Are You a Good Fit for RTO?

You might be wondering: am I a good fit for rent to own? 

There are no hard and fast rules, but here are some of the people we see attain the most success:

Those who are...

...receiving a steady income.

This goes without saying, but you’ll need to have income in order to pay for your mortgage. A very rough estimate is that you can afford to buy a home valued at 4x your gross annual income before tax. Keep in mind this is based on household, not individual income and varies based on various factors unique to each buyer.

The big difference between qualifying for this RTO program and a traditional bank mortgage is that with RTO, less importance is placed on the length of time you’ve been in your job, so if you are new to your specific role or even new to Canada, you may not need to wait until you’ve been there for years before you can apply for the program.

...coming out of credit repair (bankruptcy or consumer proposal).

While your credit score is part of the equation, it’s not the only thing we look at. Plus, since the RTO process takes a few years, it gives you time to work on credit repair before applying for a mortgage with a major bank.

...motivated

While RTO can be an excellent tool for new home owners, it’s not a magic trick and takes hard work and dedication. You’ll be saving for a 10% down payment at the same time as you’re paying your new rental payments and getting used to the added benefits—and sometime stresses—of paying for home maintenance and improvement.

...excited

Most importantly, I see the most success with buyers who are excited to be a part of the program and are eager to move into their very own home while building a future for themselves and their families.

Buying a home for yourself and your family IS exciting, and I can’t wait to help you take the next step to moving towards that goal.

Do any of the above points sound like you? Even if you’re still not quite sure about it all, I’d love to have a chat with you! Go ahead and book a call for whenever is convenient, and we’ll go from there.  

If we've already spoken on the phone but you think it's time for an update, go ahead and book another call—I'd love to hear how things are going.