I personally never liked the idea of rent to own (also known as lease option or lease buyback) in the past and have discouraged them at times. I felt it was an expensive and fairly risky proposition for people to get into a place that they don’t qualify for, and to an extent, I was correct. However, it doesn’t necessarily mean it is a bad solution for everyone.
Since the Government of Canada has been continually making it more and more difficult to obtain insured (and conventional) financing to purchase a home and the market doesn’t allow for self-insured alternative lending at the moment, there are alternatives that will help people to get ahead. For some, rent to own is a viable option.
then a rent to own program might be perfect for you.
In a rent to own program, you sign a lease agreement for a specified time period from 2-5 years. There is also then a purchase option that is provided to purchase a price at an agreed upon amount, which typically is higher depending on the length of the lease. You provide a down-payment at the beginning of the lease and when you make a rent payment, part of the rent goes towards the down-payment when you decide to purchase.
During the lease term, we work with you to try and help you to repair your credit to help ensure you can qualify for a mortgage by the end of the lease term. As you are purchasing the property, you could then qualify to purchase with as little as 5% down!
Absolutely. We can help you with any property that is on the market. The only provision is that you need to be able to qualify for financing on it by the end of the lease term.
This is just a brief overview of how the plan works. I would first try to find any way possible for you to obtain mortgage financing, as it is still a much better option for people than rent to own in Vancouver. In order to determine if this is right for your individual circumstances and how we can help you, please contact me and I will be pleased to assist you.
5 out of 5 stars
Jeff was amazing in supporting me all the way with patience, diligence, knowledge and availability. Being a dinosaur (old) I needed a lot of hand-holding and support. Time was of the very essence, and Jeff was willing to work over the weekend, which was the reason why I found Jeff in the first place. With Jeff's help, I got the best affordable mortgage and enjoy now a comfortable home with two great roof decks. Thankful Waltraud
Found Jeff on google and he is a really solid person for getting a Mortgage with. When I went through the process with him he made sure that everything was smooth and clear. He is also really responsive and takes care of the customers by offering options as opposed to ultimatums which I really like about him. Thanks for getting me my mortgage Jeff and I hope to more business with you in the future.
P.S. John Carlisle says hi as he is my lawyer or finishing the real estate purchase.
Jeff was very helpful and knowledgeable. He has helped me with two mortgage deals and both times were a good experience. Would definitely recommend Jeff.
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