Real Estate Term of the Day: Co-Mortgagor
CO-MORTGAGOR (aka: co-borrower or co-signer) – one who signs a mortgage contract with another party or parties and is thereby jointly obligated to repay the loan. Generally a co-mortgagor provides some assistance in meeting the requirements of the loan and receives a share of ownership in the encumbered property (Barron’s Dictionary of Real Estate Terms)
Below are a few examples of common co-mortgagors:
- Spouse
- Parent(s)
- Sibling
- Relative
- Friend
- Business Partner
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