ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Who is a co-signer? A co-signer is someone who agrees to take responsibility for the loan if the main borrower cannot make the payments. A cosigner can be a family member, friend, or another individual.

Detailed explanation-2: -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-3: -A lender is an individual, a public or private group, or a financial institution that makes funds available to a person or business with the expectation that the funds will be repaid. Repayment includes the payment of any interest or fees.

Detailed explanation-4: -Cosigning for someone means you’re taking responsibility for the loan, lease or similar contract if the original borrower is unable to pay as agreed. Whatever you cosign will show up on your credit report as if the loan is yours, which, depending on your credit history, may impact your credit scores.

Detailed explanation-5: -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.