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A co-borrower, sometimes called a co-applicant or joint applicant, is a person who shares responsibility for repaying a loan with another person. In addition to both parties being responsible for making payments toward the loan, assets that guarantee the loan like a home or car may be owned by both co-borrowers.
While there are some similarities, a co-borrower or joint applicant shares ownership of the funds or assets secured with the loan. The cosigner, on the other hand, does not.
A co-applicant is an additional applicant involved in the loan underwriting and approval process for a single loan. In some cases, a co-applicant may be considered secondary to a primary applicant.
Youll both need to submit apartment applications with all your personal information, rental history and employment history. The landlord will also need to run a background check and credit check to retrieve information on both you and the co-applicant to make sure you both qualify.
A co-applicant is someone who applies for the loan with you and is equally responsible for paying back the full loan amount. Co-applicants are often also known as co-borrowers, and they can usually be added onto your personal loan application form.
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A cosigner is a second individual on your loan application who can help boost your chances of approval. A cosigner doesnt have ownership in the funds or the asset youre signing a loan for. Though a cosigner isnt obligated to help make payments, they will be on the hook if you miss payments.
Co-applicants are often used in rental or mortgage applications when two or more individuals, such as roommates or spouses, intend to share responsibility for the lease or mortgage.

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