🚀 go-pugleaf

Is going thro' this "rent to own" program makes a renter easier to get a
mortgage?  Any fianancial insttitude backing this program?

Susan


"JS" <gq_s2002@hotmail.com> wrote in message
news:1148654262.345765.169940@u72g2000cwu.googlegroups.com...
> > I apologize for my shortsitedness. I should have said anywhere in the
> > U.S. All you gotta do is remove that foreign speaking part of your
> > country, get annexed as the 51st state and then I'll be able to process
> > your ads. Furthermore, I would no longer have to worry about falling
> > off the end of the world everytime I cross the bridge to Windsor.
>
> That's priceless.  *lol*
>
> I can get caught up in the great Canadian past-time of bashing our
> American cousins (particularly where NAFTA and softwood lumber are
> concerned) but the sniping in prior posts was unwarranted and uncalled
> for.  Good for you for retaliating with a retort better than the
> stereotypes of Americans would lead us to believe you are capable of.
> :)
>
> > Hey rob...@nf.sympatico.ca, when you say "It's sad to see that someone
> > is continuing to try and scew the little guy", do you mean me (JSC)? By
> > posting an article explaing the RTO concept and/or offering FREE ads to
> > BOTH buyers and sellers, please explain how we are trying to screw
> > anyone. BTW, most landlord/sellers that post house available ads are
> > little guys (just like most of the tenant buyers and JSC).
>
> Everyone >> Remember that there is a risk involved in the Rent-to-Own
> concept for the landlord and, at the same time, they are also reducing
> their gross income each month by offering rental credits.  Effectively
> the landlord is becoming responsible for holding the mortgage on behalf
> of the rentor.  When you take that into consideration why shouldn't the
> landlord place a few restrictions on the timely reception of payments?
>
> Since I am responding to a post in a Ottawa NG...in the province of
> Ontario when you do not submit your rent on time at the beginning of
> the month that the landlord can serve you with a form demanding payment
> within 21 days or you have to move out.  The only exception to this
> rule is in the dead of winter (for obvious reasons).
>
> The option that JSC is describing is for people who cannot secure a
> mortgage.  Since they cannot secure a mortgage and they want to buy a
> home they would take this route.  If they did not then they would
> be...come now...everyone together...renting.
>
> To quote the OP..."A lease purchase can make your rent money work for
> you instead of making your landlord rich".  If these people are renting
> without this RTO concept working the background then even if they miss
> a payment date or two they are still further ahead in their quest to
> own a home than if they just rented and did nothing.  The Option
> Consideration is anywhere from 2.5 - 7% of the value of the unit and
> while CMHC may allow for 5% downpayments but that is for the typical
> person who does not have any blemishes on their credit.  Banks can
> demand a larger downpayment depending on how much of a risk they think
> you are.
>
> Methinks that kwo...@hotmail.com got it right...someone is looking out
> for the little guy by making this option more widely available.
>
> Now if only we could get something like that going up here in the 51st
> state...er...I mean Canada.  ;)
>