Before considering a Lease-to-Own arrangement it is a good idea to check your credit score and address any errors or problems that may keep you from qualifying for a loan. Next, visit a mortgage lender and get ‘pre-qualified’ for a loan. When meeting with a mortgage lender, they will review your debts and available credit and discuss your overall creditworthiness and eligibility for a loan. They will help you determine the amount of money you can pay for housing each month that will include your mortgage payments. They will also educate you on various types of loan products. Consulting with lending professionals from the onset will better prepare you to determine whether a Lease to-Own arrangement is right for you.
Every state has its own laws and regulations governing the rental and sale of homes. It is therefore strongly encouraged that you independently consult with an attorney or real estate professional to ensure that you have a complete understanding of any rental, option and/or real estate purchase agreement that you choose to enter into prior to entering into them. Doing so can alleviate any concerns that you may have, avoid any misunderstandings and give you the peace of mind that you have made a sound choice that will work for you.