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What is the difference between a borrower and co-borrower on a mortgage?
Wiki User
∙ 18y ago
Nothing, they are equally responsible for the debt. Whether they each own equal shares of the property depends on if they are married; if they're not ownerhip is determined by how the property is titled. Basically what makes one person a borrower and the other a co-borrower is one simple factor, money. Whoever makes more money will in most cases always be the main borrower, regardless of credit scores. Like the person above said, both people are just as responsible.
Wiki User
∙ 18y ago
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What is the difference between a mortgage and a hypothec?
Mortgage is a contract between the lender and the borrower that allows an individual to borrow money from a lender for the purchase of housing. Hypothecation is a charge that is created for assets that are moveable such as vehicles, stocks, debtors.
What is the difference with primary market mortgage and secondary market mortgage?
The Primary Mortgage is that relationship that exists between a lender and a potential borrower. on the other hand, the Secondary Mortgage Market is the relationship that exists after the loan is closed and the lender markets the collateral of that loan for sale to an investor.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
What is the difference between mortgagor and mortgagee?
A mortgagor is a borrower named in a specific mortgage instrument. A mortgagee is the lendor in a mortgage instrument, who has takes (property) security for the sum lent, and may force conveyance of title if the mortgagor defaults on the mortgage re-payments.
What is the difference between mortgage and pledge?
The differences between a mortgage and a pledge:1. The Security in Mortgaged is an immovable property, while in a pledge it is a movable property.2. In a pledge the ownership of the pledged property remains with the debtor (the pledgor or borrower). In a mortgage, the ownership of the mortgaged property is transfered to the creditor (banker or mortgagee).3. Delivery of the property is essential to a pledge; hence the goods delivered by the pledgor or borrower will be in the custody of the banker. But, in a mortgage, the possession of the property will be with the borrower.4. In a pledge, the banker (pledgee) can sell the pledged property without the intervention of the Court. In a mortgage, except in English mortgage, a mortgagee can sell the property only with the permission of the Court.5. A pledgee does not have the right of foreclousure (i.e. cannot debar the pledgor or the borrower from taking or redeeming the pledged property). But, in a mortgage, a mortgagee (borrower) has the right of foreclousre, i.e., can debar the borrower from taking back the mortgaged property under certain circumstances.M.J.SUBRAMANYAM, XCHANGING, BANGALORE
What is the difference between mortgagor and borrower?
Very little except that a Mortgagor is specifically the the named borrower on a mortgage instrument, whereas a plain old 'borrower' could be anybody who borrowed anything from anywhere.
What is the difference between a mortgage and a hypothec?
Mortgage is a contract between the lender and the borrower that allows an individual to borrow money from a lender for the purchase of housing. Hypothecation is a charge that is created for assets that are moveable such as vehicles, stocks, debtors.
What is the difference with primary market mortgage and secondary market mortgage?
The Primary Mortgage is that relationship that exists between a lender and a potential borrower. on the other hand, the Secondary Mortgage Market is the relationship that exists after the loan is closed and the lender markets the collateral of that loan for sale to an investor.
What is the difference between a reverse mortgage and a regular home equity loan?
A reverse mortgage is a home loan taken out by a senior home owner that requires no loan payments for as long as the borrower remains living in the house.
What is the difference between mortgagor and mortgagee?
A mortgagor is a borrower named in a specific mortgage instrument. A mortgagee is the lendor in a mortgage instrument, who has takes (property) security for the sum lent, and may force conveyance of title if the mortgagor defaults on the mortgage re-payments.
What is the difference between mortgage and pledge?
The differences between a mortgage and a pledge:1. The Security in Mortgaged is an immovable property, while in a pledge it is a movable property.2. In a pledge the ownership of the pledged property remains with the debtor (the pledgor or borrower). In a mortgage, the ownership of the mortgaged property is transfered to the creditor (banker or mortgagee).3. Delivery of the property is essential to a pledge; hence the goods delivered by the pledgor or borrower will be in the custody of the banker. But, in a mortgage, the possession of the property will be with the borrower.4. In a pledge, the banker (pledgee) can sell the pledged property without the intervention of the Court. In a mortgage, except in English mortgage, a mortgagee can sell the property only with the permission of the Court.5. A pledgee does not have the right of foreclousure (i.e. cannot debar the pledgor or the borrower from taking or redeeming the pledged property). But, in a mortgage, a mortgagee (borrower) has the right of foreclousre, i.e., can debar the borrower from taking back the mortgaged property under certain circumstances.M.J.SUBRAMANYAM, XCHANGING, BANGALORE
What is the difference between renting a property and having a mortgage?
The difference between renting a property and having a mortgage is that when you have a mortgage you are buying the property.
What is the difference between a mortgage and a mortgage deed?
The main difference between a mortgage and a Deed of Trust is the procedure that is followed if the borrower breaches his or her agreement to pay off the loan. With a mortgage, if a borrower "defaults" -- such as by failing to make monthly payments or meet other conditions of the loan, such as carrying homeowner's insurance and maintaining the house in good repair -- the lender must bring a court action in order to foreclose on the property. With a Deed of Trust, if the homeowner does not pay the loan, the foreclosure process is usually much faster and less complicated than the formal court foreclosure process.
Is there a difference between a reverse mortgage and a reverse annuity mortgage?
The terms are similar and both relate to reverse mortgages, however a reverse annuity mortgage often refers specifically to reverse mortgages where the borrower chooses to receive monthly payments from the lender rather than getting a lump sum of cash upfront or a line of credit.
Is there a difference between co-borrower and co-signer?
Investopedia Says:A co-borrower is different that a cosigner in that a cosigner takes responsibility for the debt should the borrower default, but does not have ownership in the property
What is the difference between mortgage lender and consumer lender?
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What is the difference between a fixed second mortgage and one with a variable rate?
The difference between a fixed second mortgage and one with a variable rate is that fixed second mortgage has a fixed rate and is commonly thought of as safer than a mortgage with a variable rate.
