When Do I Need a Cosigner?
Every rental company has different rules when it comes to cosigners. You can always call and ask if they require a cosigner to ensure your rental application does not go to waste. Generally, if you do not have any rental history OR credit, you will be required to have a cosigner. Also, many rental companies in Bellingham, regardless of rental history, require a cosigner if you are a student.
What is a Cosigner for?
Many students often don’t have good enough credit to rent a house, and so a landlord will often ask for a cosigner. A cosigner ‘vouches’ financially for the potential renter and agrees to pay their rent if the potential renter is unable to. It may be difficult to find a cosigner, as it is a big responsibility to agree to pay your rent in the event you cannot pay.
Who Qualifies as a Cosigner?
Your cosigner can be any fiscally responsible adult. They tend to be a family member or employer of the person leasing the rental. Many rental agencies require that your cosigner makes enough money per month to reasonably be able to cover the cost your rent, so they will likely ask your cosigner for a recent pay stub.
You and the Cosigner are Usually Responsible for:
- Submitting a rental application AND paying the application fee (at the same time you submit your rental application)
- Providing employment AND/OR rental history
- Notarization of employment history