Is Rent to Own right for you?

Don’t qualify for a mortgage?  Need more time to establish your credit?  Perhaps you’ve just recently started a new job or perhaps you simply wish to move to a new area?

At HomeSmart we understand that temporary personal circumstances may sometimes prevent people from qualifying for a mortgage.  Rent-to-own offers the advantage of moving into your home right away by renting, while you iron out those issues that would otherwise disqualify you for a home mortgage. 

Renting to own also offers the chance to lock in the purchase price for the length of your lease agreement, all the while giving you an option to buy your home at a future date.  Whether it’s because your family has outgrown that small apartment or whether you just need to move into a home fast, renting to own could be just right for you!

 

Why work with HomeSmart?

HomeSmart is dedicated to helping Quebecers achieve their dream - that of becoming a home owner. We are constantly striving to build on our reputation as experienced, integrity based professionals, committed to providing superior customer service.

Our goal is to help you move into your dream home in as little as two days, with low initial costs, and armed with a realistic Mortgage Acquisition Plan supported by our team of professionals.

Some of the advantages to working with HomeSmart are as follows:

 

How does it work?

Step One: Pre-Qualify

The first step is to pre-qualify. To do this you must first fill out our pre-qualifying application form which basically asks you, among other things, to state your household income, your available down payment, and where you would like to live. Once this is done, we will asses your financial capabilities and determine if there is a way for us to help you. If we feel confident that we can help you on your way to securing a mortgage, you will then go on to the next step, which is to find a home.

Step Two: Find A Home

Depending on which area you wish to live, we may be able to propose a home to you that is within your price range. If that is the case, you would then attend an open house. At the open house, you can expect a representative to show you around, answer any questions you may have, and if everything is to your satisfaction, you would then take the next step which is qualify.

Step Three: Qualify

Qualifying means you agree to the terms that would be put forth in a rent to own agreement with an option to purchase at a fixed price within a fixed period, (usually two years). At this point, we would check your references, employment history, and consumer credit score. There is a $35 administrative cost which we will ask for at the open house. Once we receive this information and approve your qualification, we will then contact you with the good news and have you come to our office to sign the agreement.

Step Four: Move In!

As soon as you sign the rental agreement along with your option to purchase, you are given the keys to the home.

Step Five: Meet With A HomeSmart Mortgage Specialist

As soon as you have settled down into your new home, a HomeSmart mortgage specialist will contact you and set up a meeting. At this meeting, we will go over your personalised Mortgage Acquisition Plan which will outline your plan of action for acquiring a mortgage.