Why You Should Rent to Own Your Home
Posted on | April 19, 2010 | No Comments
If you are weighting the decision between continuing to rent and getting a rent to own home you will want to read this article. We are going to be taking a look at some of the key benefits of renting to own. After reading this article, you should have a better understanding as to why renting to own can make sense.
Close Fast!
If you need to move quickly, getting a rent to own home is a great solution. There is generally no lengthy application process like when you get an apartment. And, of course, it is much faster and considerably less hassle than when you buy a home and go through the mortgage process. In fact, sometimes you are able to move in as little as 24 hours!
Bad Credit is Ok!
Sellers that offer rent to own houses are less concerned with where you have been and more concerned with where you are going. People who look for rent to own homes generally speaking would like to become a home owner but do not presently qualify for a mortgage. Sellers understand this. As such, your bad credit will not stand in the way of you getting your dream home.
Stop Throwing Money Away on Rent!
When you rent, you are literally throwing money away. Your payment goes to pay your landlords mortgage payment each month. They build up equity and you walk away with nothing!
When you rent to own, you start building up equity from day one. A part of each payment accrues in an account and is credited towards your purchase price. This means that when it comes time to get your own mortgage, you may not have to come up with much of a down payment. (You should always be prepared to make a down payment though – just in case!)
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