 TITLE: What Is a Guarantor for an Apartment and Do I Need One? CONTENT: How to Find a Guarantor\n-----------------------\nParents, close relatives and friends are a good place to start when you're looking for a guarantor. Anyone you ask should be at least 21 years of age, financially stable and have good credit. It's also a plus if they currently own a home. They will typically be required to complete a rental application, submit income and financial documentation and undergo a credit check.\nHaving trouble finding a personal guarantor? There are guarantor services that can help you get the keys to your new apartment—but you'll pay for the convenience. This option generally costs between 4% and 10% of the annual rent, and the fee is payable before signing the lease. So, a $1,500 rental on a 12-month lease with a 7% fee from a guarantor service will cost you $1,260 annually. If a guarantor service is your only option, shop around and carefully review each company's policies and fees before moving forward. END