 score and the other a 610, the lender prices off the lower score, so it sometimes pays to apply with the stronger borrower alone.

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