The Home Owner Soon Rent to own program helps the people to avoid the inflexible rules set by the banks in today’s economic climate. Many families have been turned away by their bank but are still looking for a Purchase solution.
Home Owner Soon’s Rent to Own program in Ottawa provides this solution. Our program also caters to those who have damaged credit, new immigrants, have a low down payment, have CRA arrears, facing the foreclosure or facing the power of sale.
History / Statistics:
Rent to own is a common way to build wealth as well as secure your future. This is the result from the successful Rent to Own Program with Home Owner Soon.
Ottawa is a very famous city with a strong economic climate and a beautiful historic downtown which attracts tourists from all over the world. The city has a population of 136,000, big enough to support the strong economy yet small enough to make living very comfortable in the area. From a housing perspective, housing prices have been relatively stable. From the January 2013 to January 2014, average housing prices have risen 6%. A great appreciation factor if you are considering a Rent to Own program in the city of Ottawa.
The Home Owner Soon Rent to own program is a very creative way of helping families own a house of their dreams even if they have suffered a financial crisis, have damaged Credit or have been turned away by their Bank.
Rent to own in Ottawa simply means someone buying a house under a rent to own Contracts whereby he or she pays a monthly rent and a portion of this rent is accumulated in Savings to be used at when a family gets their own mortgage at the end of the Rent to Own program.
If you rent to own in Ottawa through Home Owner Soon, there are two agreements that are made between the buyer or the tenant and the landlord.
You will therefore have to sign two contracts before getting the keys to the home if you will opt to take the home under the rent to own program. The landlords require the tenants to get an independent legal advice while reviewing the contracts with their lawyers.
The lease agreement pertains the following. Home Owner Soon’s rent to own programs have fixed terms under which you will be leasing the home while you get your Credit Repaired and buy the home in the future. The lease term is usually between 3 to 5 years depending on your financial condition and needs.
This Rent to Own term is set so there is enough time for the consumers to simultaneously accumulate the down payment and repair their any damage to their credit rating. The down payment accumulated during this period is adequate to secure a traditional bank financing in the future.
The lease agreement also has all the financial details such as the amount of the rent one will have to pay every month including the date which the lease period shall end. The agreement also specifies the date at which one will be entitled to possess the home legally.
The contracts show what you will pay for the house at the end of your rent to own term.It also outlines other details such as the rent payment due dates, the methods of making the payment and who will be responsible for the utilities.
With Home Owner Soon’s Rent to Own Ottawa program, all financial terms are agreed to upfront…reviewed with and by your lawyer and you must have a clear understanding of what is expected during the Lease term so there are “no” surprises.
In conclusion, availing the decision of renting to own in Ottawa through Home Owner Soon is the most effective way of purchasing a home especially if you have a poor credit rating or you do not have adequate funds to purchase a house. We will get you into the home today…mentor your credit back to good health and help arrange a mortgage for you in the future!
Remember… Our Success is based on your success!