Most people have never heard of rent to buy. They stick to the conventional methods of enlisting the help of a real estate agent or a broker to tour a multitude of houses and residential areas of all kinds to find something. After all that hassle and badgering over features and prices, if you still do not find the house that you want, the broker will take his/her commission from you.
That is all fine; some people prefer this method since they do not have to take out time to search for houses themselves. However, there are companies out there which can help you either find and buy a house with little hassle and no extra fees, or they can enlist you in rent to buy which enables purchase after a time of testing has passed.
How To Quickly Acquire Your Own Home
Getting a loan from a bank or submitting a deposit for a house is a very difficult task nowadays. Banks have become very finicky when it comes to loans (and most other things) since the global economic crises started and the real estate market suffered. People who are either new residents of a country or have a poor credit history are almost exempted from being considered easily for loans.
What can such people do when they want to rid themselves of their endless renting cycles and put down savings for their own residence? They can choose either a no-hassle purchase option, or they can enlist in rent to buy or lease option programs.
More on rent to buy later, Firstly, talking about people who wish to finally get a home as quickly as possible, all is not lost for them. ‘Mortgage’ is a scary word that most people like to avoid even thinking about, and some homeownership deals do away with the concept altogether!
There are fast-track buying offers that do away with any large deposits, mortgages, lease option , and a rent to own system – meaning that they are exceptionally simple and easy to work with. There is no dangling on waiting lists and processing time for months or even years. Once you select the home that you want to be your own, you can move right into the said property the very next day! There can be no quicker and simpler procedure than that. The initial payment for getting started is the only fee, there are no mortgage fears or hidden fees, and your weekly or monthly payment must just be consistent – the home is yours!
Who Is Suited For Rent To Buy Program
For those who have not waited for years to get a home for themselves, rent to buy is a step up and that, too, in the right direction. It will lead them away from their never-ending series of renting houses and apartments and then packing up when the lease ends. Rent to buy caters to such renters who want their regular payments to go towards their end goal of owning their own place rather than just succumbing to rental death. Also, rent to own program are suited to:
- Individuals who have a damaged or practically non-existent credit rating.
- Newly arrived residents of a country.
- Individuals who cannot instantly put down a hefty sum as a bank deposit for home buying.
- People who are not applicable for mortgage allowance through the normal procedure as they may be self-employed.
- Anyone who is ready to buy their own home and wants the chance to live in it for a while to test their affinity with it before sealing the deal!
Basically, point number 5 illustrates that it is not necessary for a person to be an immigrant or to have a weak credit history to apply for rent to buy. The rent to buy system is open for all!
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