Borrower - A
person who has been approved to receive a loan and is then obligated
to repay it and any additional fees according to the loan terms.
When a husband and wife are qualifying as borrower and co-borrower
many lenders will use the lowest middle score to qualify them for
a particular program. This is why it's important to keep your scores
as high as possible.
The borrower on the loan is the one with the highest income however
co-borrowers are equally responsible for the mortgage payments as
well.
There are some lenders that have loan programs that will use the
score of the co-borrower.
Having a co-borrower on the loan often may be the difference between
qualifying or being denied for a loan.
