Rent to Own Explained
Q: How Does Rent to Own Really Work and how can it HELP Me?
A: Rent To Own should be considered a "Stepping Stone to Conventional Financing".
In other words, you can "live in the home of your dreams today" and enjoy all of the benefits that come with home ownership, while you are saving up some additional down payment, or while you repair or establish your credit. That's why it should be considered a "Stepping Stone to Conventional Financing".
The reality is…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".
Some of the reasons why you may not qualify for a mortgage with a bank or mortgage company include, but are not necessarily limited to, the following:
- Slightly Bruised or Blemished Credit
- Have Not Established Credit (new to Canada)
- Not Enough Down Payment
- Self Employed
- Previous Bankruptcy
- Recently Divorced
The reality of the situation is this…with a little extra work and some focus on your education, the "Ultimate Dream of Owning Your 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.
The Rent To Own concept has been around North America for quite some time, and has typically been utilized by "private" companies or "independent" real estate investors.
If implemented correctly, the Rent To Own concept can be an extremely powerful financing option; however, the key to this concept is to make sure that all stakeholders (you and the Investor or Company) Win in the process!
This is one of the reasons why we created this website in the first place. We wanted to bring investors and people who would like to own their own homes together, and we wanted to provide Canadians with some additional education.
If you are looking to own your own home, but the banks or mortgage companies are saying NO, you may want to consider the Rent to Own financing option. It WORKS!
STOP Paying Rent, Become a HOMEOWNER Today!
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