Get the free Co-Borrower Application

This form is to be completed by the second applicant on a loan. It collects general information, personal situation, mailing address, employment details, real estate owned, and financial information

How to fill out co-borrower application

How to fill out Co-Borrower Application

1. Obtain the Co-Borrower Application form from your lender.
2. Fill in personal information, including full name, address, and contact details.
3. Provide Social Security Number or Tax ID.
4. Enter employment information, including job title, employer name, and duration of employment.
5. List your monthly income and any additional income sources.
6. Disclose your assets, including bank accounts and property ownership.
7. Detail your liabilities, including loans, credit card debts, and any other financial obligations.
8. Review and sign the application, ensuring all information is accurate before submission.

Who needs Co-Borrower Application?

1. Individuals applying for a loan who may not have sufficient credit history or income to qualify on their own.
2. Borrowers who want to strengthen their loan application by including a co-borrower.
3. People looking to purchase a home, refinance a mortgage, or obtain a personal loan with shared financial responsibility.

People Also Ask about

Is it better to apply for a loan with a co-borrower?

A co-borrower is an additional borrower who can be a spouse, parent, sibling, or any family member, or even a friend, who will be equally liable for the loan. When entering a loan contract with a co-borrower, both individuals will need to sign.

Is it better to apply for a loan jointly or separately?

The benefit of a joint application is higher income, so you'll get approved for more. But if your income alone is enough to get to your price range, you can apply alone to get a better rate (probably just slightly better, since 740+ is very good too). You can ask your lender to run both scenarios and compare.

Is it better to have two people on a loan or one?

For a mortgage lender, it's certainly better to have two people on the hook than one. Even two flakes give you a better chance at getting repaid than one long-shot borrower. In exchange, lenders will tend to lend more to two signers on a mortgage.

What are the requirements for a co-borrower?

The upside of a co-borrowed loan Adding a co-applicant's financial profile – credit history, income and savings – to your application will greatly increase your chances of obtaining a loan. Not only that, but the terms of the loan (the interest rate, for example) are likely to be more favorable.

What is a co-borrower in English?

A co-borrower is any additional borrower whose name appears 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 co-borrowers also appear on the property's title.

Does it matter who is borrower vs co-borrower?

Since the borrower and co-borrower are equally responsible for the mortgage payments and both may have a claim to the property, the simple answer is that it likely doesn't matter. In most cases, a co-borrower is simply someone who appears on the loan documents in addition to the borrower.

For pdfFiller’s FAQs

What is Co-Borrower Application?

A Co-Borrower Application is a form used by individuals who are applying for a loan together, allowing both parties to share responsibility for the debt and to leverage their combined financial strengths.

Who is required to file Co-Borrower Application?

Individuals who want to jointly apply for a loan, such as couples or business partners, are required to file a Co-Borrower Application.

How to fill out Co-Borrower Application?

To fill out a Co-Borrower Application, both applicants need to provide their personal information, financial details, and any required documentation as specified by the lender, ensuring all information is accurate and complete.

What is the purpose of Co-Borrower Application?

The purpose of a Co-Borrower Application is to enable multiple individuals to apply for a loan together, which may improve their chances of approval and may provide access to better loan terms due to combined creditworthiness.

What information must be reported on Co-Borrower Application?

The Co-Borrower Application typically requires personal identification, income details, employment information, credit history, and any existing debts of both borrowers.