Using Rent to Own to Purchase your Dream Home Part 4
How To Get A Mortgage – The Hard Way
The traditional way to get a mortgage is to go to the bank, provide proof of income (your work – how long you have worked at your place, yearly income/ bonuses etc) have a substantial down payment, a high credit rating, and pray that you are approved. Not only pray to be approved but approved for the amount you are hoping for.
What happens if you do not have a job that you have worked at for 20, 10 or even 5 years? What if you work for yourself? And you cannot show the bank your income or your income isn’t high enough to be approved? What if you don’t have $20-30 or $50K down payment? What if your credit rating was just below what the bank considers ‘good’ or ‘great’ or you had a previous issue that affected your credit score? How about a bankruptcy you filed 7 years ago? That can make the banks a little nervous to lend out thousands of dollars to you. If they are nervous, they may not approve you. Then what? Back to square one. Not fair at all. The banks have such high standards that not everyone can be approved. There goes your dream home. The rent to own option can be the solution. There will be an approval process that is less traumatic than a bank. The rent to own company will treat you better and try their best to get you in your home. The rent to own company will work with you in finding your ideal home and allowing you to move in within a few months! Something you may not be able to do with your bank!
Next week, some of the benefits of renting to own your home…..