Want to Rent-to-Own?
Rent-to-own is a good option for people who don't want to apply for a conventional mortgage or who cannot for credit reasons.
What happens is you apply through our contacts and if you are accepted Vicki and Kim help you look for a house you want. When you find it the rent-to-own firms seeks out an investor who buys the house. You rent from the investor for an agreed upon period of time. At the end of that time, you buy the house from the investor and it is yours.
Your rent on the property includes a portion that goes to the investor as payment and a portion that goes into a savings plan for you for the down payment when you are ready to buy it back.
You negotiate the rent to own period with the company – it is usually 3-5 years. During that time, the rent to own company advises you and helps you repair your credit if need be. That way at the end of the period you will qualify for a mortgage on your own with no assistance and you will have the down payment.
Whether or not you would qualify for rent-to-own depends on if you have a stable job and make a decent wage. Even if you don't make a lot but you have a spouse/partner who also has income you may qualify.
If your credit score is high enough and you don’t have any collections or bankruptcy, you might be able to do a no down payment mortgage rather than rent-to-own through our industry contacts.
If you would like to see if you qualify for rent-to-own or a no down payment mortgage, give me a call at 613-392-2511 or email me at kimberly.colton@century21.ca.
www.kimandvicki.ca
Your home is a big deal to Kim and Vicki too!
Posted by Kimberly Colton
on January 27, 2012