Definitions for "Co-signer/Co-borrower"
An additional applicant added to a loan to meet the credit-worthiness guidelines, usually a parent but not always. A co-signer will have the same legal responsibility on the loan as the primary borrower.
A person who signs on the loan but who does not have ownership of the property being mortgaged (i.e., a co-signer is not on the title and has no claim to ownership rights in the property). The co-signer is legally bound to the loan. He or she is the one that agrees to assume responsibility for a loan if the borrower becomes unable or unwilling to repay the loan.
Another person who signs the loan and assumes equal responsibility for its payments.