Rent To Own Homes - RentUntilYouOwn
The Pros And Cons Of Borrowing From A Bank To Pay For A Rent To Own Home

There are so many unique and creative financing options for those who really want to buy a home. Even if you have bad credit, there are options out there available to you. If you are looking at the rent to own financing option to purchase a home for sale, then this article will offer you several benefits.

This article will cover the topic of borrowing directly from banks in order to obtain a mortgage loan required to make the final purchase on the home once the rent to own financing contract has run its course on the renting portion of the contract. You will be given a list of pros and cons which should allow you to better decide whether to borrow directly from a bank, use a mortgage broker or lend directly from the homeowner.


Reliability: There are not many financial institutions that are more reliable than banks. You may chuckle under your breath considering the past few years filled with bank bailouts end near runs on these lending institutions, but federally insured… to continue reading click here.

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What Closing Costs Can I Expect In A Rent To Own Contract?

One of the interesting things about the rent to own financing option is that it is often home owner financed. Meaning, in many cases the bank plays no role other than administrator in the entire financing of the home. While this article will outline some of the basic closing costs associated with the typical rent to own contract, it is important to be aware that the home seller can create closing costs of their own.

Budgeting for closing costs is incredibly important because closing costs can account for up to 8% of the total property. If you are going to be using the rent to own finance option to buy yourself some time to save up money or to repair your credit, don’t forget to factor in that extra 8% in order to close the deal.

Here are some of the major closing costs:

Escrow fees: Escrow fees are basically the paperwork fees. These fees cover all of the home purchase related documents and funds. Typically escrow fees are several hundred dollars and are based entirely on the purchase price of your home.

Title insurance: Title insurance is incredibly important in the rent to own situation. Why? Because title insurance… to read the full article click here.

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How To Make A Decision On Your Down Payment In A Rent To Own Situation

For rent to own homes for sale, there are many unique challenges and opportunities in financing the actual purchase of the home. One of those unique opportunities is the ability to include a down payment in a monthly rent credit fee paid over a long period of time. In other words, you can actually stretch out the down payment over the length of the contract in part or in full.

The major reason that people borrow money, whether it is for a car or for rent to own homes, is simply because they cannot currently afford the lump sum value of the home but still want to make that purchase. For many who involve themselves in a rent to own financing option, this is taken a step further.

As discussed in many of the other articles within this site, the rent to own finance option allows you to lengthen that time required before making a down payment or making a full commitment on the house.

One of the major decisions in purchasing a home, whether using the rent to own homes for sale model of financing or… to read the full article click here.

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Do I Need A Mortgage Broker For A Rent To Own Contract?

If you are considering the rent to own homes financing option, you may be confused as to how this process differs from a traditional mortgage. While it can seem confusing at first, this article will teach you more about mortgage brokers and the role they play in rent to own contracts.

If you are like many considering rent to own homes, you may be in a position in your life where you need the extra time to either save the money, repair your credit or you just want to test out the home before you purchase it. The rent to own option does allow you to take advantage of a “try before you buy” type situation. At the end of the day however, you will have to decide after your contract is up whether or not you wish to purchase the home.

If you have been saving your money, repairing your credit and examining whether or not you want to purchase the home then you should be at a point where you are ready to actually make the purchase of a home.

To Do This There Are Two Main Options

The first option is to deal with a mortgage broker and the second option is to deal with the homeowner directly. Each option has its own benefits and things to watch out for, but we will focus on working with mortgage brokers in this article.

Mortgage brokers are essentially…to read the full article please click here.

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How To Sweeten The Rent To Own Deal

The rent to own option is a fantastic financing option for many homeowners who are looking to get into the house of their dreams. For those who may have credit problems, those who may not have the initial capital to purchase a home, or those who are just interested in trying the home out before they buy it, the rent to own financing option offers a fantastic opportunity to get exactly what they want.

In this article, we will discuss some of the ways that you can take the basic rent to own financing option and utilize other commonly used tools in the home finance industry to sweeten the deal. Imagine being able to utilize a lease option on a home while still being able to take advantage of some of the more robust financial tools out there.

Price Negotiation

Seasoned professionals in the real estate industry know that no price is set in stone. As a home buyer, particularly in today’s market, you should be aware that you do have negotiating powers. While it takes a very skilled and highly trained real estate professional to be able to create the massive price decreases in major negotiations, you can still lower… to read the full article please click here.

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Buying A Home: Rent To Own Financing And Divorce

You may be wondering what divorce and rent to own financing have in common. It turns out, that home financing and marital issues are so closely intertwined that many home buyers realize only to late the power of these two entities acting on each other.

This article will explore the intricacies of divorce and finance and what you need to look out for before you enter into a rent to own financing option contracts.

Before The Contract

If you are currently married and considering purchasing a home it is recommended that you sit down with your significant other and talk about finances. Unfortunately, the most common cause for divorce in the United States is financial trouble. Entering into any sort of financial situation, whether it be the rent to own option or not, without the both of you being on the same page can cause serious marital problems.

While it may not be necessary to… to read the full article click here.

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Negotiating Costs With The Rent To Own Financing Option

When a buyer and a seller of a home are negotiating during the closing process of the home buying experience, there are plenty of things that you need to be aware of so that you are not taken advantage of by the seller of the home.

During the negotiation phase there are certain things that you and the homeowner must work out that need to be paid for. These items that must be paid for are often referred to as “closing costs”. The rent to own financing option offers a unique twist on closing costs and we will talk about that in this article.

In traditional home financing options, the financial responsibilities of the buyer and seller are incredibly clear. With the rent to own option the traditional responsibilities may become a little bit skewed as the length of the contract and the nature of the rent to own model cause exceptions to certain situations.

Let’s take a quick look at some of the things that we can expect the home seller to pay for if we were to purchase a home today.

Sellers would typically pay for…to read the full article click here.

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The Five Worst Things You Can Do When Buying A Home

Many of the articles that we have written thus far have been about the rent to own financing option. There is much more to purchasing a home than just the financing options available to future home buyers.

This article is going to take a look at five of the worst possible things you can do in the home buying process. Whether you use the rent to own option or not, this is a fantastic article to help prepare you for a smooth transition from winter to homeowner.

Don’t Know Your Budget

So many people these days just simply do not know what their budget is for their home purchase. They are so focused and determined to buy a home but they do not know how much they can afford. This lack of knowledge can lead to major disappointment when they realize that the home that they want is not the home that they can afford.

In order to avoid this blunder you must work with a qualified professional, or do some research yourself, to figure out exactly what your budget is for a home purchase. There is no hard and fast number for how much you can afford, but looking around at different home prices, you can figure out how much a monthly mortgage payment would be. If the potential monthly mortgage payment is significantly higher than the rent that you are currently paying, chances are you are not financially… to read the full article please click here.

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Five Things To Watch For When Renting To Own

Rent to own homes are a fantastic solution for many home buyers. Whether you are purchasing your first home or whether you are looking for investment opportunities using alternative financing, the rent to own option has a lot to offer.

Like any form of financing, there are a few things that you must be aware of before you dive in headfirst to rent to own home buying. Financing a home purchase can be a very complicated and confusing endeavor for those who have never done it before, which is why we have put together this article.

By reading the information in this article you will be able to avoid some of the major pitfalls that befall buyers who are getting involved in the rent to own the financing option.

Unscrupulous Home Owner

The major difficulty with the rent to own financing option is that 99% of the time…to read the full article please click here.

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How To Lock In Your Future Price With Rent To Own Homes

The most obvious benefit of taking the rent to own a home approach to home financing is that of locking in your future purchase price. Having this option allows many homeowners, particularly in today’s market, to proceed with confidence into a contractual agreement knowing that they will be able to purchase the home at an affordable price while taking the much needed time to put their finances in order.

If you are wanting to pursue the rent to own option as a way to lock in a future purchase price, there a few things that you need to be aware of.

The Lease Option Financing Route

In the 1960s and 70s a financial instrument was developed called a Lease Option. This lease option allowed future home owners the ability to secure future sale prices upfront, while leasing the home from the homeowner.

It is this Lease Option on general mortgages that make the rent to own option such an attractive solution for many home buyers. When making reference to a fixed future purchase price, we are actually referring to the Lease Option on a mortgage.

In most cases, the future homeowner (the buyer) will be assessed a fee to initiate the Lease Option on the mortgage. This fee typically ranges between 1 and 3% of the proposed selling price. For example, if you were wanting to take advantage of the Lease Option on a $200,000 home, you would pay (upfront) anywhere from $2,000 to $6,000 as a fee (aka deposit). It is not required that the fee be between 1 – 3%, your fee could be as low as $1, but it is important to realize that this fee is unlike a rental deposit: in most cases there is no refund.

The terms of this type of contract is… to read the full article click here.

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