Boston Apartment Guarantor Advice
Filling out a Boston Guarantor (Cosigner) Form
You've found the perfect Boston apartment. Congratulations. Now it's time to apply for that apartment so that you can lock it down before someone else does. You've filled out Boston rental applications on the spot but now you've run into a snag.
The landlord would like to approve you but you have a low credit score of insufficient income. You need a guarantor. What is a guarantor? Also, referred to as a cosigner, a guarantor guarantees (hence the name) that your rent will paid on time, every time. Think of it as someone being your monetary safety net...well really more the landlord's monetary safety net.
Let's go over how to fill out a Guarantor Form step by step. Download a copy of the
All Access Boston Guarantor Form to follow along.
*Things to keep in mind before starting
1. Always use a pen.
2. Write above the line corresponding to that information.
3. At this point the landlord may be holding the apartment for you but that won't last forever. This has to be done as soon as possible for finish the application and approval process.
4. You may need to have the guarantor's signature notarized. We'll go over that later on.
5. Guarantor Forms differ from landlord to landlord and from real estate agency to real estate agency. They all serve the same purpose.
Here we go...
Line 1:
First, we're going to enter our name. In the field that says "Lessee", we're going to enter the person that is being co-signed for (the person renting the apartment).
Line 2:
Relationship to Lessee...Father? Mother? Friend? Enter that here. Next, enter the home phone number of the guarantor.
Line 3:
Here's one of the most important parts, the social security number of the guarantor. We get plenty of calls from cosigning parents who would rather not share this information. We appreciate your desire for privacy, but this information is necessary to run your credit score which is the most important piece of information to the landlord. It is mandatory. Next, enter the cell phone number of the guarantor. The landlord may want to reach you just to go over things.
Line 4:
The line is dedicated to the address of the guarantor. Again, this is necessary to run your credit. Don't worry, you're information goes no further than the real estate agency and the landlord.
Line 5:
Here we're going to enter the address for the Boston apartment being applied for.
Line 6:
Enter the company that the guarantor works for followed by the length of their employment there.
Line 7:
Here the guarantor needs to enter their position at work followed by the name of their immediate supervisor (or person responsible for fielding any calls regarding verification of their employment).
Line 8:
Enter the guarantor's salary followed by the contact number for their supervisor at work. Some people don't like sharing their salary, but the landlord will need to know this so that they can be assured that there is sufficient income to guarantee payment on their Boston apartment.
Line 9:
In the credit reference field, enter any bill in the guarantor's name that is in good standing (car payment, utility, ect.). In the next line enter the phone number for that company. This will most likely never be used as your credit report will show this information, but it's always best to keep the guarantor form filled out completely even if it's only for the sake of a good impression.
Line 10:
Enter the name of the primary bank that you use.
The following text below Line 10 is a short contract that binds you as the guarantor for the aforementioned lessee.
Finally, sign at the bottom. If a notary is required by the landlord, be sure to do so where noted here.
*Things to keep in mind when procuring a guarantor for your Boston apartment rental.
1. Credit score and income are not the only thing that may require you to involve a guarantor. Most landlords in Boston require all undergraduate students to have a guarantor regardless of their income.
2. If you do not know anyone who can act as a guarantor for you, there are other means you can persue. Find out more about these avenues here.
