Should I Rent To Own? | Buying A Rent to Own House? | Why Rent To Own is NOT a Good Idea!

I will often get questions about rent to own from clients who don't qualify for a mortgage right now. There are three reasons that you might not qualify for a mortgage and are considering rent to own.
1. You have issues with your credit (bad credit)
2. You haven't saved your down payment yet
3. You income is not verifiable, that is you earn enough income to afford the payments but the bank doesn't look at your income the same way.

I review these reasons why you might consider rent to own, I also talk about whether rent to own is good or bad. I discuss the benefits and advantages for rent to own as well as the disadvantages.

If you have some issues from the past, it's important to improve your credit so that you can qualify to purchase a home and also qualify for lower interest rates when you apply for loans.

Don't need a mortgage? Looking for a personal loan instead? Visit this website:

#StevenCrews #MyMortgageBroker #ParagonMortgage

[jenniferdana]

Thank you 😊so much for explaining why it is not a good idea to rent to own a house and why it's better to get your finances correct so that in the future you will be able to have enough money to put towards the down payment on a house and other things you need to do and have before buying your own home. I need to contact a law firm to tell them I want to completely cancel my monthly payments. Because they want to charge me $26.95 a month for them to "help " me increase my credit. Not a good idea for me. For them it is because unless I cancel with them I'll continue being charged unnecessarily and that's lousy, unfair and isn't right at all.

[ladiiblueu]

thank you so much my cousin kept telling oh get rent to own and I'm glad I found this video I am not considering RTO

[TheFrnchrn]

So by doing a rent-to-own you basically create another creditor for yourself that you may be able to get out of or not. If you don't have savings to cover a down payment then how can you afford to pay too much rent to someone else and hope to save that. I agree with this guy, save up the money yourself. Makes sense.

[chrisj]

The likelihood of paying off your mortgage and owning your home is very very low. A lot of these mortgages turn out to be the exact same as a rent to own.. Unless you sell and cash out equity. I think they are very similar 🤔

[SunnyD-qzsm]

I don’t understand because anyone living a place, is your picture. Wether it’s yours or not. It’s important to maintain the house. I am lost I still don’t see the disadvantages.

[SunnyD-qzsm]

Houses never go down, they always go back. I don’t see the disadvantages at all

[debbielockhart]

Very one sided. I never trust info given bybsomeone who has a vested interest in getting people into mortgages. I have seen pretty good rent to own deals. Of course it isn't for everyone.

[sjbodc]

This guy is mortgage broker offcourse he is against the rent to own

[ShellzWorld]

People don't have time too fix credit. They need some place to live. There are owner finance options without using a Bank.

[Godslovethreesixteen]

Wow You just help me make a decision I will continue building my credit and saving in a couple yrs .Very informative

[effiemasuku]

I agree 💯 with you Rent to buy is not good idea

I lost so much i fixed electricity bill of that house
When I tell the landlord that I want to go she will convince me not to.
When I was approved by the bank for the bond she increase the money so I could not afford that's how I lost my money 😭😭😭

[albertlittle]

Okay okay LOL LOL LOL I got it I'm not going to do it LOL.

I thought about it I'm a truck driver and I have some money saved and I'm in the process of building my credit back up I'm almost up to 700 so I was getting a little impatient I thought about it but I'll just wait a couple more months and I should have everything tight.

However you talk me out of it you talk me off the ledge LOL

[audiotech]

Excellent advice you saved me a lot of stress

[LHEXWORLD]

You are an honest and caring mortgage broker.thanks for your videos, how I wish I'm near at Calgary.

[ladytracy]

Thank you for this information very informative 👍

[Motivation]

*_I AM A REAL ESTATE AGENT IN MIAMI AND I DEFINITELY WOULD NOT RECOMMEND IT TO MY CLIENTS, IT IS WAY TOO RISKY!_*

[hermanrogers]

Rent to own is a scam for the landlord to get rid of his responsibilities of paying property taxes and mortgage insurance and maintenance will go on the person who rent to own

[kennerwalker]

Give this man an Oscar for his convincing role as a Mortgage Broker that has your best interest in mind.
... Do you remember the WORLDWIDE 2008 CRISIS still?...

[annpowell]

Thank you. I been approved by a rent to own and got a welcome letter that also including some...Surprises!!! The advertised requirement money needed was nowhere in sight. The shockingly grand total made me stay up that night, l could not sleep so l watched this video and that helped me to decide the obvious...It's not the way to home ownership if you really think about it. It's never Guaranteed!!!!

[m-claudinekarengera]

Thank you very much,
You save me and my money!