Do Rent2Own FAQs Frequently Asked Questions about renting to own a house or home in Smiths Falls, Ottawa, Brockville, Carleton Place, Perth & Eastern Ontario

You should have your down payment & first months rent ready to go as you are filling out this application. If you don't have at least 3% of the house value you choose then your application will be postponed until you have it. We are not able to start any rent to own process unless you have it.

You still need to have steady, sufficient income to pay for your rent. We will typically qualify you in a similar way, just like the bank does. After all, you still need to be qualified by the bank when you eventually buy the house down the road. You will need sufficient income. If you are not working, then your application will be postponed until you start working.

It all depends on your situation. This is one reason why we have everyone sit in front of a mortgage broker to discuss their financial situation. Do you have other verifiable income? If so, include it in your application. It would also be a good idea to contact ODSP about your situation if you think there may be any problem.

You need at least 3% of the house value now & we will give you rent credits of about 20% of your total rent over your lease term to top up your down payment that is required by any bank. You will eventually qualify at a bank on your own to buy this home.

You will not be applying for any mortgage until it is time for you to exercise your option to buy the home. You will need time to save up your down payment through rent credits first.

You need a minimum of 3% based on the house value for your down payment & first month's rent.

$40 per applicant (non-refundable) if we have to pull your credit report or $0 per applicant if you provide us with a copy of your credit report. We usually require you, as the applicant to pull your own credit report with your credit score because this will not lower your score. Every enquiry that is produced on your credit report reduces your score. Also, this step is crucial to learn if you want to repair your credit

A credit FICO score is a numerical expression based on a statistical analysis of a person's credit files, to represent the creditworthiness of that person. A credit score is primarily based on credit report information, typically sourced from credit bureaus.

Your credit will be checked only after we have first contacted you upon successful submission of your application. 1-3 business days after you submit your application, we will contact you so that you can provide us with a copy of your credit report including your credit score.

We may call your references, employer or anyone you have listed on this application. When you are applying to rent-to-own, it is important for us to speak with these individuals to understand your situation.

The deposit & application fee should be provided separately by means of cheque or money order. Cash will not be accepted.

The option consideration (down payment) & first month's rent should be provided separately by means of cheque or automatic bank transfer. Cash will not be accepted. It is important that this step be well documented so that there is proof to the bank that you paid your down payment.

Yes, we accept small dogs, cats & fish. We do not accept any pet that could be considered a threat to anyone.

While you are renting to own the house, there is a "no smoking policy" in effect. This doesn't mean if you smoke that your application will be turned down. We kindly ask all of our tenants to respect the policy & smoke outdoors.

There is 1 page to complete but several steps. After you have completed the application, we will contact you in 1-3 business days to request a copy of each applicants credit report along with the credit score.

This application should take you about 10-15 minutes to complete if you have all of the required information. Please bookmark the page if you don't have the information & return when you have it.

If you don't have an answer for any required field or if you think the answer doesn't apply to your situation, then please enter "N/A" into the field. PLEASE NOTE: Your application could be rejected due to the lack of required information.

After pressing the "send, submit or next" button on any of the application pages, we will send you a confirmation email to verify that we have received that application page. You should receive an email for every page that you complete. Therefore, if you complete 3 pages, you will receive 3 emails. The same goes for 4 application pages, you will receive 4 emails.

Applicant & Co-Applicant Infomation, Employment & Residence History, Rent to Own Information & Your Assets & Liabilities.

A dependent is anyone who will be living with you on a part-time, full-time or off and on basis. Their age shouldn't be a factor for the purpose of this application, however if they are over 18 years of age, they will need to provide their own police background check prior to the move-in date.

Do Rent2Own doesn't charge any fee for the police background check. However, your local police office will charge you a fee to produce this document & the fee may vary. The most recent verified amount is $35/person. The background check will be mailed to you from the police office & it usually takes 1-2 weeks. Please plan ahead to ensure no delays.

This has been a Do Rent2Own policy for some time now. Do Rent2Own screens every potential tenant in the same manner. This program is designed for people who don't have a criminal record, so if you don't have a record then you shouldn't have anything to worry about.

After you have filled out this application completely, you should receive an email confirming your submission. In 1-3 business days, we will contact you to request your credit profile with your credit score. After this, we will email you a list of requested documents to complete your application. An approval can happen anytime in 1-2 weeks after you have provided us with your credit report & documents. The pre-approval is also based on all of the documents that you provide us in a timely manner.

We will contact you by email sometime within a few business days & within 1-2 weeks with a pre-approval decision. Once you have provided the necessary information then you have completed the application. We will provide a list of documents that are required

Basically, this will depend on a few factors. First, it will depend on your "desired move-in date" that you enter in this application. We typically will start contacting you 2-4 months before this date. Second, your process will not start if you haven't submitted the requested information for this application.

After you have submitted the application, we will contact you in a few days to provide us with your credit report (including credit score). We will send you an email with a list of requested documents to complete your application.

Our ultimate goal is to have you rent to own this house, not to just rent it. Therefore we like to provide this service to find out what it will take for all of our clients to qualify. The mortgage broker will give us a good estimation of how long it will take for you to qualify eventually for the house you are renting to own. It is also morally correct & ethical to have only clients who have a chance to qualify for a traditional mortgage from a bank actually move in on move-in day. Remember, we want you to own this house.

After this first application stage, you will need to select a house by attending a possible showing or by other means, like possibly through the MLS or a private seller. After you have received a pre-approval from Do Rent2Own, you can then feel free to start looking for a home to rent-to-own by using any realtor. We can help you find a realtor that will understand your situation. There is a space in this application to include any MLS number, Grapevine ID, Property Guys ID or FSBO info. Please complete the fields if you would like someone to look in to a house that you would like to rent to own. We cannot guarantee that we will buy any property, it must first meet certain criteria.

Currently, purchasing a home straight from any home builder doesn't fall into our property criteria. All of the homes that are available are move-in ready & they don't require any fix-up.

We usually ask all of our clients to pull their own credit for a few reasons. The main reason is because, if we pull your credit, your score will decrease. If you pull your own credit, your credit score will not decrease. Another reason is because learning how to pull your credit & read your credit report is one of the first steps to repairing any credit issues you may have on your file.

All of our agents are designated to areas, so likely the agent who originally contacted you by phone will be the one who you will work with. Our agents are required to reply to any email with 1 business day. By emailing them, you will get the quickest response to your enquiry.

Typically, the rent to own process can be rather quick, provided there is a house available for you & that you fully complete this application process properly. The ideal time to start this process for any potential tenant that wants to rent to own is at least 3-4 months before your move-in date. If there is no house available at the time, in your area, we need to prepare for closings, inspections, repairs & for this application approval.

Although your chances are really good, if you pass this first application process, we are not able to fully approve you to move in until the following have been provided or completed:

You have selected a house.
You have provided us with all requested documents (T4s or T1s, NOAs, Job Letters, Credit report, Police Check, etc.)
A deposit of at least $500-$1000.
An application fee $40/applicant. (If you don't provide us with your credit report)

We can help you to get your own credit report. Please ask for assistance.

You can email us at: client-relations@do-rent2own.ca