FAQs
FAQs
1) What is Rent-to-Own and how does it work?
Rent-to-Own in its simplest form is just renting a home with an option to purchase the home during a pre-defined contract period (Usually 1-5 years).
2) How is Rent-to-Own different for Renting?
Rent-to-Own is like a forced savings program. A portion of your rent payment each month is applied as a credit and will be credited toward your down payment at the end of the Rent-to-Own contract
3) How long will it take for my application to be approved?
Unlike the banks and credit unions, we are able pre approve your application with 1-3 days with final approval usually within 7 days of a completed application being received.
4) Are there any age restrictions for applicants?
Applicants must be 18 years or older and each applicant is evaluated on an individual basis. As your success is very important to us we want to do our best to ensure that you will be able to successfully purchase your home at the end of the contract term.
5) What if I am new to Canada; Can I still buy a home?
Yes. The problem that most immigrants to Canada have is that they do not have a credit score. We help you establish your credit profile during the Rent-to-Own term so that at you can qualify for a mortgage at the end of the Rent-to-Own term.
6) How do you set the purchase price of my new home?
The initial purchase (contract) price of your home is set based on market comparables at the time. The price of the home will increase based on a predefined percentage after each year of the Rent-to-Own contract. The value after each year will be clearly highlighted for you and you are able to purchase the home at any time during the contract.
1) What is Rent-to-Own and how does it work?
Rent-to-Own in its simplest form is just renting a home with an option to purchase the home during a pre-defined contract period (Usually 1-5 years).
2) How is Rent-to-Own different for Renting?
Rent-to-Own is like a forced savings program. A portion of your rent payment each month is applied as a credit and will be credited toward your down payment at the end of the Rent-to-Own contract
3) How long will it take for my application to be approved?
Unlike the banks and credit unions, we are able pre approve your application with 1-3 days with final approval usually within 7 days of a completed application being received.
4) Are there any age restrictions for applicants?
Applicants must be 18 years or older and each applicant is evaluated on an individual basis. As your success is very important to us we want to do our best to ensure that you will be able to successfully purchase your home at the end of the contract term.
5) What if I am new to Canada; Can I still buy a home?
Yes. The problem that most immigrants to Canada have is that they do not have a credit score. We help you establish your credit profile during the Rent-to-Own term so that at you can qualify for a mortgage at the end of the Rent-to-Own term.
6) How do you set the purchase price of my new home?
The initial purchase (contract) price of your home is set based on market comparables at the time. The price of the home will increase based on a predefined percentage after each year of the Rent-to-Own contract. The value after each year will be clearly highlighted for you and you are able to purchase the home at any time during the contract.
