Home Owner Soon specializes in helping homeowners go from the “NO” they hear now from banks — to the “YES!” they want to hear. Best of all, with the Home Owner Soon Rent to Own St. Catharines program, they do it in a way that homeowners like you can move in now.

Rent to Own St. Catharines – How It Works

The Rent to Own Homes St. Catharines program is based on a simple premise: by putting aside a little of your monthly rent towards a down payment and with the help of some expert credit counselling, you too can qualify for a traditional mortgage in 1-3 years.

By the end of the Rent to Own program, you will be ideally positioned to get a traditional mortgage. Even if you currently fear the idea of walking into a credit union and asking for a loan, by the end of the Rent to Own program you will fit the profile of someone worth lending to.

History / Statistics:
St. Catharines is a wonderful place to Rent to Own for many reasons: the Garden City’s 1000 acres of parks, trails, and gardens, for one. There is also the strategic location between the U.S. border and Toronto, which makes it a thriving centre of trade and commerce. Manufacturing is particularly big in St. Catharines — the city’s motto is Industry and Liberality. There is also a good deal of work in the telecommunications industry, since a major Canada-US telecommunications backbone runs through St. Catharines.

For property owners the outlook is good, too: the vacancy rate on rentals is low and the housing market is doing well. But what about those who would like to buy a home in St. Catharines?

The fact is that, since the financial crisis in 2008, the Canadian government has been working hard to prevent a real estate crisis in Canada. This is good news for those who own their homes — they are not likely to see a serious crash any time soon. At the same time, one of the measures that regulators and the Canadian Mortgage and Housing corporation is using to prevent a bubble is raising the bar on mortgage lending standards.

Under the new standards, which keep getting stricter, some would-be homeowners who would have had no trouble before now may find it very difficult or impossible to get a mortgage. For example, home owners who are:
– New immigrants to Canada
– Self-employed
– Unable to afford enough down payment
– In arrears on their taxes
– Facing a Foreclosure or Power of Sale

…all will not easily get a traditional mortgage. For most of these, getting a mortgage from a bank or credit union will be impossible. Yet how many other options do they have? They have probably been taught that banks and credit unions are the only places to look.

Fortunately, this common misconception is just that — a myth. There are other options.

What Kind Of Clients Are Eligible For Rent to Own in St. Catharines?

Home Owner Soon is not credit driven. This means you can still move in to the home you want today — even if you have bad credit or no credit. As a matter of fact, our clients usually fit one or more of these categories:
– Poor credit or no credit
– Self-employed and not able to prove their level of income
– Credit history burdened with collections, judgements, or writs against them
– Tax liens, outstanding income tax, or outstanding property taxes
– Need to go into a consumer proposal or a bankruptcy, or their bankruptcy is not yet fully discharged
– Dealing with an “orphaned mortgage,” or a mortgage where their current lender will not renew
– Home market value is below the value of their current mortgage due to market fluctuations
– Facing a Power of Sale or a Foreclosure
– More than $45,000 in total household income

We are not just in the business of finding you financing right now. We measure our success by how many of our clients successfully “exit” into a traditional mortgage arrangement. Therefore, while we accept people regardless of their credit score, we will not take you on as a client unless we believe we can help you in the long term.

If you want to buy a home in St. Catharines but you are currently being turned down by banks and credit unions, don’t worry. We can help!