Article provided by: Mortgage Approval Help
Renting should only be an option when you have a long-term plan in the woods. You should not throw away money when there are too many options from Mortgage Approval Help that can make you a homeowner fast. The best way to combine the benefits of home owning and renting is to enroll in the rent to own programs in Ontario. The rent lays a foundation for the future instead of losing hard-earned money into thin air.
What is a rent to own program?
Rent to own programs is an excellent path to homeownership. These properties refer to regular homes where the renter agrees to buy the house at the end of the lease. The rent to own transaction is complicated and has multiple contracts. The seller can charge a different premium or fee to customize the agreement; hence no two rent to own programs in Ontario will be the same.
What are the benefits of rent to own for the buyer?
Minimal cash payments
The buyer does not need to pay the 20% down payment as they would with a mortgage agreement. They will only pay a onetime fee, which is 3% to 5% of the total purchase fee. The most significant advantage is that the seller cannot hike the cost if the market value shifts, and cannot require you to make additional payments.
The program introduces the possibility of introducing equity to lay down a sizeable down fee. The increased home value will be built-up home equity that will become real credit for the sale price.
Better credit rating
The interest rate will be lower when you have a higher credit score. Renting to own gives you time to improve your credit, for the long term. This case is because the high credit score is not a risk to the lender, and you can save thousands or more over the 30-year lifetime of a typical mortgage.
Mortgage lenders have strict qualification standards. They need a high credit score, decent deposit, and a debt-to-income ratio that does not exceed a particular percentage. They may also need proof of employment longevity by the same company. The rent to own programs in Ontario is approvable by the sole advisory of the company; hence you can work up an agreeable case with Mortgage Approval Help.
You can quickly take possession of the home in a matter of weeks, instead of waiting months to complete the mortgage process. This case is partly because your situation is decidable by the owner or seller; hence it only takes a few considerations to make a choice. You can speed up your ownership approval by gathering all the right papers and details from our system. We have an online credit score form and a personalized advisory service.
We understand the pressure of buying a home and have compiled enough resources to help you jump into a rent to own program with ease. You do not have to go through the traditional way when you can afford rent and minimal upfront payments. Contact us on 647 - 724 2001 today for top-notch options of renting to own and support in all other purchase details.