Yes, but only marginally. Beyond the Bank is committed to affordability. Our rent-to-own agreements are designed for your success, with monthly costs set lower than most competitors, ensuring accessibility without compromising your financial stability.
Rent-to-own entails both monthly rent and option payments. These option payments act as a deliberate savings strategy, accumulating towards your down payment. This substantial down payment makes securing a mortgage upon the rent-to-own term’s conclusion more attainable.
The initial deposit is a prerequisite to initiate the rent-to-own agreement. It serves a dual purpose: to maintain lower monthly costs and to demonstrate your commitment to the process showing dedication to property upkeep.
Typically, you’ll need a minimum of 5% of the final purchase price for the initial deposit. For instance, if the home’s final purchase price is $250,000, the minimum initial deposit required would be $12,500.
We apply a conservative annual appreciation rate to the current property value. While appreciation rates may vary by location, we intentionally keep them moderate to facilitate mortgage qualification for tenant-buyers.
Yes, they are distinct. Rent payments cover your occupancy, while option payments serve as an accumulative savings, earmarked for your eventual down payment when you are ready to purchase the property.
Absolutely. While both involve qualification, our rent-to-own program offers more lenient criteria than traditional mortgages. Beyond the Bank aims to ensure you’re mortgage-ready by the rent-to-own agreement’s conclusion, simplifying your transition to full homeownership.
Our customized rent-to-own terms increase your likelihood of mortgage qualification. We understand that unforeseen life events can impact readiness. In such cases, we offer the flexibility to extend the agreement, helping you regain a solid footing for mortgage eligibility.
The First-Time Home Buyer Incentive aligns with obtaining your first mortgage. Beyond the Bank’s structure involves obtaining the mortgage at the end of the agreement, making the incentive most suitable for use then, not at the commencement of the rent-to-own term.
Our team works diligently to source properties that meet our standards for quality and value. While we provide a selection of homes within our program, we do also welcome discussions about properties you might be interested in. We strive to ensure your successful homeownership journey.
Life is full of changes, and we understand that circumstances can evolve. Should you experience financial shifts during the rent-to-own term, our team is here to support you. We’ll work together to explore options and ensure your journey towards homeownership remains on track.
The duration can vary based on your unique situation and goals. Typically, our programs span 2 to 4 years, providing you with the time needed to prepare for mortgage qualification and homeownership. We tailor the timeline to align with your financial readiness and aspirations.
