Rent-To-Own

Who can apply for Rent-To-Own?

Self-employed

You were told no by the bank

Not enough down payment

Bad Credit

Life events

You are newcomer to Canada

Rent-To-Own Process

Basics

  • together we find your budget based on your qualifications
  • we work with you to find your home (within your budget)
  • You lease the home from us for the time of the lease agreement (this gives you time to build your credit and final deposit)
  • At the end of the lease, you can complete the purchase of your home!!

How to start the program

We need:

  • proof of income
  • Good or repairable credit
  • Good tenant history
  • Savings for the IOC (initial option consideration. Usually less than 5%, this is the normal minimum for a mortgage)

Initial Option Consideration

It's a fee that you as the tenant buyer pay that provides you with the option to purchase the home at a later date. A portion of this fee is usually charged upfront, similar to a down payment. The other portion is paid monthly in addition to the rent.

How long is the program

It depends, mostly between 2 and 4 years

  • Make monthly payments on time
  • Pay all your utility bills
  • Maintain your house
  • Pay tenant insurance

Affordability house

How much you can afford to pay for your house depends on many things! We will work together with you and a mortgage specialist to determine the best fit for your needs

Benefits of this program

  • experience being a homeowner before purchasing the house
  • locked-in rent and monthly payments, makes it easier for you to budget
  • we help you to save to complete your down payment and repair your credit