Rent to Own Agreement


If you are considering purchasing a home but are not yet ready to do so, we can help. Perhaps you have credit issues to address, a lack of down payment, lower income due to maternity/paternity leave, self-employment or an unexpected job change. There are many reasons why you may not be able to purchase a home right now or qualify for a mortgage. However, a rent/lease to own agreement may be the perfect solution to becoming a homeowner and building your personal wealth.

We work with trusted property investors and realtors to help you enter into a rent/lease to own program. You will find the right home for you and enter into an agreement where an initial deposit and a monthly payment (above your normal rent payment) acts as an accumulated down payment over the term of the contract (1, 2, or 3 years). You can use this accumulated amount as the required down payment to purchase the home at the end of the contract. After two or three years, depending on your agreement, you can purchase the home at the pre-agreed price and become a proud homeowner.

This agreement is a win-win situation for you as it gets you into your first home sooner and helps you save for the required down payment.

At Main Street Mortgages, we will guide you through the process step by step:

Step 1

Before you enter into the rent/lease to own agreement, we will take an application from you to ensure that you qualify as a tenant. We will also provide a full picture of what you need to do to qualify for the mortgage at the end of the agreement, such as addressing any credit issues or clarifying your income.

Step 2:

We will provide you with a plan to cover the entire term of your agreement so that you can address any issues identified in the first step and continue to qualify for mortgage financing at the end.

Step 3:

We will offer you a quarterly check-up to make sure you are on track with the plan, continually working towards ensuring you are a strong candidate to qualify at the end of the agreement.

Step 4:

Four months before you are due to take over your rent/lease to own, we will secure a mortgage rate guarantee for you with one of our best lenders.

Step 5:

We will walk you through the process step by step to close your purchase as a homeowner, right up to your funding date and beyond.

Step 6:

We will schedule annual mortgage check-ups to make sure your mortgage still meets your needs and works for you. During these check-ups, we will also discuss scheduling your a mortgage burning party!

We are excited to assist you with your dreams of homeownership!