Pros and Cons of a Co-Borrower in the Long Beach Island Real Estate Market
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What is a Co-Borrower in the LBI Real Estate Market 
What is a Co-Borrower in the LBI Real Estate Market 
What is a Co-Borrower in the LBI Real Estate Market
Long Beach Island Real Estate
A co-borrower in the LBI real estate market is someone whose name shows on a mortgage in addition to another primary borrower. This additional person’s income, credit, and overall financial picture will determine qualification for the loan. It is important to remember that a co-borrower is also responsible for the loan or mortgage repayment. Co-borrowers are relatively common in the LBI real estate market, and all buyers should be aware of this option.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
What is a Co-Borrower in the LBI Real Estate Market
The most common use of a co-borrower in the Long Beach Island real estate market is a husband and wife. When a married couple applies for a loan together, both incomes, debt, credit, etc., will be used to determine if they qualify for a loan. As is the case for any co-borrower, both husband and wife will be responsible for the loan. Co-borrowers are common even when it is not a husband and wife applying for the loan together. Since the LBI real estate market is primarily a second home market, we often find scenarios where two friends will purchase a property together. In this case, both parties would be co-borrowers. The primary benefit of having a co-borrower is to aid in obtaining a loan or advancing the loan to more favorable terms.
Pros and Cons of a Co-Borrower in the Long Beach Island Real Estate Market
Mortgages are commonplace in the LBI real estate market. When looking to purchase a home with financing, a buyer must explore all options available. Sometimes, by exploring a different avenue, new and better loan options can open up! If you have any questions about buying, selling or investing in the LBI real estate market, please do not hesitate to contact me.
By : Nathan Colmer |LBI Real Estate Agent | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market
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