rent to own vs mortgage?
check this article comparing home loan with rent http://www.ebindiaonline.007ihost.com/index1.php
by ebindiaonline - 19 hours ago
Check out this rent vs. buy calculator. http://www.mortgagesum.com/mortgagecalculator/mortgage-rentorbuy.php
by matthewkk - 19 hours ago
A lease option is a technique which involves gaining "control' of a property, but not ownership - just the right to possess a property now and purchase that property at some future date with terms you define today. A "Subject To" is getting the deed to a property without getting a new mortgage. Instead, the seller signs over the deed to his or her home "subject to" the existing mortgage staying in place. The buyer in this case makes the mortgage payments on the old loan, but does not get a mortgage themselves to acquire this home. Both of these techniques usually require little or no money down. There are many ways to go about it. It's best to sit down with a financial advisor or loan officer to go over your unique situation and what's your best interest. Good luck!!
by Kim F - 19 hours ago
if you can afford and qualify for a normal mortgage I would go that route. But some people cannot qualify for the loan right now, or cannot afford the full mortgage loan, so they make an agreement to rent the property for a set amount of time, with some of the rent being applied to the future mortgage and price of home, and the seller agress to sell it after so many months of renting at an agreed price But please get an agent to help you with the contracts so you dont get cheated, and to make sure title is transfered to you at the right time in the future if you go with a normal mortgage you should own the home within 30 to 45 days and you can move in immediately
by sensei ronald j.f. panlilio - 19 hours ago
I bought my previous house this way. I leased the home from the builder at $1,600.00 per month and they deposited $1,200.00 of that amount into an escrow account which could only be used towards the down payment during the first year of my lease. At month five I had $6,000.00 towards the down payment and was easily financed for the balance of $149,000. I live there three years and sold that house for $295,000. I was the smartest thing I have ever done. I took that money and bought a $500,000 house and financed the balance. Five years later this house is worth $875,000. Since I only owe $325,000 on it I am riding a half million dollar equity. All this because of the lease to own agreement.
by yes_its_me - 19 hours ago
It depends if the Landlord/Homeowner has increased the sales price of his home before having you lock into this Rent to own contract. Basically you will sign a lease that will tell you what the sales rpice will be at the end of the term, minus the money you have paid in rent over that time period. That money should be put away in an escrow account and used as down payment money toward the purchase. It is a very good deal for folks who don't have a decent downpayment.
by Midnyte - 19 hours ago
It is better to buy a house because renting will decrease your chances of affording your own home later. To own a house all you have to do is put 10% down and then you will pay a morgage which actually usually isnt that expensive. I would say $450/month for a starter home. This will help you in the long run because you can get your house the way you want it make a profit and upgrade when you need something more. I hope this helps. Rent to own they is a scam because they get more money from you in the long run because you rent before you buy.
by Waiting for Madelyn :) - 19 hours ago
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