Northern Arch Realty
Lease Option
how lease Option works
1. Choose a home
The buyer along with Northern Arch finds different rent to own properties online. We contact the sellers to visit the associated property, in order to make a firm decision.
2. Agree on terms
Before making a deal we will examine the landlords public records and find more relevant information about the house. Then you and your representative can negotiate the terms and conditions of the lease purchase contract.
3. Lease the home
After signing the contract and paying the initial option fee, the you are able to move into the home. A portion of the monthly rental expense will be credited towards the down payment of the house at the end of the lease agreement ranging from 6 to 24 months .
4. Purchase the home
When the lease term expires you the buyer may use their option fee and rent credit towards the purchase of the home. Get a mortgage loan and once the closing costs are paid you now have ownership of the property
Why lease option?
- You will be able to move into a home right away
- You have time to improve your credit to qualify for a home loan
- Portion of monthly rent goes towards the price of the home
- Can qualify with poor credit
- Get the home for the current market value
- Build equity in home after purchase
- Lock in interest rates after lease period with a fixed mortgage rate
- A path to an asset that is tangible and transferable