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In some cases, a co-applicant may be considered secondary to a primary applicant. A co-applicant differs from a co-signer or guarantor in terms of their rights associated with the loan. A co-signer may be used to help a primary applicant receive more favorable loan terms.
In a personal guarantee, the guarantor (usually the business owner) agrees to be responsible for the lease payments owed by the business under the terms of a commercial lease if the business fails to pay rent or fails to pay rent after vacating the leased space before the end of the lease term.
Guarantee can refer to the agreement itself as a noun, and the act of making the agreement as a verb. Guaranty is a specific type of guarantee that is only used as a noun.
Both a guarantor and cosigner sign the lease and assume liability for paying the rent. A cosigner is responsible from day one, while a guarantor is only liable to make payments when the primary borrower cant or wont pay.
If you know that you have a low credit score (below 650) or are unemployed or simply dont make enough money or have a recent bankruptcy, etc., nine times out of ten, you will need a guarantor to be approved for an apartment in New York City.

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So, what is a guarantor? A guarantor is a responsible party (which is a parent in most instances) that signs on to the lease and agrees to take on, or assume, the obligations set forth under the lease, most notably the payment of rent.
Another important distinction to remember is that a co-borrower is primarily liable for the debt from its inception. In contrast, a guarantor is not liable unless the underlying borrower defaults and, depending on the terms of the guaranty, the lender pursues collection efforts against the borrower.
A lease guarantee is an official agreement signed by the landlord, tenant, and in addition, a third party who meets the monetary requirements of the landlord. A lease guarantor serves as a financial intermediary and is responsible for the tenants defaults, which protects the tenant from eviction.
The guarantor Unlike a co-signor, the guarantors name does not appear on the title of the property, only the mortgage. They are not legally entitled to any ownership of the property. The job of the guarantor is to guarantee that the mortgage payments will be made if the primary borrower gets approved.
A cosigner has more financial responsibility than a guarantor since the cosigner is responsible for rent on day one. The guarantor only steps in if a renter cant make payments. Plus, if a cosigner is a roommate, he or she has to pick up the slack if the other roommates cant make rent.

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