Become a Home Owner Despite Your Bad Credit
Is Your Bad Credit History Holding You Back From Becoming a Home Owner?
It seems that mortgage stipulations from traditional lenders are becoming stricter, following the guidelines set by the Bank of Canada. These days it can be almost impossible to get approved for a mortgage if you don’t have a perfect credit score and an abundance of liquid cash to put towards a down payment. In essence, becoming a home owner with bad credit is nearly impossible when going about it the traditional ways through banks or credit unions.
So what is one to do if you’ve got a poor credit rating and are serious about buying a home and in need of a bad credit mortgage Montreal? The answer is simple. Enlist the help of a team of experts who specialize in helping those with poor credit finally realize their dreams of becoming home owners.
Muxaro is a local, Montreal based company that specializes in helping people with bad credit become home owners. At Muxaro, they’re in the business of not only helping Quebecers buy a home, but also to improve their home buyers’ credit rating!
Muxaro has gathered a team of experts in every realm of the home buying sector, including real estate brokers, mortgage brokers, and financial experts. They will help you determine the price point of a home you can afford so you will be able to comfortably make monthly payments. In particular, they specialize in rent to own programs, where bad credit is rarely an issue and no large lump sum of money is needed to put towards a hefty down payment. You will, however, need a deposit and good income.
Instead of just paying rent to a landlord, a rent to own home program helps you to put a portion of your monthly “rent” payments towards building equity in your home! As you slowly build equity, you’ll also be repairing your credit rating at the same time.
Their mortgage experts will help you come up with a payment system that will help you reduce your overall debt and improve your credit score during the lease period. Once your “lease” period is over, you have the option to buy the home at a pre-agreed upon price, using your improved credit score and accumulated savings towards the down payment. If the value of the home increases above the agreed upon price, you will gained equity in your home before you even buy it!
Call or go online today at Muxaro.ca to find out more about how their team of experts can help you become a home owner in Greater Montreal! Call (514) 225-6706 to get started on the path to home ownership and financial security.
Buy Home | Bad Credit Montreal
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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