Co - Buyer Vs Buyer

In standard legal and financial terms, a and co-buyer (often called a co-borrower) are effectively the same role . Both parties share equal ownership of the asset and equal responsibility for the debt. Key Differences at a Glance Ownership Full legal rights to the asset Equal legal rights to the asset Loan Liability Responsible for 100% of the loan Jointly and severally liable for 100% of the loan Credit Impact Payments report to their credit history Payments report to their credit history Approval Qualifies based on solo income/credit Combines income/credit to boost approval Comparison Review What to Know When Co-buying a House - Chase Bank