Rent to Own Frequently Asked Questions (FAQ’s):
Q: What if I’m self employed?
A: Not a problem! We help lots of people who are self employed, and own their own business. Our team of mortgage specialists can help!
Q: How much of each monthly payment goes towards the purchase of the home?
A: This will depend and vary with each situation, but approximately $250 per month is credited towards your purchase when you decide to buy. This $250, plus your initial deposit (option consideration fee) is used as your down payment at time purchase.
Q: Do I get to pick any house I want?
A: Yes! As long as they match our criteria (price range, etc) You can choose any home you want on MLS or private sale.
Q: What is the minimum deposit I need?
A: We ask all prospective buyers to have at least $5000. Due to the nature of the program this helps reduce our risk. This shows that you are serious about becoming a home owner. This deposit is applied as a credit towards the eventual purchase of the home.
Q: How much do you charge for this service?
A: There is no charge for this service. We make our money on the purchase and sale of the property. Our profit is built into the option price on your option agreement.
Q: What does Rent 2 Own Mean?
A: Rent 2 Own means you are renting the property from us until you buy the property. We rent the property to you for a specific period of time, usually 1, 2, 3, or 4 years depending on your situation. During that time you have the option to buy it from us at a price we both agree upon when you first move in.
Q: How is rent to own different from renting?
A: When you rent, all your rent goes to the landlord. With our rent to own program, a portion of your rent could go towards your eventual purchase of the property. With rent to own you have the option to buy the property. When renting you do not have any rights to the potential purchase of the property you are renting.
Q: What is an Option Consideration fee?
A: You will have to pay an option consideration fee /initial deposit when entering into an agreement with us. This gives you the option to purchase the property at an agreed to price at any time during the agreement period. This option fee will be credited towards the purchase price of the home when you buy which will reduce your down payment when you eventually take out a mortgage with a bank. The minimum option consideration fee we accept is $5000. If you pay more, it will help reduce your monthly payments during the rent to own program.