Everybody dreams of owning their own home one day. In the current economic climate, many families may need to be more creative in order to achieve home ownership. For many people, rent to own programs may be a great way to get your own house that you can call "home".
If traditional home ownership is not an option for you at the moment due to bad credit, no credit, job change or self employment, you should consider the rent to own option. Outlined below are seven reasons why you should rent to own a home.
- You can get in to your own home faster- Rent to own contracts give you a great opportunity to get in to your own home faster. You do not have to get a mortgage right away as long as you can afford to pay the rental rates.
- It gives you a longer period to save up for the house- If you don't have a large down payment or enough money put aside to ensure that you can afford to pay for a house that you have purchased outright, then rent to own is a great option. You only have to put down 2 - 5% of the option price down compared to 10 - 30% that mortgage companies are now requiring. You can pay off some of the house through your monthly rent credits from your option rent while also giving you more time to save even more money.
- It can help give you time to repair any bad credit you may have- If past circumstances have left you with a bad credit rating, you may have trouble getting a home loan. Rent to own options give you time to improve your credit scores and you should be able to get your mortgage at the end of the rent to own option period.
- There is an escape clause if you have an issue with the house or the area- Another great reason to consider rent to own as an option is that it gives you an escape clause. If, at the end of the rental period, you do not like the house or the area, you can opt out of finally purchasing the house. However, if you DO NOT exercise your option to buy the home, the option down payment is NON-Refundable.
- You get FASTER equity growth in a rent to own program- On a traditional mortgage, the first couple of years most of your payment goes to interest and taxes and insurance. In a Rent to Own program you build equity through rent option credits every month from $100- $400 per month.
- You will have extreme Privacy- Your name will not be on title or any public records until you exercise your option to buy as stated in your Rent to Own agreement.
- Lastly, You will have Peace of Mind and Pride of a homeowner- You will have full control of the home and can maintain and improve the home any way you want per the agreement.
If you are thinking of buying your own house and can't due to mortgage approval problems, you should definitely consider the rent to own programs as an option to move into your own family home fast.
Author Resource:-
We are the Lease Purchase or Rent to Own Specialists of Metro Atlanta, GA. We take a team approach to help families with bad credit or mortgage approval issues to achieve home ownership. Rent to Own or Lease Purchase terms that fit your budget. For More Info: www.EZHouseBuying.com
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