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Frequently Asked Questions ( FAQ )
Eventually, when the lease term ends. Yes. We will hold the home-ownership for the first 3-5 years. The reason is that we want to secure the most competitive mortgage rate for you. Therefore ,we will need to purchase the property and secure a bank loan on behalf of you. In this way, we will be first-positioned and obtain a good mortgage rate with our extremely good credit from Major banks and offer you a highly competitive mortgage rate as a result.
Yes. That would be part of the agreement. You will exercise every right as if the house is fully entitled to you.
The initial down payment varies depending on the situation. The higher the down payment, the lower the mortgage rate is going to be proportionally.
The mortgage rate is always negotiable, and it varies depending on the situation. We offer much more competitive mortgage rate than other lenders in the secondary mortgage industry. The maximum mortgage rate is 5 years fixed posted rate + 2 percent.
The most important question is what makes you think you are not able to secure a bank loan in 3/5 years.
- Insecurity of not obtaining PR status in time
Solution: Extend the lease agreement for a longer period.
- Damaged credit history
Solution: We would recommend credit counselor to help you improve your credit.
Our goal is to let you own the home-ownership. However, if you could not continue to support the monthly payments. There are some options to consider
- You could look for the interested individual who is willing to take over your lease.
The property will be taken back for further actions.
No. Our Rent to Own Program is applicable to any property in lower Mainland. Please note that only 5 percent down-payment is required if the property is one of our own listings ; 10 percent down-payment is needed otherwise.