If your credit, income & debt situation places you just out of reach of qualifying for a mortgage a Rent-to-Own Program might be the perfect solution for you!
How does the process work?
First a qualified Mortgage Specialist will complete a Free, Confidential, Financial Assessment on your situation to determine how close you are to getting your own mortgage.
A report will then be prepared (free of charge) to give you a step by step plan of action, including a timeline, to show you what needs to be done to qualify for a mortgage with as little as 5% down payment.
If you qualify for your own Mortgage, you will continue to work with a Mortgage Specialist. However if you are a good candidate for the Rent-to-Own program, we will then put you in touch with a Rent-to-Own Specialist.
We are then involved during the Rent-to-Own program to help you qualify for the House you are Renting-to-”Own”. When your goals are satisfied our Mortgage Specialists will help you complete the transaction to BUY THE HOUSE ON YOUR OWN!
But what is a Rent-To-Own Program?
There are various ways that Rent-to-Own programs work, but generally what happens is that you are required to put down a “Deposit”, and then a portion of your Rent payments each month go towards your Down Payment (as well as the initial deposit). The goal then is that in 1 or 2 or 3 years time your down payment of 5% is already saved, and you can buy & take title to that house on your own.
One of my favorite Rent to Own Programs is Huntmore Investments
For more information please contact us at 1-866-712-3943
or via email mortgages@dropmyrate.ca
