Articles You Want

The credit market of today is tougher than it has been in years. Several years ago it was easy to get a home loan, even if you had bad credit. Now, the pendulum has swung to the other side, and it’s almost impossible to get financing unless you have great credit, long-term work history and plenty of down payment. This makes it very difficult for many people to get into a home of their own. It may be a buyer’s market from the perspective of home prices, but the credit markets make it remarkably hard for you to get funding. Other options and other financial products are available, however.

A rent to own agreement is one under which you pay a smaller down payment to move into a home but gain another benefit from having a portion of your monthly rent payments being applied towards the purchase. There are many lease to own homes in the Port Orchard and Bremerton areas and the benefits don’t stop there.

The best part is that it gives you the opportunity to work on improving your credit situation while you live in the home that you will ultimately own. No more throwing your money away towards rent, and running the constant treadmill that so many people stay on.

The home price will usually be locked in when you began paying on your lease, so you can earn a potentially great benefit if the price happens to go up before you buy. At the same time, if the market value goes down, you are not committed to purchase, and you can often buy the home at the lower price.

The arrangement is also generally much cheaper than the monthly cost of a mortgage. Because you don’t actually own the home until you exercise your lease option, you pay no taxes on the property, cutting another cost.

With all of the benefits of a lease to own, it’s a surprise that more people don’t take advantage of the opportunity.

Washington Home Solutions is located in Port Orchard and offers lease opportunities to people who would like to own a home, but need time to get financing together and would like to explore lease to own opportunities. You can learn more at WAHomeSolutions.com.