What is Exactly is Rent to Own?
Rent to own provides people with the opportunity to enjoy their homes as a homeowner would, even though they may not currently qualify for conventional financing or have a large down payment to put towards a home purchase. When you rent to own a home, you do not have to qualify for a mortgage but you are able to enjoy many of the benefits of home ownership.
Renting to own combines some aspects of renting a home and some of purchasing one. For example, it is similar to purchasing a home because a down payment is required, and it is similar to renting a home because there is a rent schedule. One important thing to keep in mind is that – unlike a typical rental situation – a portion of your monthly payment goes towards the down payment that will be required when you obtain a mortgage to complete the future purchase of your home.
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