What is Rent to Own?
Rent to Own is a program designed for those who can’t qualify for a mortgage. This might be due to a low credit score, a lack of credit history, self-employment, past bankruptcy, or insufficient money for a down payment. Our program allows you to rent a property of your choice for a specific period of time, while you improve your financial position to be able to apply for a mortgage. Once you qualify for a mortgage, you can purchase the property at the price originally settled at the start of the program.
How does it work?
The strategy we use to help renters become home owners is very simple.
1) We make sure you qualify for our Rent to Own program.
We want you to succeed and own your home, so only those who qualify for our program will be considered.
2) We help you to find the property that you want to purchase.
We will assign you a realtor who will help you to find your home.
3) We purchase the property for you.
Once you found the property you like, we will buy it for you.
4) You rent the property for a certain period of time (until you qualify for a mortgage).
This period usually varies from 3 to 5 years, but can sometimes be less.
5) You purchase the property.
Once the predetermined time period has passed, and you are able to qualify for a mortgage, you can finally make that home your own.
Our Rent to Own program is a system through which you can purchase a home for an agreed price, which remains fixed for the term of the agreement. The fee for the contract, which is usually 3% to 5% of the purchase price, becomes part of your down payment when you purchase the property in the future. A portion of your monthly rent also goes towards the down payment. This system allows you to accumulate the necessary funds while you are living in your own home, making it much easier to qualify for a mortgage.
1) We make sure you qualify for our Rent to Own program.
We want you to succeed and own your home, so only those who qualify for our program will be considered.
2) We help you to find the property that you want to purchase.
We will assign you a realtor who will help you to find your home.
3) We purchase the property for you.
Once you found the property you like, we will buy it for you.
4) You rent the property for a certain period of time (until you qualify for a mortgage).
This period usually varies from 3 to 5 years, but can sometimes be less.
5) You purchase the property.
Once the predetermined time period has passed, and you are able to qualify for a mortgage, you can finally make that home your own.
Our Rent to Own program is a system through which you can purchase a home for an agreed price, which remains fixed for the term of the agreement. The fee for the contract, which is usually 3% to 5% of the purchase price, becomes part of your down payment when you purchase the property in the future. A portion of your monthly rent also goes towards the down payment. This system allows you to accumulate the necessary funds while you are living in your own home, making it much easier to qualify for a mortgage.
What are the advantages?
Here are the advantages you will gain with the Rent to Own program:
- You rent the house that you’ve chosen to be yours.
- Part of your monthly rent goes toward the future payment of your house or condo.
- There is no increase in monthly rent during the leasing period.
- You don't pay any property taxes or strata fees until the property is yours.
- You are not responsible for major repairs, such as fixing your hot water tank or roof.
- You can make any desired changes to the property (such as painting, or replacing carpets/floors) from the first day you move in.
- The purchase price of the property will remain fixed during the entire period, so you always know exactly how much you will pay for it at the end of the contract.
- Part of your monthly rent goes toward the future payment of your house or condo.
- There is no increase in monthly rent during the leasing period.
- You don't pay any property taxes or strata fees until the property is yours.
- You are not responsible for major repairs, such as fixing your hot water tank or roof.
- You can make any desired changes to the property (such as painting, or replacing carpets/floors) from the first day you move in.
- The purchase price of the property will remain fixed during the entire period, so you always know exactly how much you will pay for it at the end of the contract.
What are the next steps?
If you are interested in our Rent to Own program, you can contact us directly to have all your questions answered. You can also fill out the application form, and we will be in touch within 48 hours to discuss all your options.
