There are many reasons why you may want to consider the rent-to-own option when you’re looking for your new home. Perhaps you were recently divorced, your credit is bad or you don’t have enough of a down payment to qualify for a mortgage.
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I don’t see what the probelm would be. Mortgages don’t have anything to do with renting an apartment if you already "own" a house. The only thing would be is if you’re renting your own house out to someone else. Then you’d have to check with your mortgage company to see if that’s even allowed in your contract with them.
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You need to have a specific plan and not sway from that plan." Your credit score will not only determine if you can get a mortgage. to buy a house and your first answer is something along the lines.
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· How to Sell Your House as a “Rent to Own” If you currently own a home and have any interest in selling or renting it at some point in the future, selling as a rent to own can potentially put tens of thousands more in profits in your pocket.
As others have mentioned here, it depends when the house becomes a rental. If you buy a house strictly to rent it out, then you MUST inform the mortgage lender, and they will charge you a higher rate. Also, they may not take the proposed rental in.
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Our opinions are our own. Congrats on saving up for that down payment! And hats off for committing to mortgage payments. (More on that later.) If you already bought the house and didn’t budget for.