How does rent to own Hamilton work?
It’s like buying a house because there is a down payment involved, but no qualifying, and then it’s like renting because you have a set rent payment for a set term. You get to live like a home owner while you have the time to qualify for mortgage financing.
Do I have to qualify for your Rent to Own Hamilton Program?
No, not in the traditional sense – Everyone qualifies, it is a matter of how much you qualify for and how long of a term you require. Based on that information we can then work on getting you into a home that meets your requirements. We begin the process of getting you mortgage ready while you begin to build your credit and your down payment with our help.
Do I have to have good credit to get into your Rent to Own Hamilton Program?
Less than perfect credit is OK! Our Rent to Own Hamilton Program gives you time to improve your credit rating and get mortgage ready while living in your home like a homeowner.
How much is the down payment for your Rent to Own Hamilton Program?
The down payment depends on the property you choose to live in and your ability to pay. Don’t have the money right now? We have many programs and ways for you to still qualify and begin living like a homeowner today.
What if I don’t have enough down payment?
We have several suggestions, and you are not alone, this is a common problem. With the rising cost of real estate it can feel like you have been left behind. We have many suggestions to help you get the initial down payment required and even more ways to help you accumulate the balance of the down payment you will require when you purchase the home. Let our consultants help you with the many creative suggestions and ways we offer.
How much of my rent payment goes towards the mortgage in your Rent to Own Hamilton Program?
When you are making typical mortgage payments with a typical lender a very small amount of your payment goes to paying down the principle – it almost all goes to interest. Whey you are paying rent – it all goes to the Landlord. With our Rent to Own Hamilton Program, a significant portion of your monthly lease and option payment goes toward your down payment when you purchase your home.
What is the purchase price?
Your purchase price will be at or possibly below fair market value at the time you purchase your home. Your end price is set today and guaranteed with the rent to own contract so you will know exactly what your price will be even if prices were to escalate.
What if I change my mind about buying?
The rent to own deposit is non refundable. You would want to make sure this is the place you want to call home. We understand that circumstances change, job moves, marital status etc. With the rising price of realestate, should you opt out of your commitment you may be ale to find someone to take it over and possibly at a profit. Also keep in mind that breaking your contract with our company has far less impact on you than if you were to break your mortgage contract with the bank especially when you consider today’s high interest differential penalties.
Do I pay the taxes?
Rent to Own includes RENT and OPTION payments. There are no other fees to pay.
Can I have pets?
With our Rent to Own Program you can have pets like a homeowner. However, you must insure your pet causes no damage to the property prior to you actually purchasing the property since if you do not purchase the property for any reason you will be fully responsible for the damages.
Can I paint and decorate?
As you are living like a homeowner you can paint and decorate. Any improvements will simply add to the value of your home at the end. However, we will ask that you get all renovation plans approved prior to starting work.
If you’re interested in learning more about our Rent-To-Own Hamilton Program, please fill out the form below:
Is there a cost to appy?
Yes, there is a $297+gst initial charge that covers the time and initial consultations with the mortgage broker and credit coach for both you and your spouse. If we can place you in a home we will credit the amount towards your down payment.
