How to get a mortgage on a lease-to-own agreement

In Uncategorized by Zoltan PadarLeave a Comment

People have many options to purchase a home, one of them so called Lease To Own. It is a solution
for the clients unable to save down payment during a foreseeable time and or have credit issues.
In any case, before you enter into any type of rent or lease to own agreement, you must contact
an experienced mortgage broker. There are many landlords; investors unable to sell their property
are resorting to this type of arrangement. Reasons can be, I am not saying for sure; overpriced
property, property needs upgrading, fraud and so on.

Basics
So this is a two way street. Two parties wants to make a deal, however it has to be fair and
you must look at to get the right advise from your trusted adviser, your mortgage broker, to:

Checklist
• check out ownership and vendor really own the property
• check out property, what type of liens, caveats are on and they are removable
• check out the price it is not grossly over valued
• how to get an appraisal to ensure you are not being taken for a ride
• how to make sure to execute the right type of Lease To Own Agreement
• how to properly document the down payment
• properly document the funds paid to the vendor and it will qualify as additional down payment
• the right documents executed the right way to ensure mortgage approval in due time
• reasons to use a reputable law firm will pay off, you can bet on it

Hidden Agendas
Many other hidden agendas can be discovered when you try to obtain a mortgage at the time the
Lease To Own Agreement becomes due. We just wanted to make sure, you will not lose all you money
what you have put toward the purchase price of the property and you have to start all over.
FREE Consultation to avoid possible issues will save you money, time and possibly losing a bundle.

For detailed information on how to structure the Agreement please consult one of our experienced
Associate at MortgagePRO Ltd., a Canadian mortgage brokerage that has the answers and will be able
to guide you.
We also provide mortgages for people with issues, provide private financing plans, solutions and
help to reach your goal; own your dream home.

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