Rent to Own Approval Process How Does it Work


Our goal at is to educate you so that you can make the best decision for you and your family. Rent to Own is not for everyone, however, if you have decided that Rent to Own is right for you, Smart Home Choice is here to help you acquire the perfect home that suits your needs.

No Lengthy Mortgage Approvals
No Lengthy Mortgage Approvals

The great thing with Rent to Own homes is there is no lengthy mortgage approval process for you to go through. We know that a large percentage of our clients have credit issues and that’s fine. One of our clients once asked us ‘why do you put Good, Fair and Ugly on your application forms?

Great question!! The reason why is we want to start off our relationship with each of our clients with honesty. Once families understand that credit is not an issue and does not prevent them from getting into a rent to own home, the relationship starts off on the right foot and now they feel they can be honest knowing that we are here to help.

We also find it to be a great icebreaker as well. It shows that we’re not judging you based on your credit score but on your ability to handle your monthly expenses. Imagine walking into the bank and saying ‘hey… .my credit is horrific, can I get a mortgage please’!! Not a chance.

So how quick is quick?? It depends, there are two options we provide.

This is where we have gone out and selected a beautiful home in a beautiful neighbourhood for you to move in. In this scenario, we have helped families move in as quick as 14 days.

This process can take a bit longer. This is where we allow you to go out and select the home of your choice in the area of your choice. In this process, we have helped families find and move into their dream home as quick as 45 days.

When Will I Know What I’m Approved For?
To find out what you are approved for and if you qualify for our program takes approx. 1 week from the time we receive your application and verification of income. Here’s what we need from you and you’re ready to start looking for your dream home;

Step 1 – Rent to Own Approval Process (Usually 3-4 days)

Once you have sent in your ‘FAST APPROVAL’ application we will be in contact with you within 2-3 business days. If your situation is urgent please let us know
We will complete a quick assessment to determine if you have the required income and down payment to start searching for your very own home.
After the quick assessment has been completed, you will be required to send in proof of income to complete the approval process. (pay stub, tax assessment, 3 months bank statements, drivers license)
Once completed, a credit check will be performed that is normally $25.00 a person. No matter how bad your credit score is, you can still be approved based on your income.
If you are approved we will inform you your budget and you can start looking for a home with our Real Estate agent.

Approval process complete!!! Now if you are in an urgent situation, we can help you much faster. Let us know.

Step 2 – Finding Your Home and Moving In

$1000 deposit to start searching for your new home is required. The full amount is used towards the down payment of your home. (There are no fees or hidden fees for our services).
Once you have located your home the property is purchased on your behalf.
During the conditional period, the full deposit is required and the signing of the agreements is completed.
On Day of move in, your first and last months rent is provided to the buyer and the keys are handed to you.
Congratulations, you are now on your way to home ownership.

There you have it, the quick and easy process of moving into your home within 2 to 5 weeks if you are in a tight situation and your current landlord is closing up shop, you need to move and you are tired of renting.

Written by Gary Hibbert – Real Estate Investment Advisor –

Gizelle Brown

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