Do you still need to improve some credit or financial aspects to get a mortgage?
This Plan "B" has been a solution for many people who had to overcome the struggle of purchasing their homes.
The Rent-To-Own' Goals
1. Meet the requirements and banks' criteria for a mortgage.
2. Fix and predetermine the future purchase price of your house.
3. You will sign a Lease Agreement and a Purchase Option Contract.
4. Live in the house chosen by yourself.
5. Build equity while living in your home.
6. Free Credit Education Program to improve your credit score.
7. Save monthly for the down payment we need to get the mortgage.
8. At the end of the Program you will get the mortgage and sign the Purchase and Sale Agreement.
The RTO Program can Help and Benefit you at the same time.
👍 It helps you because it is designed for those who have a problem qualifying for a Mortgage.
In addition, this Program also turns out to be an excellent opportunity to:
✔️ New in Canada
✔️ Increase the credit report
✔️ People who have declared bankruptcy or consumer proposal, or
✔️ Those who have not been able to save enough money for a good down payment.
👍 It benefits you because:
1. You are the one who chooses the type of house (condo, detached, bungalow, etc) and where you want it * 🏡 First you rent it, during this time you prepare to be given a Mortgage, and thus you buy it.
2. The most important thing: The Price of the House that you are going to rent, remains predetermined and fixed 🔒in a purchase figure that will not change during the entire program. That is, you will not be affected by the disproportionate market price increasing every month in the current Canadian housing market. 📈
These are the Minimum Criteria to be Approved:
✅>C$100,000.00 as a Family Income. This criterion will determine the purchase price. The income of children, brothers or friends who will participate in the mortgage can be added. Stable Income, that is, declared in Canada Revenue.
✅ >3% of Purchase Price (This deposit will be part of your initial payment for the purchase of your house at the end of the program when your mortgage loan has already been approved)
When requesting your Pre-Qualification, you will know the amount for which you can be approved to buy your home, in other words; your affordability. With this you will know how much, where and what type of house you can buy: that is, the INCOME-PURCHASE VALUE relationship. At this point, you will realize how this program works for your specific needs.
Remember the MAIN GOAL is that at the end of the Program you and your family can get a MORTGAGE TO EXERCISE YOUR PURCHASE OPTION CONTRACT. I will help you, with it.
We have access to more than 60 Financial Institutions to find the best mortgage option for you and, guide you to improve your mortgage and credit factors with our free Credit Education Program.