So you want to buy a home? Well then you are probably aware of some of the benefits of home ownership. For instance, the appreciation, tax benefits, pride of ownership, etc, but what if you are unable to get into a home due to financing issues. As a loan officer I am constantly seeing more and more lenders change guidelines and dropping off the map. So then what, well if you are considering doing a Rent to Own as an option then you are on the right path.
There are numerous benefits to going with our Rent to Own program when you are unable to acquire financing. I’m going to list out 7 of the largest benefits that I have found over the last couple years.
Top 7 Benefits:
#1 Building Equity: If you are currently renting, every month you send in a check it goes to the landlord to make him money and pay down his mortgage. After 2 years what will you have to show for it…nothing, except a chunk taken out of your paycheck each month. With our Rent to Own program your payment each month gets credited towards the purchase of your home. Also, because our area is still increasing in value each year at a steady rate you are building equity in the property through appreciation.
#2 Minimum cash out of pocket: Traditionally when you purchase a home you are going to be required to pay standard closing costs and depending on the loan program a down payment. But with Empire Options Rent to Own program you’re only required to pay 1st months rent plus a security deposit equal to your monthly lease payment. That’s it! This can save you substantially when you don’t have much money to spend.
#3 Bad Credit, No Problem: Sometimes people go through rough times with their credit and with our Rent to Own program that’s OK. Our program is a make sense qualification process. We don’t solely look at one thing to make our decision but a combination of your ability to make the payment each month.
#4 Time: Empire Options Rent to Own program gives you plenty of time to get your financial picture ready to go. With our program you can purchase the home anytime between month 13 and month 24. Traditionally most of our clients wait the full term to make sure that everything is in line but for some it makes more sense to buy early.
#5 Improvements and Alterations: One of the highlights of our Rent to Own program is that you have the ability to make improvements to your home. Do you want to replace the carpet, have at it. Paint the house, go for it. Install new counter tops in the kitchen and put in new cabinets, that's great. You are only limited by your imagination because this is your new home.
#6 Greater Financing Options: One major benefit with Rent to Own programs that is heavily overlooked is how you can utilize all the equity that you have gained. To keep it simple, when you buy the home at the end of the lease term you are not purchasing the home at 100% financing but rather refinancing the home at whatever loan-to-value you are at with the new equity. In most cases our clients are able to do a 90% financing loan with a lender, which will give you much better rates and terms.
#7 Pride of Ownership: Biggest of all is that you are getting into your own home. This is no longer a rental or an apartment but your own home that you have picked out. Empire Options Rent to Own program allows you to pick out the home of your choice based on the budget that you have set for yourself.
So that's the top 7 that I have found over the years. There are many more benefits that our clients have found as they have moved forward with the program but for simplicity sake I kept it small.
If you have any questions about our program or if you would like more information about how this program can work for you and your family, let me know. I would be more than happy to help.
Dedicated to your success,
There are numerous benefits to going with our Rent to Own program when you are unable to acquire financing. I’m going to list out 7 of the largest benefits that I have found over the last couple years.
Top 7 Benefits:
#1 Building Equity: If you are currently renting, every month you send in a check it goes to the landlord to make him money and pay down his mortgage. After 2 years what will you have to show for it…nothing, except a chunk taken out of your paycheck each month. With our Rent to Own program your payment each month gets credited towards the purchase of your home. Also, because our area is still increasing in value each year at a steady rate you are building equity in the property through appreciation.
#2 Minimum cash out of pocket: Traditionally when you purchase a home you are going to be required to pay standard closing costs and depending on the loan program a down payment. But with Empire Options Rent to Own program you’re only required to pay 1st months rent plus a security deposit equal to your monthly lease payment. That’s it! This can save you substantially when you don’t have much money to spend.
#3 Bad Credit, No Problem: Sometimes people go through rough times with their credit and with our Rent to Own program that’s OK. Our program is a make sense qualification process. We don’t solely look at one thing to make our decision but a combination of your ability to make the payment each month.
#4 Time: Empire Options Rent to Own program gives you plenty of time to get your financial picture ready to go. With our program you can purchase the home anytime between month 13 and month 24. Traditionally most of our clients wait the full term to make sure that everything is in line but for some it makes more sense to buy early.
#5 Improvements and Alterations: One of the highlights of our Rent to Own program is that you have the ability to make improvements to your home. Do you want to replace the carpet, have at it. Paint the house, go for it. Install new counter tops in the kitchen and put in new cabinets, that's great. You are only limited by your imagination because this is your new home.
#6 Greater Financing Options: One major benefit with Rent to Own programs that is heavily overlooked is how you can utilize all the equity that you have gained. To keep it simple, when you buy the home at the end of the lease term you are not purchasing the home at 100% financing but rather refinancing the home at whatever loan-to-value you are at with the new equity. In most cases our clients are able to do a 90% financing loan with a lender, which will give you much better rates and terms.
#7 Pride of Ownership: Biggest of all is that you are getting into your own home. This is no longer a rental or an apartment but your own home that you have picked out. Empire Options Rent to Own program allows you to pick out the home of your choice based on the budget that you have set for yourself.
So that's the top 7 that I have found over the years. There are many more benefits that our clients have found as they have moved forward with the program but for simplicity sake I kept it small.
If you have any questions about our program or if you would like more information about how this program can work for you and your family, let me know. I would be more than happy to help.
Dedicated to your success,
Kenton Becker
Managing Partner / Lakemont Mortgage Specialist
License # 510-LO-36929
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