1. Initial Consultation
First you will be greeted by one of our Rent to Own professionals and have a chance to review our programs and determine which one is best suited to you.
During this consultation, we will run some preliminary calculations and review a basic Rent to Own scenario with you. If you have any questions, and we are confident you will have some, now is the time to voice any and all concerns. We want to know all about your intentions and expectations, so that we have the opportunity to tailor one of our many programs to precisely fit your selection.
2. Determine Purchase Price Range
Once you have selected one of our custom-made Rent to Own programs, you will need to meet with a licensed mortgage broker to go over and evaluate your current financial situation. At this meeting, they will review your credit report, assess your income and expenses, as well as discuss any other details, such as the availability of the down payment.
Based on the information provided by you, the mortgage broker will be able to determine the price range best suited for your purchase. He will then recommend a term for your option and also suggest an estimate of what your monthly expenses will be, once you move into your new home.
From now on, we will work directly with you to establish and/or restore your credit, create a financial plan and put together a budget. Our team is here to ensure you will have all requirements of your purchase option fulfilled by the end of your term (as a tenant).
3. Go Shopping!
Now that we have a Rent to Own program customized to your needs, and we have determined the price range that your new home should fall into, it is time to shop! You will be paired with a licensed real estate agent, who will help you find your dream home or you can work with a listing agent.
The agent will then assist you with finding homes in your desired neighborhood, book viewings, submit offers and negotiate the best terms for your purchase. Although you will not own your home from the start, we believe that it is very important for you to be involved in every step of the home buying experience.
4. Move in to your home
We have purchased your dream home on your behalf and it is now time to move in! At this time you will be required to sign two documents:
- Lease Agreement This is your standard lease agreement, which outlines the terms and conditions of your lease, as well as your monthly rental costs.
- Option to Purchase: This document is your official option to purchase. It will include the predetermined purchase price of your home, the term of your option.
5. Exercise your Option
You are now approaching the end of your Rent to Own term, and it is time to get yourself ready for the closing day! At this time you will have the opportunity to meet again with a licensed mortgage agent to set up your personal mortgage.