Guarantor VS. Co-Signer (Add, Change, or Remove)
Do You Require a "Co-Signer" - We utilize what is known as a "Guarantor" if the co-applicant does not reside in the apartment.
What’s the difference?
A guarantor is not a roommate and does not live in the apartment. Instead, they agree to financially back the lease if the primary resident does not meet the minimum credit requirements.
A guarantor guarantees the performance of the lease, meaning they agree to cover missed rental payments or other lease obligations if needed.
Using a Guarantor is an option that allows you to still rent an apartment in the case where you do not meet the minimum credit requirements. The Guarantor "guarantees" the performance of the lease.
ADD A Guarantor:
The Guarantor needs to do the following:
- Submit an application: www.unionrealestate.com/apply
- Note: The guarantor can ignore the part of the application dealing with Pets and Parking
- Pay the $75 application fee -- you can pay online here.
If the Guarantor meets the minimum credit requirement, we will add them to your lease as a guarantor only and they will sign the Guarantor portion at the end.
Please note that a Guarantor can only guarantee one lease at a time.
Change A Guarantor:
You can change a guarantor at any time by having a new guarantor complete an apartment application and pay the application fee of $75.
If a guarantor can no longer guarantee a lease (for example, their request upon renewal, death, or bankruptcy), then a new guarantor must be found.
Assuming the new guarantor meets the credit score requirements, we will then prepare a new lease agreement that names the new person as the guarantor.
Remove A Guarantor to Qualify Without One:
At any time during the lease term, a tenant may request that Union Real Estate re-evaluate their credit to determine whether a guarantor is still required or whether the tenant qualifies to continue the lease in their own name.
A non-refundable $75 credit review fee applies and is the responsibility of the tenant.