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Frequently Asked
Questions
Discover answers to common questions about rent-to-own. Whether you're curious about the process, benefits or potential risks, we're here to assist. Feel free to message us using the chat bubble for personalized help.
Rent-To-Own (RTO) Frequently Asked Questions
Feel free to inquire and help us grow our FAQ list! If you have a question, chances are others are wondering the same thing.
Who is TIRED OF RENTING?
We're rent-to-own experts connecting you with a network of homeowners, investors, realtors and more who want to help you achieve your dream of homeownership through rent-to-own programs.
Do you offer mortgages?
As mortgage professionals we carefully review your eligibility before exploring the rent-to-own route. We use our expertise to tailor a rent-to-own solution that suits you. When you're ready to qualify for a standard mortgage at the term end, we help you smoothly transition to full ownership.
Why choose rent-to-own?
Rent-to-own is an ideal solution for those not yet mortgage-ready but eager for a clear path to homeownership. These programs cater to aspiring home buyers facing challenges such as bruised credit scores, self-employment, recent immigration or the absence of a 20% down payment.
How does rent-to-own work?
Step 1: Apply for free and discover your eligibility and home budget.
Step 2: Once fully approved, work with a realtor to find your dream home and one of our providers will purchase it for you.
Step 3: Move in, save and repair your credit. Rent your dream home with a fixed monthly payment, a portion of which contributes to your down payment savings.
Step 4: Buy your home. When you're mortgage-ready, purchase the home at the pre-set price.*
*Terms & conditions apply.
Programs vary from lender to lender.
How long does it take to move into a rent-to-own home?
After receiving your application, we aim to provide you with an approval within 1-5 business days; however, the amount of time required to find the right home is variable. Generally, we advise planning 30-90 days from the time of approval to when you can move into your new home.
Is it better to rent or rent-to-own?
Unlike renting, where your landlord can raise rent, ask you to move or sell the property, rent-to-own safeguards you with legal contracts, preventing rent increases or a sale to others.
Renting leaves you exposed to potential increases in home prices. In contrast, rent-to-own allows you to lock in a future purchase price today, providing built-in equity when you take ownership.
Renting restricts customization, but with rent-to-own, you have the freedom to treat the home as your own from day one.
Rent-to-own often entails a larger deposit, ensuring renters are committed to homeownership.
While monthly payments are higher in rent-to-own agreements, it includes the portion building up your down payment savings, making it a strategic choice for those serious about becoming homeowners.
Who owns the home when you rent-to-own?
In a rent-to-own agreement, the home is initially owned by a lender or investor. Alternatively, your current landlord might opt for a rent-to-own arrangement, retaining ownership until you become eligible for your own mortgage. It's crucial to obtain independent legal advice before entering into any contracts. Upon qualification for a traditional mortgage, you would assume full ownership of the property.
Why wouldn't I just get a mortgage?
Rent-to-own is tailored for individuals not currently eligible for a traditional mortgage but who have a high likelihood in the near future, typically within one to four years. These arrangements give you time to improve your credit and accumulate a larger down payment to qualify for a mortgage at the end of the rent-to-own term.
Nevertheless, we meticulously review all applications to confirm a traditional mortgage isn't viable from the outset. If a regular mortgage is feasible, it's an excellent starting option.
How do I apply for rent-to-own?
You can get pre-qualified online on our website. It’s easy and free!
How much does the rent-to-own application cost?
Our rent-to-own applications are quick, easy and free!
Do I get to pick my own home?
With a rent-to-own program, you have the freedom to select your own home. Some lenders may provide a list of available homes in your area, while others encourage you to find a home you love on realtor.ca.
Can I use my own realtor with rent-to-own?
Provider policies differ, but typically you can use your preferred realtor in a rent-to-own scenario. If you don't have one, we can assist in connecting you with someone experienced with rent-to-own in your area. In some instances, lenders may provide a list of recommended realtors for your consideration.
Do I need a down payment?
Yes. Rent-to-own doesn't mean zero percent down. Our providers look for good saving habits and the ability to handle higher payments, ensuring you meet the contract terms for a better chance to transition to full ownership. Connect with us for an assessment, even if you don't have a down payment saved. We'll help guide you toward future approval.
Who is responsible for maintenance & repairs?
Buying a home is one of the most expensive and important purchases you will ever make. This is true of rent-to-own homes as well. Once you move in, you're responsible to maintain the home, repair it and pay the bills, the same as any typical homeowner would.
Is a home inspection required for rent-to-own?
Yes. Home inspections are mandatory. A professional home inspector identifies defects or issues that can cost a lot of money to repair. Inspecting the physical condition of a house is important because once you move in, you're responsible to maintain it, repair it and pay all the bills. An inspection can help you anticipate potential problems before you move in, which may prevent you from getting in over your head and over your budget. Who pays for the inspection? Typically, you as the homebuyer, since you are the one who needs to determine whether you still want the house after seeing the inspection report.
Keep in mind, your application approval does not guarantee approval of the home of interest. If it isn't to the investor's liking, they may decline it. Don't be discouraged; it's an opportunity to find a better-suited home, as declined properties can be challenging to resell and costly to repair or maintain.
Brittney & Anthony
Ontario
Rent-to-own was the game-changer for us! We were worried we'd never be homeowners, but this program crafted a clear path. Now, we've got our place, building equity from day one. It's our dream home and the best decision for our family's future.
Tanner & Michelle
British Columbia
Being a part of the rent-to-own program was a blessing! It allowed us to step into the market before it was too late. We're homeowners now, gaining equity while paying rent—couldn't have asked for a better plan. Thanks for all your help!
Jonathan B.
Alberta
As a single guy, becoming a homeowner felt like a distant dream. Rent-to-own changed that. It was the plan that got me into the market and building equity from day one. Now, I have a place to call my own, all thanks to this program—absolutely life-changing!
Sarah & Jarred
Ontario
Rent-to-own made owning a reality for us! Why just pay rent when you can own instead? It's been a lifeline, getting us in the market and securing a home we love. We're homeowners, gaining equity, and it's all thanks to this fantastic program.