If you’re worried about whether you can get a loan on your own, having a co-borrower can take a lot of the stress off. Because there are two people applying for the loan, the lender has a lot more potential assets to consider and two different credit scores. In most cases, the co-borrower on a mortgage loan will live at the same address as the primary borrower (such as the residence being purchased.) Depending on circumstances, though, it is possible to have a co-borrower who doesn’t live at the same address.
A mortgage is one of the biggest single debts you’re likely to willingly take on. As such, being able to properly manage your mortgage is very important. With so many options when it comes to loans, repayment, and refinancing, it can all get a bit confusing. One point in particular that you might hear a lot of talk about is prepaying your mortgage.