Back for more! I’m so excited to share with you all some of the questions we hear/hope people will ask us about Rent to Own.
How much support is provided throughout the program? This a great way to find out if the company you are considering is looking to ensure that you complete the Rent to Own program, and become a homeowner. Will you be supported by a mortgage broker that will follow you throughout the program to ensure that you are on track, and stay on track? Does the company work with you to repair/build your credit? What, if any, other services do they provide? Are there any educational components to the program to help you with financial planning? Perhaps you have owned a home before and do not need a lot of hand-holding through the process. Do the people operating the business genuinely care about you being successful?
Will you be provided with a new homeowners package? A new homeowners package should include everything you need to know about your particular plan to get you from Rent(ing) to Own(ing) your home. It may also include seasonal “to do’ lists that you may not have considered as a renter, or living with your family.
What is the largest mortgage I will be able to acquire at the end of the program? Is the Rent To Own company maxing you out on your purchase price, OR are they being more conservative? At Sprout Properties, we always aim to be conservative. We want you to have some money in your pocket while in our program. We want you to be able to live while you are Renting to Own your home. We work hard to balance your excitement with practicality throughout the process because we want you to be successful. Have you ever gone on a strict diet, only to completely give up because you are missing some of your favourite yummy foods? We may need you to tighten up on your spending, but don’t want to put you on a ‘strict diet’. We know that most people fail when things are too rigid. We want you to have some joy on the journey to home ownership!
Will you have support to qualify for a mortgage at the end of the program? Are you connected with a mortgage broker that is going to work with you from beginning to end? Mortgage brokers get paid when you purchase a home. In most Rent to Own companies, there is a mortgage broker on their team that helps you qualify and secure a mortgage at the end of the program. We believe you will like ours so much that you will invite them over to celebrate with you at the end!
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