RENT TO OWN HOMES PICKERING
Rent To Own Homes Pickering – Pick A House To Become Your Home
No Down Payment? Self Employed? Poor Credit? New To Canada? Recent Bankruptcy?
- Affordable down payment: With only as low as $10,000 or 3% of the purchase price* you can start the process of owning your home. 20% of your monthly rent will be added to the Starting Down Payment to form your final Mortgage Down Payment. The Rent to Own Homes Pickering program is recognized by CMHC.
- Secure your house price: Lock in your future purchase price today and beat the increasing house prices. The price you settle 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 has been set, your monthly payments are also predetermined and does not increase anytime during the program.
- Better credit: Improve your chances of qualifying for a lower mortgage rate from a traditional lender in 2-3 years while living in your new home.
- Establish 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 traditional mortgage.
- Credit coaching: We work with you. We answer your questions and support your journey to a better credit rating through the program.
- More choices: Be in control; look for and buy the house you want and not just one from the home listings the competitors give you.
- Keep your options open: Find the right housing solution that works for you, whether it’s an early purchase option, a longer term, or ways to lower your monthly payments.
- Flexible programs: Credit is not a big factor for approval, we look at the bigger picture of your home ownership.
- Improved security: We protect your interests with legally-binding agreements that you can have checked and evaluated by a lawyer.
- Enjoy your homeowner perks: paint walls, update the HVAC system, renovate bathrooms – the house is yours and all upgrades belong to you upon purchase.
- Same lifestyle: Don’t be house-poor; get the education and assistance to create a lifestyle-conscious budget.
- Move in right away: No advance rental payments AND no need to make a down payment until you have decided to buy the house.
Real Estate Stats: Pickering
Interesting real estate stats for the Pickering area:
…Pickering is in the mid-price range among the Greater Toronto cities and neighborhoods but it is ranked as 5th fastest growing (Source: Zolo), which shows that it’s a good area to invest in real estate.
…there are six neighborhoods in Pickering that made it to this year’s Top 25 Neighbourhoods to Buy Real Estate – Village East (#3), Bay Ridges (#10), Liverpool (#12), Brock Ridge (#14), Town Centre (#15), and West Shore (#17) (source: Money Sense), so buying a home here may just be the best thing you can do right now.
Do you qualify?
There are only two minimum requirements to get started on the process of renting – and finally, owning – your own home.
- An amount of $10,000 or greater depending upon the price of the property, which will be taken as to be part of your down payment when you are ready to buy.
- A monthly rent of no less than $1,800.
What if you don’t qualify?
The Rent to Own Homes Pickering 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)
- Self-employed and can’t show income
- Collections, judgments or writs on bureau
- Property tax or income tax outstanding, tax liens
- Orphaned mortgage, current lenders not renewing
- Need to go into a consumer proposal, bankruptcy or not fully discharged
- Mortgage higher than the current market value due to market correction
Rent to Own Process
Here is a summary of events which occur during the Rent to Own Homes Pickering program:
- You can work with your realtor or you can opt to work with one of our associate Realtors to find and view houses for rent in Pickering that you want to own in the future. We do not have an inventory of houses for sale/rent. You get to choose the property you want to sign up in the program.
- Once your Funding Partner has been decided on, we will draft the Contracts with the financing details of your Lease Purchase Program.
- Our Underwriting department evaluates your application to ensure you have the financial capacity to pay the Monthly Lease to Own Payment. We will also make a plan to get you into Home Ownership in the future and work with you to address issues that result in bank disapproval today. Once we are positive that you can successfully complete the program, we will send you a Rent To Own program offer for your consideration.
- You must take the rent-to-own program contracts to your lawyer to get Independent Legal Advice (ILA). This is a compulsory element with our program.
- Once your lawyer has examined and agreed 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 back a signed copy of your acceptance along with pertinent 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 purchase 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 Pickering program.