What Are Your Biggest Fears of Rent To Own
We at Tenant2BuyersSolutions.com have been helping and working with households that would like to own a house of their own using a rent to own program.
Over the years we have spoken to over 200 potential tenant / buyers who have been interested in the program but for unknown reasons never followed thru with starting the program. I have been wondering to myself why so many people are interested but when it comes to taking action bail out because of fear. Here are the 3 Biggest Fears of Rent To Own that I came up with after my experiences talking with potential tenant / buyers.
Why Is The Option Deposit Non-Refundable If I Don’t Execute Option Agreement?
The option deposit is the biggest difference between a Rent To Own and regular rental. The option deposit shows the investor who buys the property that you serious about home ownership and will take care of the property during the rental period. The money given as a deposit is used directly in the purchase of the house, also each month rent credits are accumulated on top of the that amount. After 3 years of paying rent on time, taking care of the property as your own, working with our credit specialist to improve your credit rating. We put your household in the best position to receive a mortgage from our Mortgage agent by the end of the third year. Remember what you have after 3 years of a regular rental!!
What If I Don’t Qualify For a Mortgage By The End Of 3 Year Term
A part of the process for the rent to own program is a income verification. Our Mortgage agent does a in depth look at your current credit report and documented income sources. They are licensed professional who help clients qualify for more traditional mortgages. If your numbers don’t add up at this point we don’t go ahead with a rent to own until your situations improves. Watch out for rent to own companies that don’t work with mortgage agent before starting a rent to own. Our mortgage agent is the same person who will issue the mortgage at the end of the 3 year term because they have been tracking your progress and keeping records of your rent credits which are applied to your down payment. Their should be no worries about the mortgage because everything is checked before you spend a single nickel (Remember Bank of Canada doesn’t issue pennies anymore)
Isn’t Rent To Own Just a Scam To Get Our Hard Earned Money
I have written about rent to own scams before in a early blog post. You can do a Google search and find a news reports about families losing hard earned money to rent to own scam artists. Before you use the same brush to paint every rent to own program as a scam. Please go and read our articles How to Tell if a Rent to own program is a Scam & How Tenant Buyer Can Protect Themselves From Rent to Own Scams We try our best to put families in a win / win situation with our program. I feel bad about people losing money but in every industries their are scam artist looking to take advantage of hard working people. Trust your gut and ask a lot of questions and use Google to find information to protect yourself and your money. Rent to Own isn’t a scam but a different way of purchasing a house if your credit isn’t the best or you don’t have enough saved for a down payment. Cars are sold every month using a lease to own model but the media doesn’t focus on the negative because of the advertising dollars they receive.