Rent-To-Own
Welcome to...
Our page on rent-to-own programs in Canada! Here, we’ll provide you with all the information you need to know about rent-to-own programs, how they work, and whether they’re the right choice for you.
What is a rent-to-own program?
A rent-to-own program is a type of housing agreement that allows renters to rent a property with the option to purchase it at the end of the lease period. Rent-to-own programs are typically offered to individuals who may not have the financial means to purchase a home outright or who have a poor credit history.
How do rent-to-own programs work?
Rent-to-own programs work by offering renters the opportunity to rent a property for a set period of time, usually two to five years. During this time, the renter pays rent and often an additional monthly fee, which is put towards the eventual purchase of the property.
At the end of the lease period, the renter has the option to purchase the property at a pre-determined price. If the renter decides not to purchase the property, they may forfeit the additional monthly fee they paid towards the purchase of the property.
Are rent-to-own programs right for me?
Rent-to-own programs can be a good option for individuals who may not have the financial means to purchase a home outright or who have a poor credit history. Rent-to-own programs can also be a good option for individuals who want to try out a neighborhood or property before committing to a purchase.
However, rent-to-own programs can come with risks, including the possibility of losing the additional monthly fee if the renter decides not to purchase the property. Additionally, some rent-to-own programs may have higher monthly fees and interest rates than traditional mortgages.
How can I find rent-to-own programs in Canada?
Rent-to-own programs are offered by a variety of companies in Canada. You can find rent-to-own programs by searching online or by contacting a real estate agent who specializes in rent-to-own programs.
It’s important to carefully review the terms and conditions of any rent-to-own program before signing a lease agreement. Make sure you understand the monthly fees, the purchase price of the property, and any other terms and conditions of the agreement.
Simply put...
Rent-to-own programs can be a good option for individuals who may not have the financial means to purchase a home outright or who have a poor credit history. However, it’s important to carefully consider the risks and benefits of a rent-to-own program before signing a lease agreement. If you’re considering a rent-to-own program, be sure to do your research and consult with a real estate professional.
We Offer A Range of Solutions For All Your Rent-To-Own Needs!
A home equity line of credit or HELOC is a line of credit taken out by a borrower to access the equity in their home. The amount you can access is based on the amount of available equity in your home, which is determined by subtracting the appraised value of your home relative to any existing mortgages. The more equity you have available, the larger the line of credit amount you can qualify for. Whatever the reason you have is for needing to access your equity, HELOC loans are a great solution that allow you to access equity with flexible terms and payment options.
Why Choose Burke Financial
While many financial institutions may offer 2nd mortgages in Ontario, finding a lender that fits your personality and your financial needs is easier said than done. That is unless you have a mortgage brokerage specializing in precisely that.
Burke Financial is an experienced mortgage broker that will help you get the best interest rate for your situation. We access our vast network of private lenders, MICs, banks, and investors to find the right match. We invest our time and resources with as much care as you’ve put into owning and maintaining your home.
At Burke Financial, we understand that taking out a second mortgage in the GTA and other cities across the province is a big deal, and we don’t take it lightly. We have ample industry experience helping people from all over Ontario get the best mortgage rates and will do everything to make sure you get the best possible deal.
Our team will help you weigh your options and identify the right type of mortgage product for you. A 2nd mortgage might be the right solution for you!
We’re always happy to answer questions to help our clients better understand the process. Apply now to get in touch with one of our mortgage broker specialists.
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Frequently Asked Questions
Mortgage brokers are licensed financial professionals that have the resources to find the lowest rates and the appropriate payment plans for their clients. Working with a broker will save you time and ensure you get the best possible deal.
A mortgage broker acts as the middleman between you and the extensive paperwork involved on your behalf for a set fee. They are often able to foresee problems that could arise during the application process and tailor your application based on what each lender needs.
The role of a mortgage broker is to act as a connection between the borrower and the lender to secure a loan on behalf of the individual or their business. Their responsibilities include negotiating rates, dealing with the paperwork, and facilitating an agreed-upon loan and payment plan
One of the most significant benefits of working with a broker is their extensive network, as they have the tools and resources to identify and obtain the loan that will fit your needs.
A mortgage broker compiles a homeowner’s financial documents, accesses their credit history, and confirms current and past employment to present an application to multiple lenders. They help negotiate the terms and conditions of your payment plan and, once the loan is agreed, will work with the lender to ensure a smooth and efficient transaction.
Mortgage broker fees in Ontario vary based on your unique situation and the solution you are seeking. Contact us today for a more personalized estimate of what you can expect your fees to be.
Owning a home is an investment that deserves detailed attention and care. When unexpected expenses occur, or you need to consolidate your debts, it’s essential to find the right broker to step in and offer a solution tailored to your financial needs. We operate with a vast network of lenders, including subprime mortgage lenders across the province, and we’ll work diligently to find the right match for our clients.
At Burke Financial, our mission is to give homeowners across Ontario the best possible borrowing experience through a high level of service and expertise.
When you work with us, you’re working with an award-winning team that specializes in getting even the toughest of applications approved. We’re putting money in your pocket faster, so you can invest in your future.
Burke Financial offers mortgage broker services, with a specialty in subprime mortgages, across the province of Ontario.
At Burke Financial, we know that each homeowner’s experience is unique. We offer a personalized approach and help connect our clients with subprime lending options across Ontario. From day one, we treat each interaction with our clients as a chance to change their borrowing experience to a positive one.
We take the time to understand what our clients are looking to accomplish with their applications. We personalize short-term and long-term solutions to help our clients achieve long-term financial health.
We look at our client’s main priorities to make sure we shape the optimal payment amounts, term length, prepayment privileges, interest rates, and much more. We know how important it is to align our clients with reasonable rates and terms and educate them on areas like an exit strategy to make sure they are always on the right path.
As an industry-leading Mortgage Brokerage, we leverage our vast network of banks, institutions, MICs, private lenders, and investors to connect our clients with some of the best lending options.
Even if your credit score is below 650, our vast lending network allows us to deliver approvals for even the most complex applications. We believe every homeowner deserves to make the most of their home’s equity. We negotiate on your behalf and shop your application to multiple lenders to get you the most competitive rates and terms.
With our quick turnaround times, we can put money in your pocket in as little as 48 hours. Our goal is to deliver the best possible results for our clients and deliver them fast!
Communities We Serve
We provide service throughout all of Ontario with a focus on the following cities:
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