Rent To Own
We don't know how you landed on this web page. We hope that you're here because you want to buy your own home, yet you found yourself in one of the following situations and banks look at you like you are from Mars or something when you approach them for credit:
- You have recently gone through a divorce and your credit score took a hit during the divorce or your assets are tied up in divorce proceedings
- You are a new immigrant to Canada and have not yet established your credit score
- You are a young couple just starting a family and don’t have a large down payment yet
- You work in a cash based job like server, bartender and have good income, but haven’t been claiming everything you should be and therefore your income is not provable
- You are small business owner or contractor that doesn’t have that steady “guaranteed” job income that the bank looks for
- Maybe something happened that caused your credit score to deteriorate, like a job loss, bankruptcy/foreclosure, a sick family member or an illness.
Whatever your situation is we can help you become the owner of your very own home through our rent to own program. At the very least, you'll receive information that helped many people before you and may just as well be a solution for your situation.
Our rent to own program was developed to get you into position when you can obtain your own financing as soon as possible, so you can realize an ultimate dream of home ownership. We will walk you through and implement the comprehensive plan that will allow you to qualify for mortgage and establish home ownership.
Before you do anything, get the knowledge you need! Call us today for a FREE consultation on how you can get into your home now!
Frequently Asked Questions
Q: I'm renting, but want to buy my own home. Why would I consider the rent-to-own program?
A: Frankly, if you already have large enough down-payment, good credit score, and steady verifiable income to be qualified for conventional mortgage, you can just buy the home you need. However, if any of those pre-requisites are not in place the next best option to own your home is often to rent it until within 1 to 3 years you can buy it. The difference - instead of renting and living in some place that you have no chance and/or desire to own, you will live in the home that you like and can call your own. Plus, you'll start building equity in your home since part of your monthly payments will be returned to you on closing day.
A: Frankly, if you already have large enough down-payment, good credit score, and steady verifiable income to be qualified for conventional mortgage, you can just buy the home you need. However, if any of those pre-requisites are not in place the next best option to own your home is often to rent it until within 1 to 3 years you can buy it. The difference - instead of renting and living in some place that you have no chance and/or desire to own, you will live in the home that you like and can call your own. Plus, you'll start building equity in your home since part of your monthly payments will be returned to you on closing day.
Q: How does rent to own work?
A: We will help you find a house that you like and want to own. You will rent this house for 1 to 3 years and every month a portion of your payment will go towards your down-payment. Also, your initial deposit will be applied towards the purchase price. This means that you will rent the home that you will own in the near future and we help you acquire it on a Rent To Own basis. Let us illustrate how it works with the very simple example. For the sake of the discussion, let's assume that all you are lacking in order to buy your own home is the minimal 5% down-payment required by banks to qualify you for a mortgage. Here is how a 3 year rent to own program can help you:
A: We will help you find a house that you like and want to own. You will rent this house for 1 to 3 years and every month a portion of your payment will go towards your down-payment. Also, your initial deposit will be applied towards the purchase price. This means that you will rent the home that you will own in the near future and we help you acquire it on a Rent To Own basis. Let us illustrate how it works with the very simple example. For the sake of the discussion, let's assume that all you are lacking in order to buy your own home is the minimal 5% down-payment required by banks to qualify you for a mortgage. Here is how a 3 year rent to own program can help you:
- Purchase Price = $340,000 - this is the price of the home you will be living in and have the right to buy at the end of the lease term
- 5% Down Payment = $17,000 - minimal down-payment required to get conventional mortgage from a bank
- Deposit Today = $12,000 - this is how much of a deposit you have today
- Deposit Returned = $12,000 - will be returned to you on closing day
- Pay Rent On Time = $150 / month credit x 36 months = $5,400 - will be returned to you on closing day
- Total Returned = $17,400 - now you have enough deposit to get conventional mortgage and buy the home you already lived in for 3 years
Q: Do I need to pay a deposit? How much?
A: Yes, you do. The amount of the deposit will depend on the house you select.
A: Yes, you do. The amount of the deposit will depend on the house you select.
Q: How much the rent will be?
A: The monthly payment will be approximately the same as mortgage payments when you purchase the house, including property taxes and insurance.
A: The monthly payment will be approximately the same as mortgage payments when you purchase the house, including property taxes and insurance.
Q: Who pays the utilities?
A: You will be responsible for paying the utilities such as water, gas (heat), electricity, cable, telephone, etc.
A: You will be responsible for paying the utilities such as water, gas (heat), electricity, cable, telephone, etc.
Q: Who is in charge of maintenance and repairs to the property?
A: Ultimately the goal is for you to own the home; as such in most cases you will be responsible for all wear and tear maintenance and repairs to the property up to a certain amount per repair and we will take care of the big items such as furnace, roof, etc. However, under certain circumstances other arrangements can be made. Call us to discuss details.
Q: Who pays for the home inspection?
A: You will be responsible for the cost of the home inspection and your involvement in the actual inspection is mandatory. Since the house will be yours, you need to know ahead of time any issues with the house and the actions that need to be taken now and in the future to ensure the house continues to be in a state of good repairs.
Q: Who is responsible for paying the property tax and house insurance?
A: You are not responsible to pay the property tax and house insurance during the rental term. However, you will be responsible to obtain tenant insurance to protect your belongings if anything should occur during the lease.
Q: I have a bad credit. Can I qualify?
A: Yes, absolutely. Many of our clients work with a Credit Counselor in order to repair their credit score that will allow them to qualify for the conventional financing as soon as possible during the course of Rent To Own program.
Q: I own my home and have fallen behind on my house payments and my house may get foreclosed, can you help?
A: Yes, often we can solve this problem using rent to own. Call us as soon as possible - don't wait till it's too late and a sheriff comes knocking on your door!
Q: What are the reasons I might be declined from your program?
A: Your income is not high enough to afford a house of certain value or lack of adequate deposit. Also, we won't buy properties such as farm lands, cottages, mobile homes or located in too remote areas.
A: Ultimately the goal is for you to own the home; as such in most cases you will be responsible for all wear and tear maintenance and repairs to the property up to a certain amount per repair and we will take care of the big items such as furnace, roof, etc. However, under certain circumstances other arrangements can be made. Call us to discuss details.
Q: Who pays for the home inspection?
A: You will be responsible for the cost of the home inspection and your involvement in the actual inspection is mandatory. Since the house will be yours, you need to know ahead of time any issues with the house and the actions that need to be taken now and in the future to ensure the house continues to be in a state of good repairs.
Q: Who is responsible for paying the property tax and house insurance?
A: You are not responsible to pay the property tax and house insurance during the rental term. However, you will be responsible to obtain tenant insurance to protect your belongings if anything should occur during the lease.
Q: I have a bad credit. Can I qualify?
A: Yes, absolutely. Many of our clients work with a Credit Counselor in order to repair their credit score that will allow them to qualify for the conventional financing as soon as possible during the course of Rent To Own program.
Q: I own my home and have fallen behind on my house payments and my house may get foreclosed, can you help?
A: Yes, often we can solve this problem using rent to own. Call us as soon as possible - don't wait till it's too late and a sheriff comes knocking on your door!
Q: What are the reasons I might be declined from your program?
A: Your income is not high enough to afford a house of certain value or lack of adequate deposit. Also, we won't buy properties such as farm lands, cottages, mobile homes or located in too remote areas.