If you decide to use the rent to own financing option to purchase your home, it is important that you prepare yourself for the reality of the situation. Knowing exactly what you are getting yourself into is key, particularly when legal contracts are signed and you become liable for certain financial aspects of the contract.
This article will run you through the basics of determining whether or not you are qualified for a future loan before you enter into a rent to own contract. Since the goal of a rent to own contract is to give yourself some time to get your expenses in order before purchasing a home, you should have a plan on how you are going to save that money to purchase the home.
The Ball Is In Your Court
Ultimately, only you can determine what kind of home you can afford and how much you want the monthly payments to be. Sit down with your significant other (or if you’re by yourself) collect all of your income and debt statements. It will be important to know exactly how much you make on a regular basis and exactly what your current debts are.
One of the most common mistakes that people make... to read the full article click here.
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