Rent To Own Versus Your Credit

Rent To Own and Credit

Time and time I get that same old question;  “So if I am going to do a Rent To Own, why in the world are you talking CREDIT all the time”. Well, it is very simple.  At the end of the lease to own, buyers will be purchasing their home from the Investors.  If you remember, since you cannot borrow money from the bank (for the time being), you are leasing the home with the option to buy it in a preset time limit.  At the end of this time limit, you will need to arrange financing and you will need to qualify to get your mortgage approved.  This is why you will need to have a good credit for the transaction to take place. You see that is the idea of Rent To Own. While you are leasing your home with the options to buy it, you can fix your credit.  The lease terms is usually dictated by the length of time required to bring your credit score up to snuff.  This is very important as you MUST be able to buy your home at the end of the lease. We have met many folks that want to Rent their home with an option to buy, but have no intention in finding out their credit or dealing with these issues.  Unfortunately for them, there is actually nothing we can do to help.  We spell this out very clearly.  Even though you may not have good credit, we are willing to work with you.  But, if we find out that you will not try to improve your credit, we will part company rapidly.  This will save both our time and effort.

Hopefully you will understand the importance in improving your credit while you rent to own your home!

Incoming search terms:

  • ottawa rent to own

Leave a Reply

Your email address will not be published. Required fields are marked *