Rent-to-Own homes, or commonly otherwise known as Lease Purchase Homes, Lease Option Homes, Lease Option to Buy Homes or Houses for Lease Purchase Option, are a wonderful alternative for people who would like to purchase a home right now but may need a little time to acquire a down payment or to build up their credit rating.

So what exactly does rent to own or a lease purchase entail?

A standard rental lease allows you to live in the home, and there are usually associated move-in expenses such as a deposit and/or security deposit. With lease purchase homes or lease option homes, the "option" agreement gives you the right to purchase your rental home within a certain period of time. There is also usually an initial "option" amount due upon signing (similar to a rental deposit) and a monthly additional payment which applies to the purchase price of the lease option home.

Buying a lease option home through a rent to own lease is one way to save for a down payment while you get to enjoy living in the house. But be sure to fully understand this type of agreement, as you must be willing to see the option all the way through and make your payments on time, or you could risk losing the right to purchase the home and any additional option amounts you paid.

Sounds confusing?? Don’t worry. We start this off with a meeting with one of our affiliated mortgage companies that will take a close look at your situation to insure you will be in tip top shape to complete the purchase at the end of your option. You’ll know the outcome before you start.

Step one: Find the right home.

Step two: Meet with one of our Mortgage Consultants to get on the right track.

Step three: Make your payments on time for 12 months or more and earn equity with each payment.

Step four: Back to the Mortgage Company to refinance your house at the agreed upon price and apply all of your equity toward that purchase at the agreed upon price!