Process
Borrower
The person or people who take out a mortgage loan and are legally responsible for repaying it. All borrowers on a loan are evaluated on their credit, income, and debts during the underwriting process. If there are co-borrowers, each person is equally responsible for the full loan amount, and all parties appear on the promissory note.
Why It Matters
Borrower is one of the steps you will encounter on the path from house hunting to holding the keys. Knowing what to expect at each stage reduces stress and helps you make better decisions under time pressure.
Stay organized and communicate proactively with your real estate agent, lender, and other professionals involved in borrower. Delays and misunderstandings at any step can push back your closing date or cost you money.