Question 1

What if I am self-employed?

Accepted Answer

It’s totally fine. We have a mortgage specialist that will help you obtain a mortgage by the end of the Rent to Own program.

Question 2

What are the benefits?

Accepted Answer

·         Home Owner in Training
·         No obligation to buy
·         Immediate control and possession of the property
·         Tenant benefits from any betterments or improvements to property – ONLY with approval from the owner
·         Rent payments are fixed for the duration of the contract
·         Future purchase price is definite and tenant benefits from additional appreciation

Question 3

What if my credit is low?

Accepted Answer

If you have low credit you are the type of client that fits into this program. We have a mortgage specialist that will guide you into improving that credit score so that at the end of the term you will be qualified to own the home.

Question 4

What happens if I cannot buy the home at the end of the Rent To Own term?

Accepted Answer

If you are unable to qualify at the end of your term we can extend the term for another year until the agreed-upon time until you are able to qualify. However, your monthly payments may increase due to rising interest rates beyond the original purchase date.

Question 5

Is the term of the program negotiable?

Accepted Answer

Yes, it is negotiable depending on your financial situation. It depends on the result of your qualification. Our program is around 2-3 years and that is ample time to build enough qualification for a mortgage. In some special cases, that term could prolong for a couple of months to one year.

Question 6

What if there’s a need for repair in the house, who manages and repairs for it? And who maintains it?

Accepted Answer

It depends. One of the beauties in our program is you really get to train and have the mindset of being a homeowner, that’s why we call it a homeowner in-training program! When there’s problem in the toilet or lighting as a homeowner, do you call your bank or home associations? Or do you plan it to be fixed by yourself or someone else? We hope your answer is the latter. You are not just a renter anymore when you get into our program, you are a “homeowner trainee”, and we help you prepare yourself financially, mentally, and emotionally as homeowners. You’ll manage and pay for minor and medium fixtures in the house. What’s more, you could add aesthetic improvements and renovation on the house (as long as it’s not foundational although negotiable) which would increase the value (equity) of the home. For major repairs, we will have to manage and deal with it. As for maintenance such as daily house cleaning, snow shovelling, spring and fall cleanup, you will be responsible for it, as any homeowners would do.

Question 7

What happens if I cannot pay for monthly payments?

Accepted Answer

It is your responsibility to pay for monthly payments on time, just like how you would typically pay for a mortgage. If you miss a payment, you will fall under default on the program. If you’ve been in default for over a month, we have the right to proceed with legal actions to shelter our investments in the property.

Question 8

Who pays for the taxes and insurance of the home?

Accepted Answer

We would pay for the taxes and insurance during the term of the program to continuously secure your home. When the term ends and when you exercise your purchase to option and have full ownership of the home, you will have to pay for these expenses. Don’t worry, we’ll help and guide you throughout the program and prepare you of the cost associated on these expenses.

Frequently Asked Questions