Get Your Apartment Signed With the Cosigner
Sometimes when we need a loan our poor credit history can prevent a lending organization from approving it. You can’t get credit without a credit history and so you are trapped in a ferocious cycle. A great way to break free from the vicious circle of no credit is to obtain a loan with a cosigner.
Who exactly is a cosigner? “A cosigner is a person who agrees to pay the borrower’s debt if the borrower is unable to. The cosigner or the co-borrower is equally responsible for the debt.” You may want to buy an apartment, but find yourself unable to get the finance you need, because your credit may be poor or your debt to income ratios are not strong enough, lenders won’t give you cash. So if your co-signer has good credit or high income, the lender knows that the loan is likely to be repaid. And finding a co-signer gets you the borrowing power you need and vouches for the loan and assures the lender that the loan will get paid off as contracted.
Helping one to find the right Cosigner for his/her dream apartment is not so happening. Meeting the landlord’s financial qualifications can be even more difficult & complicated; to prove that the client is legible the co-signer has to go through extensive documentation which includes showing that the yearly income is eighty to hundred times the monthly rent of the apartment along with two to three years of tax returns, net worth statements from their accountants, bank and brokerage statements. It’s made certain that the co-signer’s credit report shows no delinquencies, defaults, judgments or bankruptcies. And to shun all these time eating legalities would be to approach to an insurance/guarantor. Where in for a small percentage of the yearly rent, Guarantor Company steps in and assumes the role of a rental cosigner.
It offers a Lease Guaranty Program where in it doesn’t actually become a tenant or resident living in the apartment with you, but chooses to become bound to the lease. This means that if you don’t pay the rent on time, the landlords / owners can come after the guarantor for the money. The guaranty ensures that the whole process of renting an apartment is streamlined with no objection on either side of lessee and lessor.
One can check-out this, where in it maintains a database which lists various apartments in New York, making it a straightforward approach in acquiring an apartment at an ease.
