Rent to Own a Waterloo Region Home

Many people think that the only way to buy a house is to get Mortgage approval from a bank. The truth is a rent to own agreement Waterloo region is there to help people whose credit scores are far from perfect start on the road to owning their own homes.

HOS Financial has assisted many clients in the Waterloo region by providing Industry leading rent to own programs. HOS Financial Rent to Own program has been used by residents of Waterloo Region become home owners in the future and have also helped families who are facing Power of Sale or Foreclosure by using Rent to Own to stop the process.

The Basics of Rent to Own Waterloo Region

It is difficult to save up for a down payment, particularly if you are in the middle class or lower middle class and simply do not have enough extra room in your budget to put extra money aside for a Down payment. Getting a mortgage at a bank simply does not work for a lot of the people who have the ability to make monthly mortgage payments but have a low Down Payment or damaged Credit Scores. In these instances, rent to own programs are available in the Waterloo region.

Wondering what “rent to own” means?

If you’ve ever rented a house or an apartment, then you have an idea of Rent to own works. With normal rental agreements, you sign a lease, put down your security deposit, pay your first month’s rent, and then you get the keys. In a standard rental, all of your rent goes to the landlord.

However, with a Rent to Own program in Waterloo, starting with that very first month, some of your rent goes into a savings fund that will build to make form a down payment you can use at the end of the rent to own to secure a bank mortgage.

When you work with rent to own programs Waterloo region, it gives you an automatic way to save up for your down payment as a percentage of your rent payments goes to a savings account or Option Credits account.

Don’t let the fact that the bank in your community denied your application for a Mortgage. Instead, use a rent to own program to move into the house you want to own now while you prepare for a future mortgage.

What does it take to enter a rent to own program in the Waterloo region?

Two documents make up your rent to own agreement: the lease itself and the Option to Purchase agreement. The lease resembles what you would sign for any rental property, but the Option to Purchase agreement is the more important of the two. This details the financial terms when you exercise your right to purchase the house at the end of the Rent to Own program.

Before you sign those documents and turn them back in to the landlord, though, it’s worth the fee that an attorney would charge you to spend an hour looking over the paperwork and making sure that it has your best interests protected. You don’t want to sign a lease and a purchase option that end up costing you the house.

Is “lease to own” different from “rent to own” Waterloo region?

Really, these two terms are interchangeable. However, what they have in common is that they give you a chance to move into the house you’ve been wanting for yourself and your family without having to wait for a bank to approve a mortgage.

It’s true that you are taking a risk, because if you hit the end of your lease term and haven’t repaired your credit or saved up a down payment, you can lose that down payment fund that you’d been building. However, if you’ve been working hard to restore your credit and get a down payment saved, you should be ready to go to a bank at the end of the rent to own term and take out a mortgage to buy the house outright.


You’re not alone if you find yourself falling a little short when it comes to having the right credit score and income history to get bank approval for that house loan that you want. Come see us at HOS Financial, and we will explore rent to own opportunities in the Waterloo region that can get you started on the road to owning your own home.