Many people do not understand the great advantages that rent to own home programs offer. Some people think it is too good to be true, or have heard of some unethical companies that did not offer proven formulas to benefit all involved.
Red Door Home Solutions offers Ontarians the opportunity to become a homeowner sooner than they thought possible, while avoiding first time home buyer mistakes.
If you want to stop renting and get on the path to home ownership and financial equity, then give us a call to assess your eligibility and get you started!.
Can I only rent to own your properties?
No – you can choose your own home in Ontario. We will pre-qualify you so you know your budget. We will also make sure that the house is at fair market value and that it is structurally sound.
Who typically does a rent to own home agreement?
People who don’t qualify for a traditional mortgage because of poor credit, a low down payment, self-employment or another reason are generally the clients who find rent to own as their better solution.
How is rent to own different than renting?
With rent, all of your payment goes to your landlord. With rent to own, you choose the home and are considered the ‘owner in training’, so you can make improvements, decorate and more. You pay a deposit and a portion of your monthly payment will go towards your down payment when it comes time to buy the home. You have a vested interest in the home and an option to purchase agreement to buy the home for a set amount after the lease payment period is ended.
What are the benefits of a rent to own program?
-You can begin your path to home ownership right away
-You can choose the home and the area you wish to live in (provided it is within your pre-set budget and the home is approved as a good value/structure by our home experts).
-You need less money down to get started
-You will build up your money towards the down payment each month as you pay your lease
-Any increase in value above the pre-set home price will be yours to keep. You will also benefit from any improvements and upgrades you make to the property.
_You can work on improving your credit score during your lease period to qualify for the best mortgage terms.
Will my rent payments go up during my leasing period?
No. You will know how much you will pay each month for the term of your lease.
Will I need a large down payment to start?
No, but you will need a small deposit. This will be added to the portion of your lease payment each month that will help to build your total down payment for when it comes time to purchase the home.
Can I qualify if I have bad credit?
Generally, yes. We will do the financial pre-qualification and work with you over the lease period to help improve / establish your credit to ensure you can qualify for a mortgage when it comes time to purchase the home.
Not all you hear about rent to own is good. How do we know this is a legitimate program?
Red Door Home Solutions is a Canadian company that is dedicated to finding home solutions for Ontarians. We believe that a good rent to own program is a win-win for everyone: our clients, our investors and our communities. We know that our ethical practices and proven formula will help others realize their dreams of home ownership, and they will spread the word about the Red Door program to their friends and families.
We are first time home seekers having trouble finding a mortgage at a good rate. Why should we consider rent to own homes?
We have highly competent and professional real estate experts on our team including mortgage brokers, realtors, financial consultants and more, so we can help you avoid first time buyer mistakes. Red Door Homes Solutions allows you to get into your home now but ease into ownership. At the end of the lease period, you will have a larger down payment and improved credit by following the program, and will fully understand what is involved in owning a home.
How will I know what I will need to pay each month?
You will have your lease agreement with your set rent (combination of payment and forced savings for your down payment). In addition to that, you would be responsible for your own utilities and renter’s insurance on your possessions. The taxes and home insurance are paid for you during the lease period, but become your responsibility as a home owner.
What is a typical rent to own lease term?
Usually about 3 years, but could be as low as 2 or as high as 5 years, depending on the situation.
Are there any hidden costs or fees to the program?
How do I get started?
Call Red Door Home Solutions or fill out the contact form. We will contact you to answer any questions and determine if you qualify for the program. You will need to provide some documents including a credit report, proof of income, references, etc.
Our friendly, professional team is here to help you become a homeowner sooner than you thought possible! Contact us for information on how to get started, to learn about our investors or for property management needs..