Real estate word of the day. Today’s real estate word of the day is called borrower. First, we’re going to define it, then we’re going to use it in a sentence, and then we’re going to talk about it for just a moment, OK?
A co borrower is an additional individual who is both obligated on the loan and is on the title of the property. Very good. And to use it in a sentence, Mike and Shana Acquisto purchased a home both as co borrowers. You could be the main borrower. I would be the borrower, let’s put it that way. Then we have borrower po borrower. That’s the sentence. And then to kind of discuss it right. We would both be liable in the situation or borrowers. They would consider your assets and my assets jointly together and we would be liable and have the positive and the negatives associated with it. We’d both be on the loan and on the deed of trust.