GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Co-mortgagor


Synonyms:accomplice, ally mortgage, participant, partner, undersign
Filed Under: mortgages
Tags: mortgage
 

Definition of co-mortgagor

co-mortgagor
1. 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.

Related Terms and Acronyms:

  • co-signer   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   A document in which a prospective borrower details his or her financial situation to qualify for a loan.
  • mortgagor   The borrower in a mortgage transaction.

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