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Buy Home | Bad Credit Montreal

Posted by samanthas on August 3, 2012 in Home Living Tips with No Comments


If you are a person with bad credit or no credit, or have been bankrupt in the recent past, most banks with not approve your mortgage application. So what do you do when you find yourself in this situation? The best thing you can do is get in touch with an organization that specializes in helping homebuyers realize their dreams of owning a home someday by using proven programs and techniques.

In order to buy home bad credit Montreal, there are programs such as a rent-to-own program which can help. Rather than give up after countless banks have turned you down for a mortgage over and over, consult the professionals at Muxaro who can start you on the path of a rent to own program to get you into your dream home sooner.

How Does a Rent To Own Program Work?

A rent to own (or lease to purchase) program involved the two parties – Muxaro and you – entering in to an agreement or contract with one another which stipulates some key features of the arrangements. First of all, the contract will have an expiry date, which means that once that date approaches, the renters have the option to buy the house at that time. The renter is not obligated – he or she may decide not to buy the house after all.  You first fill out an application and meet with a representative to get approved.  You are then given a budget for house shopping.  The home price will be negotiated and the home will be inspected by Muxaro, to be sure it is a good investment.

During the contract, the renter acts like a renter, as far as following any rules in regards to caring for the property. The renter is also obligated to make payments in full and on time, every time. Part of these payments are, in essence, being put into the equity into the home in order for the renter to already have equity built up in the home before even technically owning it.  By making payments on time every month, your credit record will improve, making it easier to get a mortgage when the lease period is up.  A down payment is required when going into a lease to own, but is usually around 5% – instead of the 20% required for a mortgage,

At the end of the contract, the renter can buy the property at the original agreed upon price.  Any gains in market value at that time will benefit the renter, since the price was already agreed upon.

This is a wonderful opportunity for those with bad credit to buy a home. Call the professionals at Muxaro and get them to help you get on the road to financial security and homeownership.  You can reach them at (514) 225-6706, or visit their website at www.Muxaro.ca.

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