Ideally, you will move into an apartment and have the ability to pay for it all and get approved on your own. This helps make sure that you can afford the apartment and will not get into financial trouble for the place you call home. But there are times when the landlord may require you to get a co-signer or a guarantor who will be able to sign the lease with you before you move in. Understanding the differences between the two will help you figure out which one is the right choice for your needs.

There are two ways that someone will be able to help you qualify for a lease on an apartment. They can choose to be a co-signer or they can be a guarantor for you. But what is the difference between the two and which one do you need? A co-signer is someone who is jointly responsible for making the rent payments each month and they could be placed on the lease the same way as the tenant. In fact, often a roommate would be considered a co-signer, though this works a bit differently than having a family member or friend do it.

On the other hand, there is also a guarantor. This is the person who will be responsible for the rent only when the primary borrower isn’t going to be able to make the payments. They are not on the lease, they do not live in the unit, and they do not have any rights to the property at all. They are simply a backup plan for the landlord to make sure they can receive the payment when the tenant moves in.

Some landlords will use the two terms interchangeably since they are so similar. If the signer is only responsible in the case of a default from the original tenant, then they are a guarantor though. Read the paperwork to make sure you understand how all of this works.

There are many different amenities you can fall in love with when it comes to moving into a new apartment. Finding one that has some of the amenities you are looking for can be an added bonus and helps you to get the most out of the new place. That is why you should come and check out some of our units today. We provide amazing apartments with swimming pool in Rio Rancho for your enjoyment. Whether you want to entertain the kids and wear out some energy or you are looking to relax and tan by the pool, you will love this great amenity as well. Come and tour our units and se if one is just right for you!