The Sad State of Rent-to-own Programs:
I'm sure you've seen it all before: Rent to own Toronto programs for as little as 3% down and "hope" that you qualify to buy at the end of the term.
Unfortunately, it takes a lot more substance to run a successful rent to own program.
Quite a few of the rent to own firms today are no more than a broker between clueless investors and naive home seekers. Many are small start ups formed by individual investors, realtors or property managers and generally lack sophistication when it comes to packaging a deal with little to no underwriting considerations. Some try to force you into a property in their inventory that they could not sell otherwise, but maybe you'll take it since you have no other choice.
Many of these deals end in default and disappointment since the minimum requirement for down payment is never met or the tenants' credit forbid them from qualifying with any bank lender at the end of the term.
Statistically more than 65% of these rent to own deals end in default resulting in negative press. Sadly, so many of these rent to own companies have already come and gone, with many others slowly falling by the wayside.
There's a better way!
Our program is not property specific. You choose your own home!
We are not Credit Driven. You do not need a High Beacon Score to qualify. All you need is a stable job and strong income.
If you're in trouble with your existing mortgage, we allow you to convert your present home into a Rent to Own home, with you as the new tenant. This makes us a Home Rescue Program as well. You can save your home from Power of Sale or Foreclosure with the Rent to Own program.
To ensure success, we enroll you in our PROSPER credit rebuilding program (fees apply) to establish enough credit history and Beacon Score Requirements to satisfy CMHC and lenders guidelines at the end of the term.
Click here for our FAQ page to see if this program is right for you!
or Fill out our Online Application Form and we will contact you as soon as possible.
I'm sure you've seen it all before: Rent to own Toronto programs for as little as 3% down and "hope" that you qualify to buy at the end of the term.
Unfortunately, it takes a lot more substance to run a successful rent to own program.
Quite a few of the rent to own firms today are no more than a broker between clueless investors and naive home seekers. Many are small start ups formed by individual investors, realtors or property managers and generally lack sophistication when it comes to packaging a deal with little to no underwriting considerations. Some try to force you into a property in their inventory that they could not sell otherwise, but maybe you'll take it since you have no other choice.
Many of these deals end in default and disappointment since the minimum requirement for down payment is never met or the tenants' credit forbid them from qualifying with any bank lender at the end of the term.
Statistically more than 65% of these rent to own deals end in default resulting in negative press. Sadly, so many of these rent to own companies have already come and gone, with many others slowly falling by the wayside.
There's a better way!
Our program is not property specific. You choose your own home!
We are not Credit Driven. You do not need a High Beacon Score to qualify. All you need is a stable job and strong income.
If you're in trouble with your existing mortgage, we allow you to convert your present home into a Rent to Own home, with you as the new tenant. This makes us a Home Rescue Program as well. You can save your home from Power of Sale or Foreclosure with the Rent to Own program.
To ensure success, we enroll you in our PROSPER credit rebuilding program (fees apply) to establish enough credit history and Beacon Score Requirements to satisfy CMHC and lenders guidelines at the end of the term.
Click here for our FAQ page to see if this program is right for you!
or Fill out our Online Application Form and we will contact you as soon as possible.
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Jaime V. Mercado
Mortgage Agent FSCO Lic#: M11002289 Direct: (416) 799-9970 Email: Info@GTAloans.com |
Real Mortgage Associates
Brokerage FSCO Lic#: 10464 Phone: 1(877) 677-7778 |