Co-mortgagor

Definition

  • A second borrower who signs a mortgage contract to provide financial assistance for the loan requirements. Co-mortgagors are jointly liable with the other mortgagor for repayment of the mortgage balance. Often the co-mortgagor will also receive a portion of the property ownership in exchange for co-signing the loan.

Synonyms
accomplice, partner, undersign, ally mortgage, participant

Related Terms and Acronyms

  • Co-signer Definition,
    • A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.
  • Mortgage Application Definition, Very Important,
    • A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • Mortgagor Definition,
    • The borrower in a mortgage transaction.
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