Dreaming To Have A Bigger Home ?Why Not Rent to Own?
Life’s circumstances should not prevent you from realizing your dream of home ownership. Stop being a tenant and invest in your own future!
Contact Banny today for more information on the Rent-to-Own Program .
If you are having difficulty qualifying for a mortgage, but can afford a reasonable monthly payment, this program might be for you! The Rent-to-Own program allows you to purchase a home today without having to meet the typical qualifications required by conventional lending institutions, and is specifically designed to help people who are having difficulty obtaining conventional financing. It is a tremendous opportunity for people who are looking to buy, but just need a little extra help to get things going.
Renting to own is best suited to people with the following criteria:
- Lack of funds for full down payment
- Good income, but lack of established credit history or credit rating
- Credit challenges due to past circumstances such as job loss, divorce, bankruptcy, or health issues
How Does This Program Work?
The first step is to shop for your dream home with Banny. Once you have found what you are looking for, an investor will purchase the property for you. You would then rent it back from them for a fixed period of time. At the end of this term you have the right to buy the home for an agreed upon price if you choose to do so. A portion of your monthly rent payments during the rental period goes towards rent, and the other portion goes towards the down payment of the property *.
Each month you will be saving money towards the purchase of your home. This helps you to build equity in your home while waiting to qualify for a traditional mortgage. The rental period will give you time to clean up past credit problems and improve your credit score. Instead of waiting to qualify for a traditional mortgage, you can move into your home now and qualify with a bank later. No more wasting money on rent!
Banny Bar, Your Montreal Real Estate Broker