Canada’s largest city isn’t just the 5th largest city in North America — it’s also one of the top 5 most livable cities according to The Economist’s 2014 Global Liveability Report. Maybe it’s because Toronto has the lowest crime rate of any Canadian city over 500,000 people, or because the “City Within a Park” has so many opportunities to enjoy nature.

Still, the most popular way to enjoy Toronto is to buy a house in one of the city’s 140 eclectic and lively neighborhoods. That’s easier said than done, now that the Canadian government has begun tightening lending standards in order to prevent a real estate bubble. Many of the people who would have qualified for a mortgage a few years ago now find their applications stamped “declined.”

To make matters worse, would-be homeowners have been taught that there’s only two ways to finance a home: banks, and credit unions. If you’re looking to own a home and you cannot meet the stringent new Canadian Mortgage and Housing Corporation standards, that can leave you out in the cold — and unnecessarily, too.

The fact is that traditional financing is not the only way to finance a new home. Have you ever heard of Lease to Own? With Lease to Own, it doesn’t matter what your credit score looks like, or if you can prove your income — you can move into the home of your dreams, and do it now.

How Lease To Own Solves Your Problems

At Home Owner Soon, we are in the business of taking you from the “declined” you’re hearing from traditional lenders now… and getting you to the “accepted” you want to hear. Best of all, we do this in a way that lets you move in now.

How does this work? Here’s the executive summary:

The Lease to Own Homes program starts with a down payment as little as $ 10,000.00 down plus closing cost such as Independent Legal Advice (ILA), appraisal and home inspection and possibly a broker fee if you are being referred in through a Mortgage Agent. Since you might be coming from a rental position, consider this program as Home ownership Boot camp where you are now transitioning from renting to owning.

When you become a home owner, you have to consider additional cost such as property tax, house insurance and other cost in your budget that you might not be associating when you are renting. HOS Financial program helps you budget and prepare for the extra cost so you are best prepared moving forward. Also if your credit is damaged, our Compass Credit Management program, will correct any credit issues, build a new credit rating and put you in a position to qualify for a future mortgage.

The Rent to Own payments are higher than normal rental payments as up to 20% of the monthly cost is added to your initial down payment to put you in a qualifying position with CMHC. Our underwriting guidelines mirror all the major banks so you are confident to exit at the end of the term.

Once you’ve been denied a mortgage by a traditional lender, you can’t appeal directly. But, you can show them that you are worth lending to, and come back in a few years with a new application. That’s what Home Owner Soon does with the Lease to Own Toronto program.

With Lease to Own for homes in Toronto, we find you immediate financing now. Then, as you live in the home you want, part of your monthly rent payment goes towards a down payment later. At the same time, you work with our expert credit mentors to fix all the issues that are keeping you from a traditional mortgage.

By the end of the program, you will be perfectly positioned to walk into a bank or credit union and get a traditional mortgage for the long term.

The idea behind Lease to Own is simple. If we simply found you financing, it would not solve the underlying problems that are preventing you from getting a normal loan. Therefore, we also help you make sure you never find yourself in this situation again.

Who Qualifies for Lease to Own Toronto?

Home Owner Soon does NOT require good credit! We accept people regardless of credit score. However, we will only take clients if we believe we can help them. We are in the business of fixing the underlying issues that keep you from qualifying for a regular mortgage — not simply finding you a short-term lender.

The first step to working with us starts with choosing the home of your dreams. You can use your own Realtor or one of our associates — we don’t require you to pick from a “menu.” Then, you submit a formal application to our Underwriting Department.

Provided our Underwriting Department agrees our many years of experience and credit repair experts will be able to help you, we will proceed with the rest of the Lease to Own process.

Who Are Our Clients?

Most of our clients fall into at least one of the following categories — many fall into several:

  1. People with bad credit or no credit
  2. Self employed, unable to prove their income
  3. Judgements, collections, and writs against them at the credit bureau
  4. Tax liens or outstanding income/property tax
  5. Facing a bankruptcy or a consumer proposal, or have just been through one and it is not fully discharged
  6. Suffering with an “orphaned mortgage,” as their current lender will not renew
  7. Mortgage for an amount higher than the market value of their house, due to a market shift
  8. Facing Foreclosure or Power of Sale

If Lease to Own sounds like it could help you… the answer is simple. Call one of our professionals now!

Alternately, you can apply online below.