- Do I have to have good credit?
No. Less than perfect credit is OK! Our Program gives you the time and opportunity to improve your credit rating and prepare for traditional financing while living in your home. We provide you with our qualified financial planner to coach and guide you along. All this takes place while living and enjoying your new home.
- Do I have to qualify?
You do not need to qualify for traditional financing. However, we do review your current financial situation. Even if your credit is not great, we help you to get in to your dream home. We don’t just review your credit history; we review your current and future potential. Our goal is to improve your credit rating so you may qualify with traditional financing when its time to purchase your home.
- How much will it cost me for startup costs?
The startup cost depends on the property you and your family select and your economic circumstances. With help from our experienced mortgage broker, we carry out a complete financial analysis to determine your affordability and customize rental payments to suit your current and future needs. This assures us as well as yourself of a greater chance towards successful homeownership before beginning with our program. This deposit is a very small percentage in comparison to the property value, usually 3 to 5 percent of the purchase price (at the end of the term).
- What happens to my upfront payment?
Your upfront payment will be credited at the end of the term towards the down payment for the purchase of your home.
- How is my poor credit improved?
Every month when you pay your rent on time, you are showing a potential home lender that you are capable of managing a property financially. This helps you gain the credit worthiness required to get a loan. This will allow you to finance at a much lower interest rate saving you a considerable amount of money. Your overall credit will improve.
- What will be my purchase price?
Your purchase price will be at fair market value or below at the time you purchase your home. The purchase price will be negotiated prior to you signing the lease agreement and guaranteed to the end of the term even if home market prices were to escalate.
- What if I decide not to purchase?
Although our preference is to see you realize your dream of home ownership, if you decide not to purchase, your initial deposit and monthly option payments are non-refundable.
- Who pays for property taxes?
We pay for the property taxes.
- Can I have pets?
Like any other homeowner, our Rent to Own Program allows you to have pets. Naturally, we ask that you ensure your pet does not cause any damage to the property prior to you actually purchasing the property. In the event you do not purchase the property for any reason you will be fully responsible for the damages.
- Am I allowed to paint and decorate the house?
As you are living like a homeowner you can paint and decorate. Any improvements will simply add to the value of your home at the end. However, we will ask that you get all renovation plans approved prior to starting work.
- Is it compulsory to join your service if I fill out the form?
No. you are never obligated to participate in our program. When you fill out our form, it gives us the opportunity to learn about your needs and requirements. And it gives you the opportunity to learn more about how our program can help you. At the end of the day, it’s your choice to make.
- What do you do with the information that I submit?
We use the information that you submit to evaluate your specific needs and requirements. All the information you share with us is always confidential and will only be used internally within our company to assist you.