Rent to Own FAQ

How does it work?

Home Ownership Program simply means that you rent the home with an option to buy it, with a pre-defined period of time, and at a pre-determined amount.

What are the benefits of the program over tradition renting?

  • Only 3-4% of the down payment is required
  • Move in today and not later
  • Credit history doesn’t matter in most cases
  • Pride of Ownership
  • You pick the house
  • Future purchase price and date are prearranged before moving in, aswell as rent payments
  • Airl Financial helps you to improve your credit rating while in the program

Why should i choose Airl Financials Rent to Own over another company?

Airl Financial focuses on you! Our approach is 100% on the needs of our clients and revolves around a mentality of the client must WIN first. That is how we get so many referrals with this program!

Who generally would a Rent to Own program suit?

Mostly the program would suit clients that have had credit history programs and can not get traditional lending, But lots of people can benefit from this program:

  • Good Steady Income and no credit history
  • Good Steady Income and good credit
  • Good Steady Income and poor credit
  • Previously Consumer Proposal done
  • Previously Bankrupt
  • Newly moved to Canada
  • Little to no downpayment, but looking to buy
  • Almost anyone currently renting and whats to buy today
  • Self Employed/business owners that do not show good earnings on their T4s

What are the Qualifications?

  • Complete a questionnaire
  • Review of a Equifax.ca and transUnion.ca credit reports
  • Provide proof of down payment
  • Provide income statements
  • Provide Notice of assessments showing all back taxes are up to date and not outstanding

Can i really pick my own home to rent/purchase?

Yes, you and pick your home, even go shopping on MLS once approved. You can pick the location, the neighborhood, city, etc.. After all it will be yours

What is my Price Point?

When considering the price point of the home, we ask everyone to fall into the 5 times your combine “GROSS” annual income.

What Legal documents are involved with this program?

Lease Agreement – a rental agreement stating the conditions of the rental term and payments

Occupancy Agreement – states the responsibilities of the owner and tenant over the lease period

Option to Purchase Agreement – states the final purchase price and date when the purchase should take place.