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 very helpful and knowledgeable. He has helped me with two mortgage deals and both times were a good experience. Would definitely recommend Jeff.
Thank you so much Jeff Evans for all your hard work and help finding the best rate for our new home. Your very honest and if we have questions you answers it right away!!
Jeff went out of his way and didn’t give up until he found the best solution to our Mortgage Needs. We are so thankful for this because we ended up purchasing our dream home when we thought it wouldn’t be possible! Thanks Jeff!
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