To many Canadians, buying a home essentially means having enough money to use as a large down payment, and having a healthy credit history in order to get approved for a mortgage from a conventional lender. For those who don’t necessarily meet these requirements, renting seems to be the only option when it comes to acquiring living space to call home.
An alternative to the traditional means of purchasing a home is through a program referred to as “rent to own”. Such a plan is not new, but there are some great programs available. With rent to own homes Toronto, those with poor credit, less than 20% to use as a down payment, and the inability to secure a mortgage from a lender are given the opportunity to overcome these obstacles and still be able to buy a home that they can call their own. If you have good income and at least 5% down, you will probably be able to qualify – despite a bad credit report.
Build Equity as You Rent!
Instead of paying a landlord rent every month that simply goes into the pockets of the owner, make your rent work for you. With a rent to own program, your rent is not thrown away. Instead, a portion of it actually goes towards building equity into the home that eventually can become all yours should you choose to purchase the home at the end of the contract agreement. As the price of the home after the lease period is agreed upon at the beginning, any rise in home prices above the set price is also to your benefit.
Repair Your Bad Credit
By making your monthly “rent” payments, you are being given the opportunity to slowly rebuild and repair your credit. With every payment made in full and on time each and every month, you are building a credit portfolio that shows your ability to make payments properly. Over the duration of the rent to own period, your credit can be repaired, making you eligible to secure a typical mortgage should all the requirements be met.
Depending on your particular financial situation, there may be no better way to attain home ownership than through opting for a rent to own home in Ontario. With the help of professionals like those at Sandstone Management, you can make your dreams of owning your very own home a reality. Consult with an expert from Sandstone Management today and discuss the benefits that a rent to own program can have for you! Call (905) 235-0841 or (877) 311-7671.