What Are The Advantages of Renting to Own My Next Home? Part 2

There are many advantages to Renting to Own over simply renting. We outlined two -- lower down payment and earning rent credit toward the purchase price -- in a previous post.

Here are two more advantages:

* Qualifications Not As Strict as in Conventional Financing. Your credit score and other such factors are not as important when renting to own as they are when you purchase with a conventional mortgage. In fact, most Rent to Own buyers are in the process of credit repair while renting to own. You can earn rent credit toward the purchase price while you repair your credit, and then qualify for a mortgage a year or two down the road -- but having earned thousands or tens of thousands in rent credit toward the home which you otherwise would have lost in rent money.

* Past Credit Problems Not a Roadblock. Bankruptcy, foreclosure, short sale, collections from medical bills... You will have a tough time getting a conventional loan for quite a while with these on your credit report. Fortunately, with rent to own, you can begin earning money toward the purchase of the home while you work at resolution of some of these credit trouble spots, or while you let time erase some of them.

We can recommend credit repair specialists and programs -- or even mortgage brokers who specialize in working with credit repair -- to help you clean up your reports, all while you are putting your rent money to work toward the purchase of your next home.

Call us at 630-697-4500 and we'll help you get out of the rental road to financial ruin.

See Rent to Own properties we have available and join our email list at MyHappyHomeSolutions.com

What Are The Advantages of Renting to Own My Next Home?

Whether you call it Rent to Own, or "lease-purchase" or "lease-option" or "lease with an option to buy," it can make good sense to acquire your next home using this technique.

Whether it is your dream home we're talking about, or maybe just your "starter" or "re-starter" home, Rent to Own has many advantages for the buyer.

Among them:

* Low Down Payment to Get Into the Property. You won't need nearly as much to initiate making this your home long-term as you would if you were just buying it today. Instead, you can put down a lesser amount now, and then build on that over time, especially when you...

* Receive Rent Credit Toward The Purchase Price. The amount and terms vary from home to home, but almost all rent to own properties allow you to apply some (sometimes even all) of your rent toward the purchase price of the home.

Many mortgage brokers and banks will consider this your "down payment" when considering your loan application, so it allows you to build up potentially tens of thousands of dollars you would otherwise have simply spent on rent, with no long-term benefit to you and your family's financial future. How else are you ever going to save that much money? Most people never do.

Don't throw your hard-earned money away on rent -- once you pay the rent, that money is gone forever. With Rent to Own, that money can still work toward your future financial security.

Rent to Own homes are not always easy to find, but we've always got several available. Call us at 630-697-4500 and we'll help you find a Rent to Own home of your own!

Adam and Diane St. James
MyHappyHomeSolutions.com