Gemini13, Home Buyer in Spuyten Duyvil, Bronx,...

DOES ANYONE KNOW OF ANY RENT TO OWN OPTIONS IN RIVERDALE?

Asked by Gemini13, Spuyten Duyvil, Bronx, NY Fri Nov 20, 2009

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Rent To Own is a better deal for the Seller than it would ever be for a potential Buyer.

The basic concept is finding a way to "force" savings towards a down payment by including a portion of the monthly rental that goes towards that savings. You pay your rent every month and your Landlord deducts a pre-determined amount to hold in a special bank account, called an "escrow" account. Your Landlord holds that money until you have saved up enough---through this "forced-savings" method---to meet a down payment to purchase the home.

The terms of the purchase price, including the down payment amount, and the amount to be set aside from the rental for down payment, are all set down at the time of lease signing.

It's all about helping the renter/tenant save up enough money for a down payment to buy a home (in this case, the one you're renting). But this is a better deal for the Seller because he gets to lock in a purchase price and a buyer today for a future sale.


Saving money for a down payment? Well, heck, you can do that on your own.


If you are dedicated to the idea of buying your own home, you can create your own savings plan to save up enough money for a down payment. And when you have saved up enough for a down payment, if that takes a year or two or more, YOU get to decide on the price you're willing to pay for the house at that time based on current market conditions. You won't be locked in to a price that may be a lot higher than what the house is worth in the future.

With Rent To Own you'll be locked in both to the house and to the price, even if it takes you 3 years to save enough through the forced savings of the rent payments. What happens if three years from now your life situation has changed? Maybe you need a bigger/smaller home. Maybe your employment has relocated. Maybe your credit or income is insufficient to qualify for a mortgage loan.


Find a way to save up on your own; not with Rent To Own.


Sit down with a local Mortgage Banker and get yourself prequalified, too. You may find you're better qualified than you think you are, and, if you're not, at least you'll know how much loan your income and credit qualify you for, and how much you have to save towards down payment and closing costs.

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
1010 Northern Blvd. Suite 234
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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1 vote Thank Flag Link Fri Jun 28, 2013
Amazing and helpful. I was on the fence with the rent to own. But I didn't want to get locked in
Flag Thu Aug 29, 2013
I have a 5 bedroom town house for $4900.00. If this can work for you call me at 914-299-0420.
1 vote Thank Flag Link Tue Jun 25, 2013
I actually have a possibility for a one bedroom and a three bedroom at the moment. What size apartment are you looking for?
1 vote Thank Flag Link Mon Jun 17, 2013
The most popular choice right now is at the Latitude building. They are offering a rent to own option where the rent you pay will go towards a down payment after a predetermined amount of time. Please let me know if I can be of any help. It's a great set of apartments.
1 vote Thank Flag Link Fri Nov 20, 2009
Where is the latitude building
Flag Sat Jun 30, 2012
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