Who is considered a "cosigner" in a mortgage agreement?

A cosigner in a mortgage agreement is a person who agrees to share repayment responsibilities with the primary borrower. This means that both the primary borrower and the cosigner are legally obligated to pay back the mortgage loan. The inclusion of a cosigner is often sought to help borrowers who may have insufficient credit or income to qualify for the loan on their own. By having a cosigner, lenders may have additional assurance that the loan will be repaid because the cosigner is typically expected to fulfill the payment obligations if the primary borrower defaults.

The role of the cosigner is crucial in lending practices, as it can help improve the chances of loan approval and potentially secure better interest rates. In contrast, a secondary borrower without repayment responsibility, the lender providing the mortgage, and a real estate agent assisting in the loan process do not fulfill the role of a cosigner within a mortgage agreement.