Owning a home is a dream for many people, most people in fact. Obtaining loans is not so easy with the tight lending constraints and many settle and rent. Not so fast. A lease option is a great way to own a home of your own! Here are some benefits for buyers.
- Fullfill their dream – Lease options allows many who cannot currently get approved for a loan to have a home of their own.
- Lock in purchase price – In a down market like today, home values are eventually expected to go up. You can lock in your purchase price today with a lease option.
- Time to come up with down payment – You can add to the down payment with monthly option payments over the lease term.
- Get qualified – Buyers can improve their credit strength in order to get approved for a loan during the lease term.
- Buyers can walk away – Buyers can walk away and not execute the purchase contract. It is almost like test driving the property.
For more information on Lease Options, check out this helpful guide.