Glossary
/Co-Borrower
What is a Co-Borrower?
They sound exactly like a co-applicant, but the legal weight is much heavier. A co-borrower is equally on the hook for the entire debt. If the primary person stops paying, the bank doesn't just send a reminder; they can legally seize the co-borrower's assets or garnish their salary to recover the money. You mostly see this with married couples taking a joint home loan where both names are physically on the property papers. You share the asset, but you also share the same risk.
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