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Posted by nick_niesen in Home on November 8th Leicester City Women's Jersey , 2010


Finding a rent-to-own house is one of the many ways someone with bad or no credit can buy a house. You will often find them called names like leaseoptions, lease with option to buy, lease purchase, lease 2 purchase, rent with option to buy, rent to own Juventus Women's Jersey , or rent to buy homes.


There are a few differences between rent-to-own and lease-option agreements, although many people use the terms interchangeably. With a rent to own (or rent to buy) home, the buyer makes an agreement with the owner that part or all of the rent money will go towards the down payment of the home, and at a certain date, perhaps 2-5 years in the future, the renter will purchase the home Inter Milan Women's Jersey , using the money that was set aside as the down payment.


There is usually not much money put down in the beginning, outside of what would normally be needed for a rental home, so this is a good way to get into a home for little or no down payment.


Another advantage to a rent to buy situation is that if you compare how much rent money is applied monthly to the home price, even if it is only 25-50%, it will still be much more money paid on the principal of the house than if you had taken out a loan for it. If you look at how much money goes to the principal payment of a home with a typical mortgage loan, you will find that most of your mortgage payment in the beginning is just paying interest on the loan. A rent to own agreement Borussia Dortmund Women's Jersey , where the money goes directly to the payment of the home, could be saving you a lot of money in the long run.


With a lease-with-option-to-buy, a renter signs a lease agreement (often for a shorter period of time, like1-2 years, but it could be longer). The renterbuyer usually pays a sum in cash, usually non-refundable Bayern Munich Women's Jersey , to the owner in agreement to buy the house at a later date for the price agreed upon. The renter has the option or right to buy the home, so in the end they have a choice and can back out it they want. Some of the rent paid may or may not go towards the purchase price of the home.


This is a technique often used by real estate