ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The signer is the applicant-or borrower-for the mortgage loan, who will own the property. A co-signer is another person who agrees to accept financial responsibility to repay the loan in the even that the signer defaults.

Detailed explanation-2: -Having a co-signer on the loan will help the primary borrower build their credit score (as long as they continue to make on-time payments). It could also help the co-signer build their credit score and credit history, if the primary borrower makes on-time payments throughout the course of the loan.

Detailed explanation-3: -A co-signer is a person who agrees to be legally responsible to pay a debt if the borrower does not pay back a loan as agreed. A co-signer may be an option if you are trying to make a large purchase, such as a car, and if you are unable to qualify for the loan on your own.

Detailed explanation-4: -Secure Financial History They should also have a stable employment history, and be at their current place of employment for over a year at the time you want them to cosign. If this person has a long history of making payments and working under stable conditions, they are a good person to cosign.