Hamilton Rent to Own solutions
Enjoy the comfort of knowing your building equity in a home, instead of exhausting your savings. Choose rent to own a home that fits your budget with the desired amount of bedrooms and bathrooms, plus a fenced yard for your kids to play in a safe secure environment.
The city of Hamilton, Ontario is an ideal urban location that offers lease to own homes attractively priced and suited to meet your families lifestyle and budget.
Discover the benefits of a modern approach with a Hamilton Rent to Own. Overcome obstacles that are inhibiting your ambition to own a home. Let’s work together with our Family First Strategy and introduce an approach that helps you achieve home ownership and stop renting, ideally suited for your circumstance!
Hamilton Rent to Own – A Family First Alternative
Let’s work together, using our Family First Strategy, and help you more easily achieve home ownership and stop renting. Together we will design a solution suited to your particular circumstances.
Hamilton Rent to Own: Case Study
In late 2014, a family with very bleak housing prospects was referred to us. They lived in their own beautiful home, which they had purchased new, in an up-scale part of Hamilton. Financial circumstances had led them to get a second mortgage on their home. They had fallen behind on their payments, and the lenders were starting Power of Sale proceedings – they were facing eviction.
Their credit situation was such that, even after many attempts, conventional lenders would neither extend their existing mortgage, nor negotiate a new one. They were referred to us in the hope that we might be able to find a solution allowing them to remain in their home and avoid having to move.
The couple had excellent employment stability and above average family income. Additionally, over the years, they had built up sufficient equity between what was owed on the home and its professionally appraised value that a potential solution could be devised, without having them put out any more cash.
In order to remain in their Hamilton home, the family needed help to:
• Pay off the existing mortgages to eliminate Power of Sale action
• Reduce their expenses so as to cover their housing costs and living expenses
• Improve their badly bruised credit so that, in time, they could again qualify for conventional mortgage financing
On several occasions, members of our team met with the family to design a solution meeting their ability to qualify for our program. Two of the points that were heavily stressed included the need to reduce expenses and to take definite steps to improve their credit score.
While both adult members of this family were mature professionals, at no time had anyone ever explained to them how good credit could be built, or how easily it could be destroyed – this formed part of the guidance provided.
The good news:
1. The family is still in their same home in Hamilton; their children are still in the same schools with their friends
2. They are working diligently on changing their spending habits
3. Their credit score is slowly trending in the right direction
4. There have been a couple of hiccups, but providing the family maintains improved financial habits, in about three years, they should qualify for their own mortgage and regain title to their property
This is another situation where circumstances require a solution designed to address the issues – it was not about a family trying to getting away from rentals but being unable to qualify for a purchase on their own.
Should you or any of your Hamilton acquaintances be facing similar issues, call us and we will do our best to tailor a solution that works!
However, there are other options; For instance, you can customize the house to your preferences. We want you to treat the home as if you own it now. However, any work that is done must be done by a licensed contractor and must have a contract in place for any major renovations. Or, this may mean purchasing a multi-unit, or a home with a ‘granny’ suite. These options have some built-in benefits; the main one being that once you have assumed ownership of the home (the end of the term), you may have tenants paying most, if not all of your mortgage. payment.
What will it cost me? Our monthly payments are comparable to a mortgage of around 6% and flexible amortization terms, along with the property tax, insurance and utilities
Do I live in the home today? YES, you get to live in this home today instead of waiting a few years. And during this time we will be guiding you to improve any credit blemishes to accomplish the successful completion of the program.
Is an initial deposit required? A deposit of no less than 3% or greater of the homes purchase price is required and if life’s circumstance limits your ability to provide a deposit today… Ask about alternative options by requesting a free consultation with us.
Some scenarios that are suitable for our program;
New to the Country
Lack of down payment
Time to repair your credit or investigate the best financing.
Why Choose Us?
- Establish or repair bruised credit.
- Facing foreclosure.
- Self-employed and lenders won’t finance your mortgage.
- Divorced, Bankruptcy or consumer proposal
- Build equity in a home.