When you cosign for a loan, you are a cosigner A cosigner agrees to repay that loan if the primary obligor (other person signing the loan) does not pay
Any person that signs along with the maker of a loan or credit obligation, thus becoming responsible if the maker defaults
Someone who is willing to sign a mortgage loan obligation with you in case you default on your monthly payments Normally, the cosigner is required to go through the same application and approval process as the original signer of the loan
A signer of a promissory note who is secondarily liable for a loan obligation This term is no longer used in federal regulations See also Endorser
A person who cosigns a credit card application with the primary applicant The cosigner agrees to be liable for any balance that the primary applicant allows to go into default
A second creditworthy party who signs a promissory note with a borrower who has no collateral or satisfactory credit history The second party guarantees that the loan will be repaid if the borrower fails to make payments
A second creditworthy party who signs a promissory note with a borrower who does not have collateral or good credit history The second party guarantees that the loan will be repaid if the borrower fails to make payments
One who only signs the note and is as equally responsible for repayment as the borrower
A creditworthy party, other than the borrower, who assumes responsibility for repaying a loan in the event the borrower does not pay Back to Top
If you can't qualify for a mortgage you may need a Cosigner to help you obtain the mortgage A Cosigner is usually a close relative who is willing to sign the mortgage with you and is equally responsible for repaying the loan A good cosigner is generally someone with an excellent credit/payment history and/or more-than-sufficient available funds or income to be able to make the payment if you are unable to for any reason
A second party who signs a promissory note and takes responsibility for the debt
One who agrees to assume the debt obligation if the principal borrower defaults on mortgage payments A co-signer assumes only personal liability and has no ownership interest in the property His or her income and obligations are used in the underwriting process to reinforce the credit of the principal borrower The co-signer's credit is not given equal weight with that of the principal borrower, but serves only as a compensating factor Contrast with co-mortgagor
A creditworthy party, other than the borrower, who assumes responsibility for repaying a loan in the event the borrower does not pay
Someone who is willing to sign a mortgage loan obligation with you in case you default on your monthly payments A cosigner is required to go through the same application and approval process as the original signer of the loan