Rent To Own (RTO)
RTO is an opportunity to experience the joys of home ownership even if you don't qualify for the mortgage just yet. It is an agreement in which the tenant-buyer commits to renting the home for a specified period of time, with the option to buy at the end of the term.
Rent to own with Greatbeam
Greatbeam has a broad connection of professionals in the industry such as licensed mortgage brokers and realtors. Our dedicated and friendly staff are committed to guide and assist you to be successful on your journey to home ownership.
How does it work?
Application
Complete an application form and submit with required documentation
Qualification assessment, how much can you afford today, and after the RTO term
House Shopping
Meet your realtor and start shopping for you dream home
Meet your investor and get ready to make an offer and set the closing date
Closing
Complete home inspection
Sign contracts and prepare for the big move
During the RTO Term
Timely payment of monthly rent and deposit credit
Regular touch point with mortgage broker/agent to keep the RTO program on track
End of RTO Term
Prepare the Agreement of Purchase & Sale and apply for your own mortgage (4 months prior to the end of term)
Closing and transfer of ownership
Is RTO for you?
Our Rent To Own program can be adaptable to a variety of situations.
Credit Issues
Over the term of the rent to own program, our company and broker partners will guide you to work on improving your credit score and credit worthiness through regular monitoring and touch point.
Low Income
During the term of the program, we will help you find a way to make you qualify for future mortgage and teach you how to boost your total household income and reduce your expenses.
Low Down Payment
Not enough down payment? The RTO program helps you build your down payment through disciplined monthly savings or monthly deposit credits that go towards the purchase price.
Self-Employed
Throughout the RTO term, those who are self-employed are given the time to stabilize their income earning potential and explore alternative options such as combining income with a co-applicant.
Separated/Divorced
Sometimes, the breakdown of a marriage affects the overall capability of a person when it comes to finances and credit worthiness. Our company, along with our broker partners, will guide and assist you on how to rebuild your credit and finances during the RTO term.
New To Canada
Coming into a new country posts some challenges, especially in getting your own home. Our RTO program guides newcomers in a step by step process of building strong credit and financial literacy that would lead to your path to home ownership.