TEXAS BROKEN LEASE GUIDE
How to Read a Guarantor Quote
Learn how to read a guarantor quote: total fees, payment dates, deposit rules, cancellation terms and what you may owe after a claim.
First, confirm that the community accepts the provider and product for your application. The provider’s decision isn’t a signed lease. This guide shows you how to read a quote. It doesn’t pick a provider for you.
A quote, line by line
- Base rent and lease term
- Check that it lists the right apartment, monthly rent, dates and number of months.
- Total provider price
- Find the full fee or premium, including any charges for paying in installments. Ask if processing or application fees are extra.
- Due now and due later
- Write down each payment amount and due date. A smaller first payment doesn’t always mean a lower total price.
- Security deposit
- Ask the community if you still need to pay a cash deposit. Provider coverage and renters insurance are two different things.
- Cancellation and renewal
- Ask what happens if you cancel before you move in, if the lease changes, and at renewal. Get the actual agreement, not just someone’s description of it.
- Responsibility after a claim
- Find out who the coverage protects, which losses it pays for and what you may owe after the provider pays. Paying the fee doesn’t free you from the lease.
Provider terms worth checking
From what we see, these three providers usually refund the fee if you don’t move in. Check the refund rule in your own quote.
OneApp
Its published standard fee is one month’s base rent for leases up to 13 months, and longer leases are prorated. Its installment option adds a risk fee. Get the final payment schedule. Don’t assume the upfront amount is half the total.
Liberty Rent
Liberty Rent says most approved applicants pay an access fee equal to one month’s rent. With PrecisePrice, the fee can run from 50% to 125% of monthly rent. There’s an application charge on top of that. Confirm which option the property uses and get your own quote.
TheGuarantors
Each renter gets their own price. The coverage protects the landlord, and you’re still responsible for any amounts it pays on your behalf. The premium isn’t a deposit you get back at the end of the lease. If you cancel before you move in, its terms list a refund minus a $100 cancellation fee.
Worked example: installments change when you pay
Fictional quote. It isn’t an offer from any named provider.
Say the written provider price is $1,800: $900 due before move-in and three later payments of $300. In the cost planner, enter $900 as the upfront guarantor payment and $1,800 as the total guarantor price. That leaves $900 to pay later. Don’t add another $1,800 to your move-in costs.
Now add the rest: rent due of $1,500, a $500 refundable deposit, $250 in property fees and $200 in other upfront costs. The cash you need before you move in is $3,350, not counting anything you’ve already paid. The later $900 is a separate bill. Plan monthly rent and other monthly charges in their own budget.
Run your real quote through the cost planner, and compare communities before you decide.