Rent-to-Own Program

Rent-to-Own Program and Lending Specialists in Hamilton, Burlington and Brantford

Rent-to-Own Program

Our revolutionary Rent-to-Own program gives consumers an alternative when their Bank says “no”!

Our Rent-to-Own Program also helps families avoid the inflexible rules set by banks and allows them to become new Home Owners or Refinance their existing home should they be facing Power of Sale or Foreclosure.

We have been so conditioned to believe that there is only one way to obtain financing to buy or refinance our homes.

The media tells you the choice is between a bank or a credit union. Not true!

It is important to realize that traditional lenders are not the enemy, but, when banks start tightening their lending guidelines…as they have in the past few years… they decline many clients who deserve a chance at becoming a home owner.

Banks continue to use the same time-tested approach to see who qualifies to become a home owner and who doesn’t. Banks simply plug in your financial numbers, examine your credit bureau and then based on the financial profile they create for you…you are either “Approved” or “Declined”.

This, of course, is a glorious moment for those approved, catastrophic for those declined.

Have you been declined for a mortgage?

Unfortunately, banks and other lending institutions are not in the business of moving those who are declined to the list of those who are approved.

Fortunately, this is where Ontario Lending Solution’s Rent-to-Own Program will “Bridge the Gap”.

We bridge the gap between that “NO!” you first receive and the future “YES” you will achieve.

Our Lease Purchase Program starts with a down payment as little as 3% or $10,000 down (whichever is greater) if you are Purchasing a New Home.

We have taken the “concept” of Rent-to-Own of the 1950’s and have modernized the concept to adapt to today’s lending environment.

With our unique program you can move into the house of your dreams today and become the owner of the property at some point in the future…during the Rent-to-Own term…normally 3 years…our team of experts work with you to correct the issues that cause your bank to say “no” today – and making you “bankable”.

An example:

A client has $ 10,000 down and wants to buy a home today. Their credit score is low because they experienced a “life event” that caused their credit rating to get derailed and now it is below the banks standard. Instead of renting we can help you move in today…repair your credit through our Credit Re-build program and become the home owner at the end of the lease term…during the program your down payment will be built into the mortgage criteria…your credit rating is repaired, and you will be able to get that approved mortgage with our help.

In purchase situations there are some costs that do come out of pocket, in refinance situations, these costs may be able to come from the existing equity in your home.

You should be prepared for additional closing costs such as Independent Legal Advice (ILA), appraisal and home inspection.

If you are transitioning from a renter, consider our Purchase Program a Home ownership Boot camp helping you easily transition from renting to owning.

As a home owner, you must consider additional cost such as property tax, house insurance and other cost in your budget you might not be accustomed to when you are renting.

Helping you through

The Program helps you budget and prepare for the extra cost, so you are best prepared moving forward. Also, if your credit is damaged, our specialists will give you the guidance needed to correct any credit issues, build a new credit rating and put you in a position to qualify for a future mortgage.

Please note, Lease Purchase Payments are higher than normal rental payments as up to 20% of the monthly cost is added to your initial down payment to put you in a prime qualifying position with your Bank and CMHC. Our underwriting guidelines mirror all the major banks, so you are confident to exit at the end of the term.

How the Rent-to-Own Program works

You work with your own realtor or one of our associate Realtors to find the house you want to own in the future…we do not have an inventory of houses to choose from.

Once your Funding Partner is located, we will draft the Contracts which contain the financing details of your Lease Purchase Program.

Our Underwriting department analysis your application to ensure you can afford the Monthly Lease to Own Payment and that we can formulate a plan to get you into Home Ownership in the future. Basically, we make sure we can resolve the issues that make Banks say no today. Once we are confident you can exit our program we will send you a Rent-to-Own Program offer for your consideration.

You “must” take these Rent-to-Own program contracts to your lawyer to obtain Independent Legal Advice (ILA)…it is mandatory with our program.

Once your lawyer has given the “green light” you will need to sign and return the contracts.

If you agree to the terms of the Rent-to-Own Program, we then ask you to send us back a signed copy of your acceptance along with supporting documents for our review.

Signing the Contract

You and your funding partner will then sign the real estate contracts. Remember…your Funding Partner will actually buy the house on your behalf and you sign contracts to become the future Home Owner using our Rent-to-Own Program.

Once your lawyer has given the “green light” you will need to sign and return the contracts.

Once we are satisfied your Rent-to-Own program will achieve the end goal…a successful exit…we will find a suitable Funding Partner.

We close…you move in and we start working on the “Exit Strategy” that we put in place before you were approved your Rent-to-Own Program.

Additional Advantages

If you are facing Power of Sale/Foreclosure, your transition process will be from an owner to a tenant and back to an owner at the end of the Lease Purchase Program.

As with the Purchase program, our Buy Back program will enroll you in our Credit Re-build program. In this way, we resolve any credit challenges you are currently facing.

Our Lease Purchase Buy Back program allows you and your family to escape Power of Sale/Foreclosure, press the reset button and get a fresh start!

Facing Power of Sale or Foreclosure? We can help!

Our specialty is helping families avoid the jaws of foreclosure and keep your family at home where you deserve to be.

We understand how unexpected life events can affect personal finances.
If your current 1st or 2nd Mortgage lender is not renewing your mortgage…we can help!
If you are drowning in debt and need to refinance…we can help!
Keep your family at Home and kids with their friends!
Repair any Credit Issues you are Facing today
Eliminate any debt you have by accessing the equity you have in your home
Return you to a traditional mortgage at the end of the term

CHANGE YOUR LIFE!

“We are underwriting your file for a future mortgage and we are using a Lease Purchase Program to allow you to move in today”
We determine the “Future” Purchase Price from Day One. As a result, you know exactly what you will pay to purchase the house in the future.
Credit Mentoring is mandatory during the Rent-to-Own Program
ILA is Mandatory before the Rent-to-Own Program starts

Who is our client…

We are NOT credit driven and our clients generally fall into at least one of the categories below. They have either…

Low or no credit score
Business for self and can’t show income
Collections, judgments or writs on bureau
Property tax or income tax outstanding, tax liens
Need to go into a consumer proposal, bankruptcy or not fully discharged
Orphaned mortgage, current lenders not renewing
Mortgage higher than the current market value due to market correction
Power of sale (foreclosure)

If you want to Buy, Allow us to help!

If you need to escape Power of Sale or Foreclosure we can help!

Prequalify to Stop Foreclosure

No matter where your Credit Score is today…you can still qualify for one of our revolutionary Rent-to-Own / Lease Buy Back Programs! Connect with one of our professionals today.

Our Team of Mortgage Specialists

Visit our contact page to find the specialist right for you.

Burlington and Brantford

Today’s lending environment has made it more challenging than ever for self-employed and commissioned borrowers to qualify for mortgage financing under traditional ‘A’ guidelines.

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