What is a Co-Borrower?
With mortgage rates on the rise, the need for help with qualifying for a loan on your first house is at an all-time high. This can be solved with a simple solution utilizing a co-borrower. A co-borrower is a second borrower with the same legal obligation to the other party applying for the mortgage. The borrower and any co-borrowers will have their credit scores, incomes, and debts to see if they are suitable to receive a loan collectively.
In many instances, you can qualify for a higher loan amount with co-borrowers. This is common for couples buying their first home together may also apply to those who are purchasing with a friend or family member. Each party are equally responsible for the home mortgage payment. As you can see, there is a variety of benefits to obtaining a co-borrower so use this information as a tool to help you get the home you desire.
For more information, chat with us at callhallfirst.com or give us a call at 866-Call-Hall.