how does the lease to own program work? 

We will rent you the home of your choice (that you select while working alongside our realtor) and grant you the exclusive right to purchase it at a later date. Our buyers love this because it gives them time to save up for a larger down payment, time to clean up past credit problems, time to sell another home, and also time to try out the neighborhood before buying. We are obligated to sell to you, however you are not obligated to buy. A portion of your monthly payments and 100% of your Initial Option Fee is credited towards the purchase price of the home.  For more info click here.

how much initial deposit do i need?

We require you have a minimum of 5% of our purchase price of the home. Also the minimum is $20,000.

Example: Our purchase price $300,000. 5% of that is $15,000. You will need to meet the $20,000 minimum deposit.

what methods of payment are accepted?

 We will accept any form of certified funds (certified cheque, bank draft or money order) for the initial Option fee. At this time, we are not able to use your RRSP (through the Home Buyers Plan) as your initial payment to us, however, you may be able to use your RRSP towards your down payment at the end of your term when you complete the purchase.

I have bad credit; can i still qualify?

Yes. It really depends on your individual situation. As long as your debt to income ratio is in check, our credit repair specialist will help you get your credit to where it needs to be. We are not like most financial institutions; we believe in providing everybody with the opportunity to own their own home. All we ask, is that you are honest about yourself when you provide us with your credit information. We measure our success on the number of people we are eventually able to assist in qualifying for a conventional mortgage.

I AM SELF-EMPLOYED. CAN I STILL QUALIFY?

Yes, our qualification process is very flexible and takes into account that your income may not always be guaranteed. Our credit counselor will guide you through the process of making that income work to qualify. 

ARE THERE ANY OTHER FEES ASSOCIATED WITH BUYING A HOME WITH YOUr company?

The cost of the home inspection on your new home will be paid by you and usually costs about $450.

If you choose to buy earlier than planned, there will be a fee to cover the cost of our mortgage penalty.

Example: If we structure your rent to own for a 3 year term and you decide that you want to purchase the home from us early, we will have to pay a fee to pay out our mortgage early. This fee is usually under $2,000. It will be added to your purchase price and rolled into your mortgage payment when you purchase the home from us.

who pays for property taxes and insurance?

We do, and this is paid on time to protect your investment.  You will have to purchase your own tenants insurance to cover your contents within the home.

who pays for the maintenance and repairs?

We treat you as a Home Owner, which means that you are responsible for maintaining the property. You will be the direct beneficiary of any improvements you’ve made to the home when you purchase, as they will increase the value of your investment. Please remember that all homes require regular maintenance, so please ensure you budget for this when considering the monthly payments. As the soon-to-be homeowner you will also be responsible for the cost of the utilities.

is the purchase price of the home negotiable?

No. The purchase price is a fixed price based on a conservative estimate of the future value of the property at the end of your lease term and is guaranteed for the duration of your lease. This means that regardless of how much the home appreciates in value over the term of the agreement, your purchase price will not change. 

is the amount of the monthly payment negotiable?

Your monthly payment can be reduced with a larger initial deposit or extending the rent to own period.  The amount that you pay each month will be fair market rent plus a monthly portion that adds to your initial deposit to get you to the amount you will need in order to get the mortgage at the end of the rental period.

how do your payments compare to traditional mortgage payments?

With all factors considered, our all-inclusive Rent to OWN payments are actually lower than paying a 5% interest rate mortgage.  Rent-to-Own payments are higher than normal rent but really no different than what it would cost to own your own home.  After you factor in CMHC costs, property tax, property insurance, and your mortgage payment, you will actually be paying less with the rent to own.

who chooses the home?

You do.  We let our clients work alongside our realtors to choose the home they want in the neighborhood they want.  

What happens if i don't buy the home?

If you choose not to buy the home after the rental period you will be out the initial deposit plus the monthly credit that you pay each month on top of your rent.  However, if you can find someone to buy the home for the same price or higher, you will get your credit back and also be able to keep the difference.

can i make improvements to the home?

Yes.  We want you to feel that the home is yours. You can make any improvements; however, we require that you notify us and obtain any required local permits and follow the proper building codes.

how much appreciation do you add per year?

We add between 4% and 5% per year to the original purchase price.

how can i be sure I'll get a mortgage after the rental period?

Our team of mortgage brokers and credit counselors have extensive experience doing rent to owns and know exactly what you will need to do.  They will build a personalized plan for you to follow to ensure the transaction goes smoothly.