Joint Borrower

Definition

Joint Borrower. Any additional borrower(s) whose name(s) appear on loan documents and whose income and credit history are used to qualify for the loan. Under this arrangement, all parties involved have an obligation to repay the loan. For mortgages, the names of applicable joint borrowers also appear on the property's title.

Issues and Challenges

Definition sourced in SME Review by Steve Smith. Quiting from a source, http://www.investopedia.com/terms/c/co_borrowers.asp

Disclaimer

This entry annotates a FIBO Ontology Class. FIBO is a trademark and the FIBO Ontology is copyright of the EDM Council, released under the MIT Open Source License. There is no guarantee that the content of this page will remain aligned with, or correctly interprets, the concepts covered by the FIBO ontology.