Rent to Own With Insider VIP Club & Citadel Mortgages
Rent to Own With Insider VIP Club & Citadel Mortgages
How a Rent To Own Program Works
Unlock the value in your home and turn it to cash to help you enjoy life on your terms. Inquire about your reverse mortgage today.
How Does Our Rent to Own Program Work
It is simple: You move into your home today under a Purchase and Sale Agreement to be executed at a predetermined date at a predetermined price in the future.
During your Rent to Own Program Term, our team of experts will work with you to get you “Bank” ready before the end of the Rent to Own period. The term of your Rent to Own Program is set to provide you enough time to clean up past credit problems or improve on any aspect of your Credit Profile or increase your cash flow for a down payment required by current Mortgage Guidelines.
In addition to helping with your Financial Profile, we will help you save enough money during the Rent to Own Term, so you have the required Down Payment for your Future Mortgage. A portion of your monthly payment goes towards rent/lease, and up to 20% of your Monthly Payment goes into a Savings Component used towards the Final down Payment for your future mortgage.
This savings component is often referred to as Option Credits (Credit given to you towards your Down Payment when you exercise the option to buy your home). The total savings accumulated during the lease are added to your initial Down Payment to form your final down payment at the end.
With our Rent to Own program, you will know precisely what your Future Purchase Price, Down payment, and mortgage would be. This allows our team of experts to properly position you for a mortgage based on today’s lending guidelines.
How much of a down payment do I need?
The Down Payment required depends on your Credit Profile when you apply.
Remember, the only way a Rent to Own Program will be successful is if it ends with YOU getting a Mortgage. Therefore, we must ensure your Credit Profile and Down payment at the end of your Rent to Own Program is what the current mortgage guidelines demand. We do not make the Mortgage Qualification guidelines but must be guided by them to ensure successful Rent to Own campaigns.
The minimum Down payment is the greater of 3% or $ 10,000 Minimum*
Please note that our team is an expert in Mortgage and Credit Improvement. If you have a low Credit Score, it does not mean you will be declined. If we can help you improve your Credit Score and Profile to bank standards by the end of the Rent to Own Program, we do not emphasize where your credit score or profile is today. But, again, we will work with you to get Bank/Mortgage ready!
Note: *Having the minimum Down payment Requirement does not mean you are automatically approved. The starting Down Payment may be subject to change.
How does the Insider VIP Club Work?
A Rent To Own Program can make homeownership easier than you think with these 3 simple steps.
Apply Now
Regardless of your credit situation, we will get you approved for a rent-to-own home. We work with the best licensed realtors, mortgage agents with Citadel Mortgages, financial planners, accountants, and lawyers to help you find a house.
Rent
Rent is just a term. In our program, you are considered the owner the day you move in. Your monthly payment will help build up your down payment while boosting your credit score and or solving any issues that may have prevented you from getting a mortgage in the first place.
Own
Once you have enough down payment built up as well as good credit from consistent monthly rent payments and/or any other issues fixed, you can qualify to take over the home as a legal owner by getting approved for your mortgage now!
Advantages & Benefits
Credit Issues
Our Rent To Own Program will provide you with an opportunity to get into a home so that you can fix your credit by making consistent, monthly payments.
Divorce
Our Rent To Own Program will help you get back on your feet. Time doesn't just heal all wounds; it can also help fix your credit issues and build a down payment.
Down Payment
Not having enough for a down payment shouldn't stop you from becoming a homeowner. Our Rent To Own Program will be able to get you into a house while you build your down payment.
New To Canada
New Canadians face the challenges of not having an established credit history. Our Rent To Own Program will help solve that by giving you time to build your score while living in a home you will soon be able to call your own.
Self Employed
Problems with declaring income? No problem, our Rent To Own Program, will get you in a home, so you will have the time to build some equity
