Rent to Own is nothing more than an alternative solution to finding a home that you love to live in sooner as a renter at first while getting back on track financially and then purchasing it in 2 or 3 years when you are successfully able to qualify for the mortgage in which you weren't able to in the beginning.
The common Issues we see with people who are unable qualify for their own mortgage initially and are turned away from the bank:
- Lack of Down Payment.
- Bruised Credit history.
- Recently discharged from a bankruptcy, proposal or collections and have a low credit score.
- Being Self employed and not being able to prove a stable income.
- New to Canada and don't have an established credit history.
- Set back financially due to a Divorce or have single income lowering their purchasing power.
What ever the situation is, a Rent to Own option may be the way to go for you to get you into your home earlier than what your current financial situation would allow because of a Bank or other lender that won't lend you a mortgage right away.
The goal for us @Live Rent Own is to help you get that mortgage to buy out the property at the end of the term; We do this by understanding your current situation and goals to prepare a "Back on Track" plan to repair your credit and help you save towards a 10% down payment throughout the term with additional option credit payments that go towards your down payment when you qualify for a mortgage. These credits help prove to the future bank or lender that you are creditworthy and can make monthly payments, bettering your chance of getting that "YES". It is important that no payments are missed within the 2-3 year Rent to Own term as it is crucial for qualifying for a mortgage.
If you are looking to Rent to Own a home in London Ontario and/or the surrounding areas in Ontario Canada, please visit us at www.LiveRentOwn.Com/Tenant Buyers to learn more!