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A joint borrower is someone who signs a mortgage, loan, credit card or line of credit agreement with one or more other persons. This is also referred to as co-signing. As a joint borrower, you become equally responsible for repaying the unpaid balance on the borrowed amount. You might be dealing with a federally regulated financial institution when borrowing money or getting a joint credit card. In that case, they must provide you with disclosure information.
Typically co-signing really benefits the primary borrower, so as a co-signer your benefit would be helping a friend of loved one with low credit be able to get a mortgage approval. Some Risks would be you are financially responsible for the primary borrowers payments if they are unable to do so, which can also effect your credit score and can increase your debt to income ratio
