Are you presently renting a home and want to make the step to homeownership, but don’t have a large down payment, good enough credit, or been in your present job long enough to get a traditional mortgage?
Then getting a home with a lease option may be a great way for you to get in to your first home. A lease option requires very little down, usually equal to the first months rent, and then monthly payments usually not as high as if you were paying a traditional mortgage.
Unlike rent, the down payment is yours to keep if you exercise the option to purchase the property, in the time set in the contract, and it goes toward your down payment or closing costs. Also, part of your monthly rent may also go toward your closing costs or down payment depending on your contract with the seller.
If the reason you are doing a lease option is because of past credit issues, then I may be able to help you repair your credit for FREE. (Click here to find out why I help you for free)
Another reason lease options are so wonderful is that it locks in the price of the house that you are buying. The seller, and you the buyer, set a predetermined price for the home that you are buying, and that price is locked in for the term of the lease. So, if you set the price of the home at 5% above today’s price and the value of the home goes up 15% you have made 10% equity in the home. Between July 2006 and July 2007 prices in the Portland area rose 9%. So you can see where locking in today’s price can be of great benefit to you, the buyer. (Click here for an simple explanation of lease options)
For more information on buying a home on lease option feel free to contact me by phone or e-mail anytime.
Todd Clark - broker
Kastings & Associates
Phone: (503)524-9494
Fax: (503)622-8739
Todd@IFoundYourNewHome.com
www.IFoundYourNewHome.com |