RENT TO OWN HOMES BROCK
Fulfill Your Dream Of Owning A Home With Rent To Own Homes Brock
Do you have bad credit or no down payment? Are you self employed or new to Canada? Did you suffer a recent bankruptcy? Are banks and traditional lenders saying no?
- Low down payment: With as little as the greater of $10,000 or 3% of the purchase price* you can begin the process of owning your home. 20% of the rent you pay will be added to the Starting Down Payment to form your final Mortgage Down Payment. The Rent to Own Homes Brock program is recognized by CMHC.
- Lock in your house price: Secure your future purchase price today and beat the increasing house prices. The price you pay at the end of the program is determined right at the start of the contract so you know how much you are going to pay, regardless of aggressive house market inflation rates.
- Get fixed payments: Just as the house purchase price is locked in, your monthly payments are also secured and does not increase anytime during the program.
- Credit coaching: We work with you. We answer your questions and support your journey to a better credit rating through the program.
- Keep your options open: Choose the most fitting solution that works for you whether it’s a longer term, an early purchase option, or ways to lower your monthly payments.
- More choices: Be in control, shop and buy the house you want and not just one from the home listings the competitors give you.
- Build equity: You can build your equity faster with your starting down payment and monthly option credits as compared to the first few years of a conventional mortgage.
- Improved credit: Boost your chances of qualifying for a lower mortgage rate from a traditional lender in 2-3 years while living in your new home.
- Variable programs: Credit is not the crucial factor for approval, we look at the bigger picture of your home ownership.
- Increased security: We protect your interests with legally-binding agreements that you can have checked and evaluated by a lawyer.
Move in right away: No advance rental payments AND no need to make a down payment until you have decided to buy the house.
- Same lifestyle: Don’t be house-poor; get the education and assistance to create a lifestyle-conscious budget.
- Enjoy your homeowner perks: paint walls, update the HVAC system, renovate bathrooms – the house is yours and all upgrades belong to you upon purchase.
Real Estate Stats: Brock
Interesting real estate stats for the Brock area:
…two neighborhoods in Brock, Cannington and Beaverton, are among the Top 25 GTA Neighbourhoods to Buy Real Estate in 2018 based on value, momentum, and realtor grade (source: Money Sense). This only goes to show that Brock is a very good location for your dream home.
…average sell price for Brock is fairly affordable (less than $500K) with a good number of 3-bedroom detached houses in the inventory (source: Zolo), and this area can be a good investment for families.
Do you qualify?
There are only three minimum requirements to get started on the process of renting – and finally, owning – your own home.
There are 3 minimum Pillars to get started on the process of renting – and finally, owning – your own home.
- An amount of the greater of 3% of the Purchase Price or $ 10,000, which will be taken as to be part of your down payment when you are ready to buy.
- A Payment that is Affordable for your Income.
- A Financial Profile that can be “bank” ready by the end of the Rent to Own term.
What if you don’t qualify?
The Rent to Own Homes Brock program is NOT credit driven and our clients generally fall into at least one of the categories below:
- Poor or no credit score
- Power of sale (foreclosure)
- Property tax or income tax outstanding, tax liens
- Self-employed and can’t show income
- Mortgage higher than the current market value due to market correction
- Collections, judgments or writs on bureau
- Orphaned mortgage, current lenders not renewing
- Need to go into a consumer proposal, bankruptcy or not fully discharged
Rent to Own Process
Here is a summary of events which occur during the Rent to Own Homes Brock program:
- You can work with your realtor or you can choose to work with one of our associate Realtors to find and view houses for rent in Brock that you want to own in the future. We do not have an inventory of houses to choose from. You get to pick the property you want to enroll in the program.
- Once your Funding Partner is determined, we will draft the Contracts with the financing details of your Lease Purchase Program.
- Our Underwriting department examines your application to make sure you can afford the Monthly Lease to Own Payment. We will also create a plan to get you into Home Ownership in the future and work with you to resolve issues that result in banks disapproval today. Once we are confident that you can successfully complete the program, we will send you a Rent To Own program offer for your consideration.
- You have to take the rent-to-own program contracts to your lawyer to obtain Independent Legal Advice (ILA). This is a mandatory element with our program.
- Once your lawyer has reviewed and concurred with the contract stipulations, you can then sign (or not) and return the documents.
- If you agree to the terms of the Rent To Own Program, please send us back a signed copy of your acceptance along with supporting documents for our evaluation.
- The Real Estate contracts are then signed between the Seller of the Property and your Funding Partner. But remember, your Funding Partner will actually buy the house on your behalf and you sign the contracts to become the future Homeowner using our Rent To Own Program.
- We close and you move in. We start working on the “Exit Strategy” to be put in place before you are approved for the Rent to Own Homes Brock program.