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Owning a home is often a major goal in life for many people, and it is often the most important investment they will ever make. For many people, obtaining approval for a mortgage is quite feasible, especially if they have a good job and have good credit. However, those who have bad credit may not have it that easy. More often than not, those with bad credit are not able to secure a mortgage for a home. For this reason, Toronto lease to own homes contracts are available to people with bad credit, in order to get them on the track to finally owning their own home.

What is a Lease to Own Homes Contract?

Ontario lease to own homes contracts enable those with bad credit to realize their dreams of owning a home. The contract is assigned a set period of time, and the price of the house is pre-determined and agreed upon at the start of the contract. A portion of each monthly payment – or “rent” – goes towards the down payment of the home and equity of the home. This allows the lease to own home buyer the opportunity to build equity and improve their credit score by making their affordable monthly payments.

Toronto lease to own homes contracts require that the home buyers pay the monthly payments on time every month, which is necessary to build up good credit. In addition, the home must be taken care of, and any minor repairs need to be addressed. Usually, a 5% or higher down payment is also required.

How Lease to Own Homes Contracts Can Benefit You

The most obvious and biggest benefit of Toronto lease to own homes contracts is that even those with bad credit and poor financial records can still find a way to get approved to own a home. Instead of having to get approved from a lender for a traditional mortgage, or come up with a large down payment, these home buyers are able own a home and build equity and credit at the same time, and much sooner than they would otherwise. (In times of rising home prices, this makes more sense than ever.)

Go With a Reputable Company

Reputable companies, like Newmarket based Sandstone Management, should be your first stop when applying for a lease to own home contract. They have experience with these contracts, and can walk you through every step of the way – helping you avoid first time home buyer mistakes. They will get you in the home of your dreams so you can start earning equity and building financial security.

Get more information on how to own a home through a Toronto lease to own home contract by getting in touch with Sandstone Management today!