FAQ
Frequently Asked Questions
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Understanding Rent To Own
What is Rent-To-Own and how does it work?
Rent-To-Own is a homeownership program designed for people who are not yet mortgage ready. Instead of waiting, you can move into a home now while working toward mortgage approval. Each month, a portion of your rent is set aside as a future down payment, helping you secure financing when the lease ends.
How long does the program last?
Most rent-to-own agreements last between 2 to 4 years, depending on how long it takes for you to become mortgage-ready.
What types of homes are available?
We can purchase single-family homes, townhouses, and duplexes in urban areas. However, we do not work with rural properties, leasehold homes, mobile homes, or condominiums.
Can I choose my own home?
Yes! You can select a home that fits your budget and future mortgage qualification, with the guidance of our team.
What happens if I don’t buy the home at the end of the lease?
If you decide not to purchase, the initial option consideration and monthly down payment contributions are non-refundable. However, we may offer extensions if needed.
Qualification & Eligibility
What are the basic requirements to qualify?
To participate in our rent-to-own program, you need:
- A stable income (employed or self-employed)
- A credit score that can be improved over time
- Savings for an initial deposit of 4-5% of the home’s value
- A commitment to responsible financial planning
Can I qualify if I am new to Canada ?
Yes! If you have a stable job and the ability to save for a down payment, we can help you work toward homeownership, even if you don’t have an extensive credit history in Canada.
Can I apply if I have bad credit or past financial difficulties?
Yes! Many participants have credit challenges, including low scores or past bankruptcies. We provide a structured plan to improve your credit so that you can qualify for a mortgage at the end of the program.
What do lenders consider for you to qualify for a mortgage?
They check your income, down payment, current housing costs, monthly debts- such as car loans, student loans, personal loans, credit cards and lines of credit, to ensure you can comfortably handle a mortgage on top of everything else.
Can self-employed individuals qualify?
Yes! We help self-employed individuals who may have difficulty qualifying for a traditional mortgage. You must show financial stability and adjust your income reporting to meet mortgage requirements.
How do I know how much house I can afford?
Our mortgage specialists assess your financial situation to determine a maximum purchase price that aligns with your future affordability.
Can I buy a home with someone else?
Yes, you can apply with a partner, spouse, or co-buyer. Both applicants must meet qualification requirements.
Payments & Responsibility
Do I need a down payment?
Yes, you need an initial option consideration of 4-5% of the home price. This amount is credited toward your final purchase.
Why do I need to make monthly payments toward my down payment ?
Financial institutions typically require 10-20% down to secure a mortgage. Your monthly payments help you save toward that goal so you’re ready when the program ends.
How much rent will I pay?
Your rent is based on market rates for similar homes in the area. In addition to rent, you will contribute an extra monthly amount toward your future down payment.
Who is responsible for property taxes and insurance?
We cover the mortgage, property taxes, and insurance until you purchase the home. Your rent payments help cover these costs
Who is responsible for maintenance and repairs?
As the future homeowner, you are responsible for basic maintenance and minor repairs. Major repairs may be covered under specific agreements.
Your Future Home
Can I have pets?
Most homes allow pets, but approval depends on the specific property.
Can I make renovations to the home?
Yes! You can make minor cosmetic changes like painting or updating fixtures. Major renovations may require approval.
Are there homes readily available for me to move in?
This depends but in most cases no. We help you find a home that’s best suited for your needs then you can
move in after the paperwork is done.
How can you strengthen your affordability of owning a house?
Pay down balances, Avoid new loans, Consolidate and talk to us. We’ll see how to help you.
Rent Now, Own Later
Apply today and see how Rent the Key to Own can help you achieve home ownership!
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