Home Rent to Own | Power of Sale/Foreclosure | Credit Management The Way Canadians Can Become Homeowners | Page 4

THE BEST WIN-WIN OPTION TO HAVE
A HOME IN CANADA
It´s easy to see the benefits of rent-to-own homes for tenants. There are
many people in Canada who cannot apply for a mortgage due to their
insufficient income record. Taking this into account, people can improve their
records during this period. By paying on time your rental according to what
is established in the rent-to-own home contract, may improve your payment
record and your chances to get a loan. Sometimes it´s impossible to
achieve, in a short period of time, the necessary down payments to get a
mortgage (normally between 2% or 3% of the total value). Rent-to-own
home is a viable option to enjoy a home while creating the necessary
conditions to buy one permanently.