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Many individuals are unaware of how they are able to rent to own homes Ontario. They continue to just pay rent for their apartment or to their landlord without having anything to show for it over the years. With renting to own, they are working towards home ownership, building equity and improving their credit score.

Rather than just throw money away on rent, you could be building equity and starting on the road to financial security. You will build up home equity in the home that you are working on purchasing, since a portion of each rent payment goes towards your future down payment. Also, the purchase price is agreed upon when you move in. You can make improvements, decorate and enjoy the home – knowing any increases in home prices above the set value will be yours in the form of equity.

The option of rent to own homes Ontario can be the perfect option for individuals that feel that their credit history is not good enough or lengthy enough for them to be able to own their own home. It can be easy to believe that because of a past bankruptcy or a history of not paying your debts an individual will be barred from home ownership. Self employed, low down payments and other factors may also make it impossible for you to get a mortgage. The rent to own is a program that does not look at it in such simple terms, but looks ahead. However, you need to be sure you deal with a reputable company, like Sandstone Management. They have mortgage experts that work with you to build – or rebuild – your credit so you will be able to qualify for a mortgage when the lease period is over. By paying the rent on the home on time every month, you can improve your credit rating and show that you have overcome your financial problems of the past and are ready for your own home. You will have a more substantial down payment when you add the portion you have been contributing through rent every month, and any rise in home prices above the agreed upon price.

If you are concerned with the continual rise of home prices and worry you may never be able to buy a home, then a rent to own home program may be exactly what you need to take that first step to home ownership.