How does our rent-to-own program work?
First, we do a questionnaire with you to determine your housing requirements.
Second, you meet with our mortgage broker who will assess your financial situation, confirm the price range for the housing search, set a realistic qualification amount for the end of the rental term, and assist you in drafting a plan to ensure that you will qualify at the end of the rental period.
Third, you work with our real estate agent who will help you find one or more acceptable houses that are within your price range. We will then put offers on the houses.
Once an offer is accepted, we will meet with you to sign a three-year lease contract, and an option-to-buy contract. Due to low interest rates and market conditions we can generally offer you a good price that is close to today’s fair market value.
You pay a deposit of $6000 - $10,000 (the exact amount depends on the price of the house), we purchase the house, and you can move in!
What are the benefits for the rent-to-own client?
Your rent is fixed throughout the length of the rental period.
When you pay your rent on time each month you will accumulate rent credit (which is usually between $200-$300 a month, sometimes more). This will be given to you when you buy the house in three years time.
Your initial deposit and your accumulated rent credit will cover your down payment on your mortgage when it comes time for you to buy the property.
You can make improvements to the property with written consent from us, which will often appreciate the value of your future property (The client incurs any improvement costs).
Your purchase price is set at the beginning. If the property appreciates significantly, YOU profit. Your purchase price cannot be changed.
Any repairs above $500 on a per occasion basis are covered by Twin Pillars, so you don’t have to worry about any major repair costs.
Click here to take our Client Questionnaire.
