Joint Applicant is a person who applies for a loan simultaneously with another applicant for a joint or shared loan and agrees to be jointly and severally liable on the loan.
What It Means
A joint applicant is contractually liable for the loan and shares the responsibility for making the periodic payments. A joint applicant can be an individual, trust, corporation, or any other legal entity.
Applicant: A person or an entity that is seeking or requesting a mortgage loan.... Read More
Mortgage Loan: A mortgage loan is a financial transaction where the lender agrees to lend a certain sum of money to the borrower against the promise and reasonable e... Read More
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