Renters in Sarnia Ontario
You are now on your way to becoming a Home Owner.
The process of Rent to Own is really easy. We require a much smaller deposit than the banks regular 10% needed to get a Mortgage. Usually we require a minimum of 4% downt as a deposit. If you do not have 4% down we can use items with value ( 4 wheeler, boat, large tv, etc). We get these items appraised and use the appraisal value towards your deposit. Your deposit is refunded when you purchase the home. If you fault on payments and do not purchase your home the deposit is not refunded.
The next thing we do for you is come up with the rest of the 5-6% the bank will need for a Mortgage. We do this through Rental Credits. How this works is when the Rent is due their are actually two checks you write us every month. One for Rent and the other for Option Consideration. The majority of Option Consideration money is paid back to you when you purchase the home, to come up with the rest of your down payment. The trick here is to pay the Rent on Time. If the Rent is not paid on time we do not return the Option Consideration money. Were very generous. We understand that from time to time you may be late, we will let this slide only 2 times. It's in your benefit to pay on time because we use that money towards your down payment, then you get a home.
Lets say after the length of the lease you do not want to purchase the home. The good news is now you will have established a history of paying a mortgage. The banks will now qualify you for a specific amount and you can purchase any home within your price range. We work with numerous Real Estate Agents if you need help finding an alternative home to purchase.
If Rent to Own now interests you, there are two steps to complete.
Step 1: Fill out the Client Questionnaire form. This form will allow us to find out where you stand financially, and see what kind of a home you will qualify for. We can fill out this questionnaire over the phone by calling (519) 330-0453 or you can fill it out and e-mail it to us. E-mailing the questionnaire will allow for quicker processing time. To get a copy of this questionnaire simply send an e-mail to firstname.lastname@example.org.
Step 2: Talk to a Mortgage Broker. In order to Rent to Own in Sarnia we will need you to talk to a Mortgage Broker and get a Pre-Approval. During the Pre-Approval process we find most of our clients are declined. That is OK! Were here to help you get approved. Once the banks say no, ask questions and find out how long it will take you to qualify for a mortgage, and/or if you need Credit Repair. If you want to speed this process up, we have another form which we can e-mail you, and this form will allow your Mortgage Broker to release this information to us, which will take some of the edge off so you can leave and let us worry about the technical questions.