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A co-borrower, also referred to as a co-applicant or co-requestor, is an additional person on a mortgage. In a co-borrowing situation, both borrowers complete an application, and the mortgage ...
The co-signer does not have to be a blood relative. This is called a Non-Occupying Co-Borrower. [25] FHA also allows gifts to be used for down payment from the following sources: the borrower's relative; the borrower's employer or labor union; a close friend with a clearly defined and documented interest in the borrower; a charitable organization
Google Dictionary is an online dictionary service of Google that can be accessed with the "define" operator and other similar phrases [note 1] in Google Search. [2] It is also available in Google Translate and as a Google Chrome extension. The dictionary content is licensed from Oxford University Press's Oxford Languages. [3]
This means that both the primary borrower and the co-borrower will have access to the loan funds. Frequently asked questions Yes, being a co-signer for someone else’s loan can hurt your credit.
Dictionary was first introduced with Mac OS X v10.4 "Tiger" and provided definitions from the New Oxford American Dictionary, 2nd Edition. With Mac OS X 10.7 "Lion", Dictionary was updated to the Third Edition of the New Oxford American Dictionary and the British Oxford Dictionary of English was added. [2]
A creditor or lender is a party (e.g., person, organization, company, or government) that has a claim on the services of a second party. It is a person or institution to whom money is owed. [1]
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If parties have joint liability, each of them is liable up to the full amount of the relevant obligation.. Example: Alex and Bobbie are married.Together they take a loan from a bank and the loan agreement specifies that they are to be jointly liable for the full amount.