How much down
payment do I need?
We are very flexible with the down
payment. We can offer you many options, and we will always do
our best to work with whatever funds you have available. As
you can imagine, the lower the down payment, the higher your
monthly payments will be. But if you are in a situation where
you do not have a lot of money to put down, but can handle
higher payments, we can help you.
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Do you
offer down payment assistance programs?
Yes we do. If you are a bit short on
the down payment, we will consider a monthly payment plan
spread out over a maximum of 6-12 months.
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What
other methods of down payment are accepted?
Unlike most lending institutions, we
accept borrowed funds for closing. If you have a close friend
or relative willing to lend you money for your down payment
you can use that in our program.
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Is the
purchase price of the home negotiable?
The option purchase price will be fixed over the term of the agreement. Regardless of how much the home appreciates in value over the term of the agreement, the purchase price will not change.
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How
does your lease purchase program work?
We can lease you the home with the
exclusive right to purchase it at a later date. Our buyers
love it because it gives them time to save up for a larger
down payment; time to clean up past credit problems, time to
sell another home, and also time to try out the neighbourhood
before buying. We are obligated to sell to you, however you
are not obligated to buy. 100% of your option fee / down
payment is credited towards the purchase price of the home,
plus you're monthly option payments are also credited towards
the purchase price every month you pay your lease on time.
When you are ready, you simply go ahead and buy the
house.
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What
if my credit is not good?
We are flexible with our terms to
meet your needs. Most credit is accepted and applications are
necessary to verify income and employment. Most folks in the
market for a lease option home is doing so because they need a
little time to fix their credit. Financing with a mortgage
company is either not possible, or the rates and terms are not
favourable. Pecunia Investments understands your situation and
your requirements. We are looking to see how long it would
take for you to have a good enough credit score to obtain
financing. A lease option gives you the time you need to turn
around your credit score, save for a larger down payment and
to grow equity in the property. This makes it a very
profitable investment for you.
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What if I’m self employed?
We have assisted a number of self-employed people to become home owners. Our qualification process is flexible and takes into consideration that your income may not always be guaranteed.
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Are
property taxes and insurance included in my monthly
payment?
Yes. We pay the property taxes and the real property insurance. You are required to purchase a resident insurance policy to cover your possessions inside the home. You will be responsible for the utilities, and upkeep on your new home.
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Who pays for the regular maintenance of the property?
You are responsible for the upkeep of the
property. You will be the direct benefactor from any improvements that you make - it will increase the value of your investment, so you are responsible for the property's maintenance. Please remember that all homes need regular ongoing maintenance, so you should budget accordingly when considering the monthly payments.
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What if I can't afford the monthly rent and option payments
right now?
Your monthly rental costs are roughly the same as you would pay on a new mortgage, including property taxes and insurance. If you are not in a position to pay this monthly amount, you can decide to purchase a home that has an in-law suite and use the rental income to offset your monthly payments. Here's how: if, for example, your monthly rent and option payments are $1,700 a month, and the basement in-law suite is rented for $600 a month, you are only responsible to pay the balance of $1,100 a month.
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What happens if I am unable to make my monthly payment?
We expect that you honour all obligations under the terms and conditions of our Rent To Own contract. You are responsible to pay the monthly amount on time. If you fail to do this, you will be considered to be in default under the terms and conditions of the Rent To Own contract. If you default, then we reserve the right to immediately start legal proceedings to recover and secure our interests in the property. If this happens, you may lose all equitable interest in the property, including (but not limited to) Initial and Additional Option Deposits, and Monthly Option Credits. We will also be entitled to recover any and all legal costs that we may incur. We know this sounds serious. We would like to make you fully aware of all rights and and obligations (both yours and ours) under the terms and conditions of the contract. Please be aware of everything involved in the contract before you sign.
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I Love
the home, what is the next step?
All we need is your application. You
can even fax it in for faster processing! We will then contact
you within 24 hours once we verify income and employment.
Please keep in mind that our homes sell quickly so time is of
the essence.
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Do you have any other homes
available?
Because our homes sell quickly we
are having trouble keeping any kind of inventory, but the good
news is that we will help you look for the home that best
suits your needs and budget. All you need to do is let us know
exactly what you are looking for. We will help you find a
home, then let you decide if it's what you want before we
purchase the property for you. This way you get to choose
between literally thousands of homes instead of just a few
that we might have in our inventory.
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What
happens if I do not want to buy the house at the end of the
lease?
You have many different options.
-
If you need more time - we may extend the lease another year.
-
We can help you secure financing, perhaps even act as the lender for you.
You can walk away and owe us no more money. However, the money you have paid into the down payment is non-refundable. We want to deal with committed people and we will work as hard as you to help you buy this house.
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