Client Testimonial Video from Kadim & Suzan

Suzan & Kadim worked with Ownership Solutions well in advance of their relocation to Ontario. After Kadim retired they decided they wanted to move to London, ON and began to research options well in advance.

Most of our clients are unable to qualify for a mortgage due to credit trouble, but this case was unique. Kadim & Suzan had great credit but already owned a home in Winnipeg which they had sold on a rent to own basis. Unfortunately that meant they were still on title (and the mortgage) for their home back in Winnipeg and that prevented them from getting another mortgage to purchase a home here in Ontario.

Seeing the benefits of rent to own at work with the sale of their own home they decided to see if the same type of strategy could work for them. They were used to living in a custom home and have 3 children so they wanted something more than the typical rental options available. They wanted something really nice and our Homeowner Prep Program allowed them to get exactly that.

Through our program they were able to shop with a local Realtor to find the right home for their family. We were able to get them into a nearly brand new home with enough space to suit their family and all the features they were looking for in a place of their own. 

Best of all we got prior approval from the funding partner to allow them to finish the basement for use as an at-home daycare which allows Suzan to enjoy her passion for working with children and the extra income it would provide. 

We know Kadim & Suzan will once again succeed with home ownership and were glad to work with them to get their family into a great home while they wait for the sale of their Winnipeg home to be completed. 

Kadim & Suzan got their keys on a lovely summer day and started making the home their own with a fresh coat of paint and some minor renovations. At closing they agreed to a brief video testimonial to share a few comments on their experience of working with Ownership Solutions.

(We apologize again for the wind noise, but the content is what counts)

If you are sick of renting and making your landlord richer every month…
If you would prefer to get your family into a home of your own…
…but face some obstacles in getting traditional mortgage financing, why not contact us to see if our Homeowner Prep Program would be the right fit for you?

If you’d like to get started right away you can fill out our online application and get pre-approved within 24-48hrs. There is no obligation, but we would love to see how we can help your family achieve home ownership.

3rd Birthday Lessons

Ownership Solutions celebrates our 3rd “birthday” this month.

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Here are 3 lessons we’ve learned over the past 3 years:

  1. 1. With this type of real estate, it’s not about location, location, location – it’s about PEOPLE, PEOPLE, PEOPLE.
  2. There are many worthy families out there who deserve a 2nd chance at home ownership, even where the bank has said “NO”. Our track record of success with clients is proof of this fact.
  3. Rent to Own needs to be just that – Rent to OWN. There are too many Rent to FAIL companies out there who are kicking people when they are down financially instead of truly providing them with the help they need through well designed lease purchase programs.

Thank you to everyone who has helped make the past 3 years a success. We look forward to helping many more families with home ownership going forward!

 

Client Testimonial Video from Rick & Loretta

When Rick & Loretta first started shopping for a new home they soon found they were not able to qualify for the mortgage they needed. Due to a previous business failure where they lost nearly everything, they went through a consumer proposal which they worked hard to get paid off quickly. However, lending guidelines are tight for clients coming out of bankruptcy or proposal and they didn’t have the higher down payment that most mortgage lenders were looking for so they found themselves stuck renting. Fortunately Rick & Loretta were referred to our program by a local Realtor and we were able to help them purchase the home of their choice with just 5% down.

In this case, both Rick & Loretta had done a good job of re-establishing their credit but just need more time to qualify for high-ratio financing after their proposal. Instead of continuing to rent and wait until they were able to get a mortgage, we were able to get this deserving couple into a home of their own today while providing the time they need to get  ”mortgage ready”.

Within just a couple of weeks working with their Realtor, Rick & Loretta narrowed down “the one”. We quickly got an offer going, negotiated a great price, and a long closing so they could provide their current landlord with adequate notice.

As always, we were able to structure our program to meet Rick & Loretta’s budget and timeline so they could once again purchase a home of their choice.

After a long (nearly 4 month) closing period, Rick & Loretta finally got their keys on a lovely summer day. After treating us (and their Realtor) to dinner to express their gratitude, they also agreed to a brief video testimonial to share a few comments on their experience of working with Ownership Solutions.

(We apologize for the wind noise, but the content is what counts)

If you are sick of renting and making your landlord rich, would prefer to get your family into a home of your own, but face some obstacles in getting traditional mortgage financing, why not contact us to see if our Homeowner Prep Program would be the right fit for you?

If you’d like to get started right away you can fill out our online application and get pre-approved within 24-48hrs. There is no obligation, but we would love to see how we can help your family achieve home ownership.

When Rent to Own Makes Sense

talkingrealestateWhen looking to purchase a home, the first things many aspiring homeowners do is get pre-approved for a mortgage. With the house prices we have today most people need some help financing their home, and the most common way to get some help is by obtaining a mortgage.

However, over recent years the guidelines around qualifying for a mortgage have been getting tighter and tighter. This means that there are more and more people who don’t qualify for the mortgage they need to achieve home ownership. So, what else can you do if you don’t qualify for a mortgage? You can start looking into other home financing alternatives such as rent to own.

To learn more on when rent to own makes sense, check out our full guest article at: http://talkingrealestate.tips/rent-makes-sense/

Client Testimonial Video from Leslie

When Leslie was first referred to us, she had already found a home she liked and had negotiated an accepted offer with her Realtor. She already had her 5% down (plus closing costs) and was excited about the thought of her new home, but got stuck without financing when CMHC declined her file.

In this case, her credit score was pretty good, but the problem was that she didn’t have very much credit. The depth and length of credit history that CMHC was looking for just wasn’t there. Instead of continuing to rent and wait until she was able to qualify for traditional mortgage financing, Leslie opted to use our Homeowner Prep Program as a way to get into the home of her choice while giving her the time she needed to get “mortgage ready”.

While things are always tougher when a client has jumped the gun and put in an offer without completing our approval process, we were surprised to see CMHC had turned Leslie down and willing to work hard to help her get into the home of her choice. Fortunately with a cooperative seller and a good buyer’s agent, we were able to keep things on track and get her offer firmed up quickly.

We were able to tailor our program to fit Leslie’s budget, give her the time needed to strengthen her credit, and help her build an even stronger down payment so that CMHC will say “yes” next time around. Most importantly we were able to get her into the home she had fallen in love with.

On a snowy closing day Leslie kindly agreed to a brief video interview to share a few comments on her experience of working with Ownership Solutions to get into the home of her choice, but due to the weather we decided to shoot this video indoors.

If you are tired of renting and want to get your family into a home of your own but face some obstacles in getting traditional mortgage financing, why not contact us to see if our Homeowner Prep Program would make sense for you?

If you’d like to get started right away you can fill out our online application and get pre-approved (usually within 48hours) to find out the maximum price of home we would be able to help you purchase.

Client Testimonial Video from Anita & Frank

Like most of our clients, Anita had some difficulty qualifying for a traditional mortgage due to her credit history. Over the past few years she has worked hard and been smart with her money but still wasn’t quite able to qualify for a mortgage today.

In this case Anita and Frank were looking for a place to live because their current landlord wanted to move back into his home and they didn’t want to rent because they’d inevitably have to move again down the road. In this case, they recognized the benefits of home ownership, and wanted to get into a home they could call their own. Frank works in the trades so they were excited about the idea to purchase a property that could benefit from some cosmetic improvements so that they could build equity quickly by completing this type of work.

In this case Anita & Frank were able to rent to own their new home for less than they were already paying in straight rent which made the program a no-brainer for them. This arrangement sure beat the alternative of fixing up another rental only to have the owner decide it was time for them to leave.

Over their Homeowner Prep Program term we will be helping them improve their credit further and build up a more substantial down payment so that they’re able to qualify for the mortgage they need down the road. As an extra bonus they’ve started to force appreciation in the value of their home by completing some renovations to the home so we have full confidence that they will succeed in their program.

On closing day with the moving truck in the driveway, Anita and Frank kindly agreed to a brief video interview to share a few comments on their experience of working with Ownership Solutions to get into the home of their choice.

If you are tired of renting and want to get your family into a home of your own but face some obstacles in getting traditional mortgage financing, why not contact us to see if our Homeowner Prep Program would make sense for you?

If you’d like to get started right away you can fill out our online application and get pre-approved (usually within 48hours) to find out the maximum price of home we would be able to help you purchase.

 

Client Testimonial Video from Brenda

After a separation which took a toll on Brenda’s credit she had some difficulty qualifying for a traditional mortgage. Add the fact that she is self-employed into the mix, and it was going to be tough for her to get any kind of financing to purchase a home.

In this case Brenda had already found her dream home when we first met her and we worked hard to make that home a reality for her and her 3 kids. In this case we were actually able to lower her payments compared with the 1st and 2nd mortgage combination she was originally counting on which fell through at the last moment. This arrangement sure beat the alternative of losing her deposit and the ramifications that would have come with not closing on the purchase of her home.

Over Brenda’s term we will be helping her get her credit cleaned up to improve her score and help her qualify for a regular mortgage with ease down the road. We are also helping her build up a more substantial down payment so that even as a business owner she will have no trouble with a mortgage at the end of her rent to own term.

A couple of months after closing when we scheduled some time to meet up with Brenda her family had unpacked, settled into their new home, and started to enjoy their wonderful new space. Brenda kindly agreed to a brief video interview to share a few comments on her experience of working with Ownership Solutions to get her family into a home to call their own.

If you are tired of renting and want to get your family into a home of your own but face some obstacles in getting traditional mortgage financing, why not contact us to see if our Homeowner Prep Program would make sense for you?

If you’d like to get started right away you can fill out our online application and get pre-approved (usually within 48hours) to find out the maximum price of home we would be able to help you purchase.

 

Client Testimonial Video from Steve

Earlier last year we had the pleasure of working with Steve and his family to help them relocate to a home of their choice near Port Perry, Ontario.

Despite some previous financial setbacks which left them with poor credit and kept them from qualifying for a traditional mortgage at the time, we were able to get them into the home of their choice through our Homeowner Prep Program. In this case they actually had an accepted offer on their ideal home and when their mortgage financing fell through we stepped in to provide a solution.

Over the past year Steve and his family have been improving their credit, building a more substantial down payment, and making strides towards qualifying for a mortgage by the end of their rent to own term. Best of all, their family is already enjoying the pride of ownership that came from getting into the home of their choice and they’ve happily settled into their new place without having to wait a few years until they could qualify for a mortgage.

When we stopped by to check up on how Steve and his family were doing with their credit after the first year in the program, Steve graciously agreed to a brief video interview to share a few comments on his experience of working with Ownership Solutions.

If you are tired of renting and want to get your family into a home of your own but face some obstacles in getting traditional mortgage financing, why not contact us to see if our Homeowner Prep Program would make sense for you?

If you’d like to get started right away you can fill out our online application and get pre-approved (usually within 48hours) to find out the maximum price of home we would be able to help you purchase.

Client Testimonial Video from Todd

Recently we had the pleasure of working with Todd and his family to help them purchase a home of their choice in London, Ontario.

Despite some financial challenges which kept them from qualifying for a traditional mortgage today, we were able to assist through our Homeowner Prep Program and got Todd’s family into a great home. Over the next couple of years in their rent to own program, Todd’s family will enjoy their new home while having the time and guidance they need to overcome the obstacles that prevented them from getting a regular mortgage.

After handing over the keys to our happy new clients, Todd graciously agreed to a brief video interview to share his comments on what it was like to work with Ownership Solutions.

If you’re looking to get your family into a home of your choice but have some challenges keeping you from traditional mortgage financing, contact us to see if our Homeowner Prep Program would make sense for you.

If you’d like to get started right away you can fill out our online application and get pre-approved (usually within 48hours) to know the maximum price of home we would be able to help you purchase.

[VIDEO] Who chooses the Rent to Own home?

A couple of weeks ago we sat down with Elfie Hayes of Mortgage Intelligence – Oshawa to go over some common questions on the topic of rent to own homes. This is the final video in our 7 part video series on lease to own homes.

Question

Can the buyer choose any house they like as their rent to own home?

Answer

Absolutely, that is one of the key benefits of our program.

There are really two main ways of putting together rent to own programs. The first is that a rent to own investor or company might already have a couple of houses they own and offer those on a rent to own basis. The second, and the way we put together rent to own programs is to work with the buyer to choose any home they like.

At Ownership Solutions we treat the rent to own program as a mortgage alternative so we allow the client to go out and choose any house they like. First, we provide the client with a clear pre-approval to let them know their maximum price and break down the monthly payment to help them understand how the program will work. Once the client has completed the approval process we set them up with one of our Realtors and send them out shopping. Just like any other homebuyer, our clients are able to enjoy the experience of shopping for a home, are able to choose the best home in a location that is right for their family, have all the same pride of ownership, and get to enjoy all the same benefits as if they had been able to qualify for a regular mortgage today. 

More Information on Rent to Own or Mortgage Financing

For more details on rent to own programs, please take some time to browse our website. There is plenty of info to help you understand how lease to own programs work on our website, blog, and social media pages. If you have any questions before you apply online, just contact us and we’ll be happy to help.

For more information on mortgage financing, and specifically mortgages in Durham Region, contact Elfie Hayes of Mortgage Intelligence – Oshawa at http://www.lowrate.ca.