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Still not sure how it all works? Well if you’ve got questions, then we’ve got answers:

What makes you different from the other Rent To Own programs out there?

While the underlying concept is the same (the concept being that a portion of the monthly payment goes towards the purchase), our Rent To Own home ownership programs are geared differently than most others you'll find. While most Rent To Own programs are "one-size-fits-all" offerings set up to maximize the profits of the landlord with little regard for whether their tenant actually buys the property, we put our focus squarely on helping you to actually own your own home. We understand that every one of our customers is unique and as such, we customize our programs to ensure you can buy your home in the quickest, safest way possible.

As we've grown over the years, we continue to strengthen our programs and now offer many key benefits that you just won't find in a run-of-the-mill Rent To Own program. Such benefits include transparent pricing, protection against major repairs, built-in credit counseling, payment plans geared to save the full closing amount, "safety net" strategies for added customer protection, and even a significant refund should you choose not to purchase. These key elements to our Rent To Own home ownership programs have allowed us to maintain a success rate far higher than the Rent To Own industry average, and have earned us accreditation with the Ontario Better Business Bureau.


How much will I be paying each month?

On average, the monthly payment our customers pay is roughly the same as what they would pay to actually own the house. We make sure to disclose our carrying costs, so that our customers know "where the money goes" and what their house will typically cost once they own it.

We calculate our monthly payments using a very simple formula, which is:

Carrying Costs + Savings Portion = Monthly Payment

The "Carrying Costs" in this case are our expenses to hold the house, and typically includes mortgage, property taxes, insurance, rented appliances such as a water heater, and interest payments on the financing used to purchase the property.

The "Savings Portion" is the amount contributed into a savings plan each month to accumulate the total amount to purchase the house at the end of the term.

So, if you have the full down down payment and closing costs at the start and don't need to save anything further, you would simply pay enough to cover our carrying costs. If, however, you need to save a portion of the eventual down payment you'll need at the end of the program, then this amount would be broken down over the number of months in your term, and then be factored into your monthly payment amount.

This payment, plus utilities, is all you would be responsible for paying each month. If you are able to put down a higher amount at the start of the program, then you will be paying less each month. And of course, if you put less down, your monthly payments will be higher.

Do I have to have money up front?

Yes. We help you transition to become a home owner through an alternative financing program. That means you will need a small initial deposit to qualify. But don’t worry, we have helped families just like yours own their own homes with deposits as small as $3,000. That’s all it takes to start realizing your home ownership dreams!

Do you take trades for the down payment?

Yes. We can work with tax refunds, equity in other homes, bonuses, future settlements, retirement funds, RRSPs, etc. and we may even accept personal property you may want to trade such as cars, boats, RV’s, motorcycles, trucks, etc.

Do I need to be employed?

Yes. You need to show steady employment to qualify.

How long is your Rent To Own home ownership program?

That depends on the individual, but our customers usually work through a one to three year program before qualifying for a mortgage, with most people needing two years on average.

What can I do to own my home as soon as possible?

We can customize our program to address your unique situation, regardless if it’s poor credit, a low down payment, or both, that may be standing in your way from home ownership. Our credit counseling and down payment savings plans are designed to help you own as fast as possible.

Is the price of the house fixed?

Absolutely. We sell you the house at a fair price established in our agreement. If you build any additional value into the house through renovations or upgrades, that additional equity will not inflate your purchase price – it's yours to keep!

Will I need to qualify for a new mortgage at the end of the term?

Yes. You will need to secure financing for the home at the end of the rental term, but we work with you through the whole process to prepare you for that. We even connect you with the mortgage specialist that will help you get the mortgage, and provide guidance in fixing any credit problems you have.

What sorts of contracts do you use?

When you move in, we complete two simple contracts: a Lease Agreement and an Option to Purchase Agreement. The Lease is a standard contract, just like if you were renting, but the Option to Purchase is what gives you the right to purchase your home at any time during your program. It also ensures that a portion of your monthly payment is being safely saved for your future purchase, and specifies agreed upon future buyout pricing along with other important details.

When it's time for you to purchase the house, we then use a standard real estate purchase and sale agreement (OREA Form 100). This is an agreement where you as the buyer and we as the owner sign an agreement for the sale of the house. As long as both parties abide by the terms of the Lease agreement, then we agree to sell the property to you for the agreed upon price within a specific time frame (usually one to three years). The money that has been saved over the length of your program (in the form of accumulating monthly credits) will be fully credited to the down payment and closing costs of the home when you exercise your option to buy the house.


I have damaged credit. Can I still qualify?

We’re happy to tell you that YOU CAN BUY A HOME WITH DAMAGED CREDIT! In fact, it’s quite common. DreamHomeToday can help you start repairing your credit right now! Don’t have much of a credit history at all? We can even help you establish your credit.

We have a close partnership with one of Ontario’s best credit repair programs, and your participation in this program is mandatory – we don’t take chances on your credit because it’s critical to us that you are successful. Our credit improvement program educates you about your credit report and gives you the guidance and strategies to get your credit as healthy as possible. Not only that, but we ensure you stay on track through regular follow-up consultations.

What if you can’t easily verify my income?

Not a problem! If you think you can’t buy a home simply because you’re self-employed and/or you can’t show enough income, we've got good news for you! We work with mortgage and financing specialists who know the industry inside and out, and can provide you with options you may not have considered. The fact is, there are several ways to verify income and even specialized loans that don’t require income verification at all. There are always options, and we can help you to make the right decision that makes sense for your specific situation.
 

What if I can’t find a home I like?

If our current featured homes aren't quite the right fit, then simply sign up for our Notification List on our Home Page. As we acquire new homes, you’ll have first dibs on these great new offerings!

What else should I know about DreamHomeToday?

As an industry leader, DreamHomeToday’s innovative home ownership solutions continue to evolve and improve every day. That said, Rent To Own itself is not some new fad. It’s a completely legal, well-established real estate solution that has proven itself time and time again to be the missing link in helping good people own great homes.

We take great pride in helping hard working Canadians become happy home owners. And it is this ongoing commitment to our customers' success that has earned us accreditation with the Ontario Better Business Bureau.


Still have questions? Contact us today and we'll be happy to help in any way that we can!

Remember, whatever or whoever has kept you from buying a home in the past does not matter. We’re here to talk about your future – a future where you CAN own your very own home!

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