Rent To Own should be considered a step towards attaining conventional financing. The reason it’s become so popular is that you can “live in the home of your dreams” today and enjoy all of the benefits that come with home ownership. All while you are saving up the additional down payment or while you repair or establish your credit.
Many people are denied the opportunity of OWNING their own home, because they do not fit the so-called “credit box” of most banks or mortgage companies today. But with a little extra work and a little extra time, you can fit their “credit box”. Here are some of the reasons why you may not qualify for a mortgage with a bank or mortgage company, and who the rent to own strategy tends to be a good fit for:
- Slightly Bruised or Blemished Credit
- Have Not Established Credit (new to Canada)
- Not Enough Down Payment
- Self Employed
- Previous Bankruptcy
- Recently Divorced
- Identity theft
You see, all it takes is a little extra work, the right guidance, and some short-term focus on your education (as in learning how banks and mortgages work), that the ability to own your very own home can easily be realized! The problem is most banks or mortgage companies are NOT interested in providing you with the necessary “education” because that is NOT the business they are in: They are in the “lending” business.
That’s where my team and I come in. The rent to own strategy can be an extremely powerful financing option, especially for people who feel like they are at a disadvantage. The key to making this strategy win is by aligning yourself with the right seller and the right teacher at the right time. We’re uniquely different because our mission is to make home ownership a win for you, for the seller, and for our team – to create ethical and real solutions for hard working Canadians.
So if you want to own a home but the banks or mortgage companies are saying “NO”, fill out the application below to see a Rent to Own ‘roadmap to homeownership’ can work for YOU!
NOTE: Rent to own is not for everyone. When getting your custom ‘roadmap to homeownership’ we may discover that you have enough of a down payment, and your credit is sufficient. Or you might be able to accomplish mortgageability in under 6 months or less. If that is the case, we will encourage you to purchase a home the traditional way. Our team is able to still help you, but instead of renting from us, you will begin searching for the home you want.
ON THE OTHER SIDE: If your credit is too far gone, or you just don’t have a dime saved, we are not going to be able to help. We can still look at what it will cost for you to do a rent to own, but in our experience, generally the monthly costs become too high to save a down payment within the 2-3 year typical rent to own time frames, while paying rent and other life costs.
JUST RIGHT: For those that have some deposit saved, and are coachable, we can get you pre approved to rent your own home. You do not need perfect credit, but by following our credit coach’s advice found on your ‘roadmap to homeownership’ you can still be successful.
For your ‘roadmap to homeownership’ and to find out the cost of renting to own, fill out our ‘no credit check’ application form below. Your information will remain confidential and is secure.
Rent To Own Eligibility Application