A lot of people don’t know this unless you’ve enrolled with the BBB A-rated H.O.P.E. Program: you can actually add your rent payments to your credit report! Shocking, right? The real estate industry is truly an evolutionary model in ways we all can’t imagine. This changes the game for many, particularly when dealing with a rent-to-own contract. You essentially get the best of both worlds….
Sometimes known as credit restoration, the simple fact that you’re basically itemizing all of your rent payments onto your report will boost your score by leaps and bounds. That’s a good thing given the fact that you’re going to sign a lease contract to buy the home for a down payment, and with a possible 640+ score, you’re sitting pretty good on that pedestal, aren’t you?
Additionally, you could easily go with a firm like Lexington Law while you’re comfortably renting to get any negatives removed, not having to worry about home improvements (because the landlord will then take care of those!), and get your score looking even better than it will when the time comes for you to buy.
You just might find that you’ll qualify even with bad credit. Because in the long run, as long as you’re making those payments, you’re benefiting tremendously through credit repair.
It’s important that you consult with us, your rent-to-own consultants, further about your situation. You never know: that rent-to-own home just might be the right fit for you. But you don’t go into it without the knowledge, understanding and application to negotiate the terms, because remember: ask the right rent-to-own questions, and you’ll get the best outcome. Sure, you’ll pay more out of pocket for rent each month, but that extra money’s going to go into that down payment when you buy, and you just might squeeze even more savings if your credit’s looking sweet.
Yes. Sweet like candy. And we all know that a rent-to-own is exactly like that: candy. GET YOUR CANDY RIGHT HERE.
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People talk a lot about rent-to-own homes like it’s the new innovation in the candy business. After all, when the Snickers bar first came out, everyone was in a rush about the novelty and ingenuity of merging chocolate and nuts together, so the rage made waves, for sure! Rent-to-own is like that — it’s candy. It’s yummy. But if you’re not careful or haphazard about rushing into an agreement without asking the correct questions, you could get yourself into a lot of hot water (or wrappers all over your floor, plus a few toothaches).
The thing is not every seller/owner out there will say flat-out what the deal is. To them, they’re thinking they just need a tenant. But what about rent-to-own? I can imagine many sellers/owners would blink at the idea, so it is important to ask about it and know what you’re getting into.
There’s a lot of negotiation that comes into play with a rent-to-own, so it’s no surprise that questions get asked on a regular basis. The thing to remember is this: what are the right questions to ask? Clearly you have an advantage with all the rent-to-own reviews available in the market right now.
It’s imperative that you know that not everyone is in the know — especially sellers/owners. Most don’t know what the heck is going on, especially when they’re dabbling in the prospect of a rent-to-own. Our rent-to-own consultants can educate them. We can educate you. And we can make sure that rent-to-own works out well for both.