lease2ownniagara FAQ

1. How Does Your Rent To Own Program Work?

You rent the home from us and then purchase it at a later predetermined date. This in turn gives you time to save up for a larger down payment, time to clean up past credit problems, or time to sell another home. A portion of your monthly payment goes towards rent and the other portion goes towards the down payment of the property. All of your monthly option credits and down payment is credited towards the purchase price of the home.

2. My credit isn’t great, can I still qualify?

It really depends on your circumstances. We are not like most financial institutions; we want to help you become a homeowner. All we ask is that you are honest when you provide us with your financial information. We measure our success on whether we are eventually able to assist you in qualifying for a conventional mortgage.

3. What if I can’t afford the monthly rent and option payments right now?

Your monthly rental costs are just a slightly higher than on a new mortgage, including property taxes and insurance. There are some options that can help you: You can decide to purchase a home that has an in-law suite and use the rental income to offset your monthly payments. Or maybe we should find something in a more comfortable price range.

4. Can you help me if I am self employed?

Yes we can, we take this into consideration and work with you to ensure that we are in the right price range in order to help you qualify at the end of the term.

5. Am I limited to only a few homes?

No, we will look at every home listed on the MLS that fits your criteria. This is the fun part, you get to go shopping for the home YOU want and you are in full control when we are negotiating the price with the seller.

6. Who is responsible for the maintenance of the property?

You are responsible for the upkeep of the property. You will be the direct benefactor from any improvements that you make – it will increase the value of your investment, so you are responsible for the property’s maintenance. Please remember that all homes need regular ongoing maintenance, so you should budget accordingly when considering the monthly payments.

7. Can I have a home inspection?

Yes, as a matter of fact, we have each home professionally inspected prior to closing and make sure that your home is in good condition and there are no hidden problems. The cost of the home inspection is your responsibility. You will find that this is a very good investment.

8. . What happens if I am unable to make my monthly payment?

Please be aware of everything involved in the contract before you sign. You are responsible to pay the monthly amount on time. The bank would expect the same if you had a mortgage. Would you walk away from your mortgage? If you default, then we reserve the right to immediately start legal proceedings to recover and secure our interests in the property. If this happens, you may lose all equitable interest in the property. We will also be entitled to recover any and all legal costs that we may incur. We know this sounds serious. We would like to make you fully aware of all rights and obligations (both yours and ours) under the terms and conditions of the contract.


FREQUENTLY ASKED QUESTIONS
1. How Does Your Rent To Own Program Work? You rent the home from us and then purchase it at a later predetermined date. This in turn gives you time to save up for a larger down payment, time to clean up past credit problems, or time to sell another home. A portion of your monthly payment goes towards rent and the other portion goes towards the down payment of the property. All of your monthly option credits and down payment is credited towards the purchase price of the home. 2. My credit isn’t great, can I still qualify? It really depends on your circumstances. We are not like most financial institutions; we want to help you become a homeowner. All we ask is that you are honest when you provide us with your financial information. We measure our success on whether we are eventually able to assist you in qualifying for a conventional mortgage. 3. What if I can’t afford the monthly rent and option payments right now? Your monthly rental costs are just a slightly higher than on a new mortgage, including property taxes and insurance. There are some options that can help you: You can decide to purchase a home that has an in-law suite and use the rental income to offset your monthly payments. Or maybe we should find something in a more comfortable price range. 4. Can you help me if I am self employed? Yes we can, we take this into consideration and work with you to ensure that we are in the right price range in order to help you qualify at the end of the term. 5. Am I limited to only a few homes? No, we will look at every home listed on the MLS that fits your criteria. This is the fun part, you get to go shopping for the home YOU want and you are in full control when we are negotiating the price with the seller. 6. Who is responsible for the maintenance of the property? You are responsible for the upkeep of the property. You will be the direct benefactor from any improvements that you make – it will increase the value of your investment, so you are responsible for the property’s maintenance. Please remember that all homes need regular ongoing maintenance, so you should budget accordingly when considering the monthly payments. 7. Can I have a home inspection? Yes, as a matter of fact, we have each home professionally inspected prior to closing and make sure that your home is in good condition and there are no hidden problems. The cost of the home inspection is your responsibility. You will find that this is a very good investment. 8. . What happens if I am unable to make my monthly payment? Please be aware of everything involved in the contract before you sign. You are responsible to pay the monthly amount on time. The bank would expect the same if you had a mortgage. Would you walk away from your mortgage? If you default, then we reserve the right to immediately start legal proceedings to recover and secure our interests in the property. If this happens, you may lose all equitable interest in the property. We will also be entitled to recover any and all legal costs that we may incur. We know this sounds serious. We would like to make you fully aware of all rights and obligations (both yours and ours) under the terms and conditions of the contract.