Have You Been Declined For Home Financing Or Facing Power Of Sale? (1)

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Have You Been Declined For Home Financing Or
Facing Power Of Sale?
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Synopsis

• Rethinking Homeownership For Canadian Newcomers
• What to look for in a Rent to Own program
• Top 3 Benefits Of Rent To Own Programs
• Foreclosure Doesnt Have To Mean Losing Your
  Home!
• How Bad Credit Management Can Impact Your Life

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Rethinking Homeownership For Canadian Newcomers

• There are various rent to own programs, each with
  its own set of benefits. One would be a lease
  with the option to buy the end. This works pretty
  much like a basic home lease the tenant pays
  rent as normal and has the option to buy the
  property at a later date for a price that has
  been agreed upon at the beginning of the
  contract. More specifically, imagine the home you
  are looking to own is worth 280,000. By entering
  a rent to own contract, you will have the right
  to purchase the property in a couple of years for
  310,000.
• Another option would be renting to own through
  installments. This type of contract requires the
  tenant to pay the seller/landlord what is
  considered to be the rent and an extra payment
  that is deducted from the houses selling price.
  The advantage of this program is that once the
  value of the house and the price are agreed upon,
  you get closer to owning the property after every
  installment made to the seller. It also means
  that regardless if the propertys value goes up,
  you will still have to cover the pre-agreed
  price. Important to note here is that if as a
  buyer, you will miss one or more payments, the
  seller has the power to take away all equity and
  dissolve the contract.

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What to look for in a Rent to Own program

• Best teams are cross-functional and robust
• Buying a home is one of the biggest decision an
  individual or a family will have to make.
  Accessing the right services to do so is just as
  big. Research well and look into hiring companies
  with teams made of industry experts such as
  mortgage brokers, real estate agents, lawyers,
  accountants and other business professionals who
  understand the ever changing real estate market
  and can offer appropriate counsel.
• Look for history and testimonials
• Having been on the market for a decade or more is
  a tangible sign of success. It now only shows
  determination and consistency, but also touches
  on the idea that they know what theyre doing
  which is why theyre still on the market and have
  a deep understanding of the real estate market in
  the area. Probably equally or even more of a
  proof are client testimonials and now with social
  media channels running many aspects of our lives
  it is very easy to see what other people are
  saying about the company. High customer
  satisfaction results cannot be faked and they are
  a token of business being conducted efficiently
  and effectively.

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Top 3 Benefits Of Rent To Own Programs

• Get your dream home now and pay over years
• Typically, when entering a rent to own agreement,
  an Option to Purchase is included in the
  contract. This means that for a monthly fee, the
  now tenant future owner acquires the right to
  purchase the property usually after two or three
  years at a set price. The monthly fee that goes
  on top of the rent is considered to be a down
  payment and it can be between 2 to 2.5 of the
  overall property price. The idea behind this is
  that by the end of the arrangement, this will
  come up to 5 and potentially, the tenant would
  have built their credit scores enough to qualify
  for a mortgage in order to close the deal.
• Settle in your future home and test waters
• There is no waiting list or lengthy process
  associated with a rent to own program. You and
  your family have the possibility to move in as
  soon as everything has been agreed and signed.

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Top 3 Benefits Of Rent To Own Programs

• As one can only know the ins and outs of property
  only after having lived there for a period of
  time, a rent to own program enables renters to
  experience the neighbourhood and the house itself
  before committing. This means you will actually
  have two option when the contract ends save
  enough money to apply got a down payment on the
  property, or just leave and find another place
  that suits your needs more.
• Getting more than what youve asked for
• Due to the fact that the property price is
  negotiated between both sides, this means that
  price is fixed and final. Should the propertys
  value increase over time, the renter fully
  benefits from that and the owner is not entitled
  to increase the price. While this sounds like a
  great plus, it is equally important to bear in
  mind if things go south and the price gets
  reduced. This is a risk that you would have to
  take, but having experts evaluate everything for
  you prior to binding yourself to a contract can
  help foresee future trends and predict the market.

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Foreclosure Doesnt Have To Mean Losing Your Home!

• A power of sale is usually a much lighter and
  faster sale process, happening in just a few
  months after the borrower omitted to pay
  mortgage. It permits the lender to take ownership
  of the property and sell it in an effort to
  recover any monetary losses. As a borrower, this
  is a very unfortunate situation where a person is
  not only stripped away from their home but
  depending on circumstances they might also be
  obliged to cover any associated costs or debts
  from the property. Foreclosure is more
  complicated, it takes longer and it involves a
  number of lawyers and court appearances, thus
  making it very expensive.
• A National Lease Purchase (Rent to Own) company
  can provide solutions. Home Owner soon is one of
  these companies. Most borrowers dont realize
  that stopping the foreclosure and keeping their
  house is a valid option and this is because they
  do not have the financial resources to do it.
  What happens is that your mortgage gets
  refinanced, regardless of your credit scores and
  the foreclosure stops. This ensures the borrower
  gets to keep their home. At the same time, a
  credit mentoring program is kick-started to offer
  the necessary guidance and management so that the
  borrower not only gets out of a tricky situation,
  but it also ensures their credit scores improve.

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How Bad Credit Management Can Impact Your Life

• Bad credit management can make life increasingly
  complicated, from stopping you from getting the
  job you want to denying you the possibility to
  buy a car or rent your dream home. Having bad
  credit scores is an indication that you are a
  risky borrower and that decreases your chances of
  accessing a loan or a mortgage.
• And it does not end here. Utility companies, such
  as gas and electricity providers also check your
  credit when applying for their services. Having
  outstanding bills minimizes your credit
  worthiness and they might ask you to pay a
  security deposit in advance to you being able to
  access the service. Similarly, when trying to
  rent a property with a poor credit, the landlord
  may be inclined to ask you to cover as many as
  six months rent prior to you moving in.
• Insurance companies also check for credit as it
  is believed that lower scores are associated with
  higher claims filed. This means that if your
  credit scores are unsatisfactory, they are able
  to slam higher premiums without taking into
  consideration how many claims youve actually
  filed so far.

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How Bad Credit Management Can Impact Your Life

• If you plan on starting a business and need to
  access funds from a bank or a creditor, bad
  credit creates obstacles in your way. You
  mightve worked for years to put a business plan
  together and gather all the necessary data and
  figures only to have it all gone down the drain
  because of a poorly managed credit.
• What can I do to avoid bad credit?
• There are a couple of things you can look out for
  to avoid your credit scores going down. Payment
  history is among the major decisive factors. It
  may not seem like a big deal but paying bills on
  time or ahead of time positively affects scores
  and it shows that you can be trusted with a
  financial commitment. Credit use history is also
  something you should be carefully managing. Many
  credit score models are based on the concept that
  past behaviours usually predict future ones. This
  is why when a credit check is performed, all of
  your accounts both old and new are evaluated and
  generally, it is better perceived to have had a
  long and clean credit history.

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The End

• For more details, please visit
• https//homeownersoon.com/rent-to-own-program