Is Rent to Own (RTO) right for me?

If you are ready to purchase a home, but cannot do so because of credit or insufficient funds, but do not want to throw any more money away then RTO is the way to go!

What types of contracts will I sign?

When doing a RTO you will sign a 1-2 year lease (depending how long you need to qualify to purchase the home). You will also sign a Rent to own contract stating your deposit amount, monthly rental amount, and monthly credit back amount.

Why does RTO differ from renting?

Unlike renting, your deposit will go towards your down payment at the end of your lease term (when you purchase the property). In addition a portion of your rent will be credited back to you at the time that you purchase the home, so long as it is with in the contracted time frame.If you default, and do not purchase the property at the end of your lease term NO MONEY will be credited back to you, as stated in the RTO agreement.

How much money will get credited back to me?

In addition to the $2500.00 down payment all the money that you have paid towards the principle during your "lease" will be credited back to you at closing.

How Do you figure the monthly rental amount and how much of it gets credited back to me?

The monthly rental amount is figured just as a mortgage amount is. We simply take the loan amount at a 6.5% interest rate for a 30 year term and add in the monthly taxes and insurance. In order to figure the credit back we figure the difference between the interest only payment and the principle and interest payment. That number is the amount of principle paid towards the home; and that is what gets credited back to you for each month.

Is it hard to get approved for financing at the end of the lease term?

It used to be that RTO transactions did not always end in sales, however with the new option of FHA financing; as well as the down payment assistance programs out there financing is becoming much more easily obtainable

Where are your homes located?

Our homes are located throughout the Chicago Suburban area.

Do I have to pay to use your services?

We don't charge to help you find a home. But if you decide to enter into a lease agreement for any of our properties, there is a $35 application processing fee per adult.

Do you allow pets in your RTO properties?

Many properties do allow pets. However, the pet policy varies from property to property, depending upon the owner's terms.

How do you select who qualifies for a "Rent To Own Lease"?

We use a six-step qualifying process. This includes a credit  check ,consultation with a mortgage broker(to ensure that you will qualify to purchase the property with in 24 months),employment verification, current and  previous residency verification, public record search and criminal background check.

How long does it take to complete the application process? 

We like to keep things fast and simple so we offer a streamlined application process. Once you locate the property you want, return your application and meet with a mortgage broker; a decision can be made with in 48 hours.

When can I move in?

After the application process is completed, the lease agreement/rent to own agreement is signed, and required payments are collected, you are free to move in to your new home.

Can you help me select the home that's right for me and my situation?

Absolutely! We have Realtors that specialize in "rent to own scenarios" on staff to take you through the process step by step, answering all  your questions and directing you to the RTO home that would best suit your situation.

How much does it cost to move into a RTO home?

The security deposit/down payment is $2500.00. In addition to the $2500.00 you are required to pay the first months rent before move in. The monthly rental amount will vary from property to property.

How can I see the homes I'm interested in?

Each listing includes a street address so you can drive by and see the outside of the home and get a feel for the general  neighborhood. However, to get inside you will need to get in touch with us and make an appointment to view the property. To do so please call Amanda Beard at 630/247/6845.

I found a home I like, but I'm not able to move in for a few months?

The only way to secure the home you choose is to complete the  Rent to Own application process and  begin lease/RTO payments.