Rent to own homes

What is Rent To Own, How Does Rent To Own Works and Rent To Own Homes Free Listings

Bad Credit Loans

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BAD CREDIT PERSONAL LOANS

We are your lending source for bad credit personal loans, bad credit mortgages, debt consolidation, and credit cards for bad credit.

Whatever your financial needs, we can help with your loan.

To be sure your getting the best rates available to you, our free service is designed to match you with a poor credit lender that best suits your needs – whether you have bad credit, no credit history or a past bankruptcy.

Apply for Bad Credit Loan

GUARANTEED UNSECURED PERSONAL LOANS FOR PEOPLE WITH BAD CREDIT. DON’T GET TURNED DOWN AGAIN!

One of the great advantages of the internet is its ability to deliver information on any subject with just a few mouse clicks. You can now easily search hundreds of banks and other lenders to find a personal loan with bad credit at the lowest interest rate available, which means you will not have to visit your bank manager in person to do it.
Whether your are looking for a secured or unsecured personal loan we can almost guaranteed that you will find one regardless of your credit score if you are prepared to spend some time doing research and completing loan applications. You may have to pay a little more in interest if you have very bad credit, but again by applying to a number of lenders to get the best personal loan rates possible you can save a substantial amount of money over the loan term.

personal loans for bad credit

Many people feel that if they have a bad credit history that they will not qualify for a loan, however there are millions of people in the same situation as you who have had credit issues in the past but now their financial situation has improved and they can afford to make their loan payments but that bad credit rating is still reflected in their credit score. Bad credit personal loans are becoming more and more competitive as the demand is there and more lenders are entering the market.

It’s easy to apply for personal loans for poor credit online. Normally you will get a response within 24 hours and some cases in less than 5 minutes.

 

Applying for a personal loan online is simple. All that is required is to complete a simple one page application in most cases, it’s free and there is no obligation. If you start with one of our recommended lenders below, by completing one application they will search hundreds of banks to find the best rate for you. You will receive offers within minutes or just a few hours at most.

FIRST OF ALL, WHAT EXACTLY IS A BAD CREDIT LOAN?

A bad credit loan is, literally speaking, a line of credit extended to a person with a bad credit rating. The terms of such a loan depend entirely on the credit scores or in other words, a person’s “creditworthiness”.

To elaborate further, if you have a poor credit score, the banks or lenders will deem you a high risk borrower. This means they will consider you as a person who is not likely to repay the debt. Therefore, they will not readily give you a loan, should you come asking. A bad credit loan, then, is that financial help which is provided for such a person.

BENEFITS OF TAKING OUT A PERSONAL SAME DAY LOAN FOR BAD CREDIT

#1. Bad Credit Scores Don’t Matter

You don’t have to worry about your poor credit history as the lenders won’t go looking for it. All they need to know is how you are going to pay back the debt in future. Unlike the conventional lenders, people who dole out bad credit loans will be more empathetic and consider such factors as possible increases in your income in future.

#2. Same Day Approval

Not only is the time taken to approve a bad credit loan much lesser than a traditional loan, the approval rate is also much higher. Approximately, 80-90 percent of such loan applications are approved by lenders. In fact, most of such lenders (think credit unions) are actually always on an active lookout for such kind of borrowers.

#3. Repair Your Credit Score

A bad credit loan is your second chance at improving your abysmal credit scores. Ensure timely payments on your new loan and you will find that with time, your credit report will begin to show positive scores.

#4. Loans Are Offered as per Applicants’ Situation

This means that if you need large amounts of money, you will be provided with the required amount in quick time. In addition, online bad credit loans can be provided in whatever method you want. It can be short or long term, secured or unsecured type.

RISKS ASSOCIATED WITH BAD CREDIT LOANS

#1. High Interest Rates

Of course if someone is going to give money to a person with a poor credit record, he is going to charge a higher interest rate than usual. Having said that though, there are instances where you can still score a reasonable rate of interest. For instance, when applying for a home equity loan.

#2. Beware of Bad Lenders
Scammers exist everywhere. Bad credit loan industry is no different. Make sure you are engaging with only a reputed lender. Otherwise, you might end up in a bigger mess than the one you were in before.

#3. Repeated Debt Cycle

There is every chance that you might get stuck in a vicious cycle of repeat debts, i.e., to pay off a loan, you end up taking another. So, before opting for a bad credit loan, It is imperative that you have the means of repaying your debt in a timely manner. Otherwise, be prepared for your credit ratings to take a further beating.

HOW TO GET A LOAN WITH BAD OR NO CREDIT?

Finding it difficult to meet to urgent cash need? Bad credit might have hampered several of your financial activities, but it can no more stop you from getting a loan. Now you can get easy and fast money with bad credit payday loans online which can get you quick cash for your urgent financial need.

Bad credit payday loans are meant for individuals who need instant money. You might face situations when an unexpected medical bill arises or you might have to pay your phone bill or electricity bill for which you might not arrange for fund from your monthly salary or you might not want to disturb your savings or there could be any other reason why you are unable to meet your urgent cash needs. Payday loans are available to you in a very short time so that you can easily get through emergencies without any debt pressure.

As you get payday loans within a very short time, there is not much documentation and hence no credit check is run by the lender. Thus, in order to avail payday loans all kinds of credit holders including bad credit individuals.
In order to avail bad credit payday loans you have to be employed. This is for the one major reason that payday loans are offered against a post-dated check signed by you in and kept with the lender in advance. This check serves as collateral against the loan and has the total amount included which the borrower will have to pay at the repayment term. When the term gets over, the lender automatically gets the loan amount back including other charges.

A bad credit home loan can get you loans up to an amount of $100000 and with a repayment term of a week to a month. The interest rate depends on the loan amount and the repayment that you choose.

Quick payday loans can be easily availed if you apply online. Online lending gives you an option to go through the websites of several lenders and get a clear picture of loan rates. When you get the idea, you can easily choose and select the best lender according to your requirement and repayment capacity. Online quick payday loans also offer a great deal of benefits to bad credit holders by offering discounts and concessions.

CONCLUSION

Bad credit loans should always be your last resort, when seeking financial aid. They should not be considered as a desirable way of securing funds. The inherent risk in such loans is almost always high, as is the interest associated with them. If you have time, it is highly advisable that you get down to improving your credit score starting today. A good place to begin with is checking your credit report. Look out for any possible errors on your credit report card. More often than not, these errors can lead to a poor credit rating. In the end, if you HAVE to take a bad credit loan, make sure that you use this as your second (and last) chance to improve upon the low credit scores.

Rent To Own Homes Financing Options

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If you are trying to purchase a home you may find that it is not possible to obtain a mortgage from a bank for various reasons including your credit history, credit score or employment history. Banks have very strict criteria that you must meet before they will approve a home loan. You may not qualify for a loan from a bank or the interest they want to charge you may be more than you are willing to pay then the option to rent to own may be a good choice for you. Normally you enter into a contract with the landlord and after a set amount of rent is paid the home is yours. While these contracts are pretty basic there are some options for you to consider before putting your name on the dotted line.

Rent to own or mortgage?

There is an advantage to taking out a mortgage for your home. You will usually end up paying less for your home by taking out a mortgage from a bank depending on the interest rate that is set. For example, if you purchase a $300,000 home by financing it through a bank your may pay approximately $145,000 less than if you rent the same home for 30 years. This is because rent normally increases as time goes by and your loan payment stays the same.

Bank or private Loan?

You may have the option to rent the property for a specified time and then make a balloon payment for the rest of the purchase price. If this is the contract you choose you will need to find financing for the balloon payment. You may be able to rectify the circumstances that prevented you from getting approval from a bank by the time the balloon payment is due. If this is the case then a bank loan for a mortgage will have the best interest rate available at the time.

Rent To Own Homes

Your landlord may enter into an agreement with you to finance the remainder of the purchase price for your home. He would become the lending institution and it would be wise to hire a lawyer to set up this agreement for your protection. You would make your payments to him and after the allotted time you would own the home and hold the title. These types of agreements are normally for much shorter times than a traditional mortgage.

Remember that while you have a loan outstanding for your home you do not hold the title. The lending institution or landlord will hold the title until the home is completely paid for. This means that if you decide to move before you are through paying for the property you may forfeit all of the money you have paid up to that point if you are renting to own. You must be sure that your budget is adequate to enter into such a loan or contract so that you do not lose your investment.

The most common way to finance a rent to own home is for your rent payments to go toward the purchase price of the home. Generally these agreements are for as short as 3 years or longer depending on your situation. A rent to own contract is still required for this type of agreement stating exactly how much the house costs, what amount of your rent will go toward the purchase and the duration of the terms.

Down payments

Any money that you can put down toward the purchase price of your home will decrease the length of the contract that is required before you can take possession of the property. Even a small deposit payment is better than nothing. Your contract should state clearly whether your down payment is refundable or forfeited should you choose to terminate your agreement for purchase.

Interest

This is a fixed rate that is added onto your loan every month for the duration of your loan. Some landlords may give you a break if you can pay off your loan before the last payment is due. Depending on the contract you enter with your landlord and if it is considered a loan you may or may not accrue interest. Normally you can expect a 1% to 5% interest rate on a loan held by your landlord.

Buyer protection

If you choose to have your landlord carry the financing you should hire a real estate lawyer to draw up the contract. This will protect your interests and make sure that you are protected. If you enter into a rent to own contract without a lawyer’s advice you are putting yourself at risk of not having any legal recourse should the deal sour.

Conclusion

Examine your budget and credit. If you find it is in your best interest to rent to own a home then know your options and your legal rights.

Rent To Own Contract Is Actually Two Contracts

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These days getting approved for a home loan of any type is very difficult. The banks, reacting to the economic crisis are heavily regulated. The required credit score, to qualify for a home loan and higher than ever down payments are keeping many potential homeowners literally out in the cold. The problem is a serious one for many families. In addition to not being able to get a loan now, with the economy improving, housing values will rise, adding many thousands to the final price of the house and depriving them of collecting the appreciation.

Rental Contract

Instead of buying outright many people are choosing to enter into rent to own homes agreements with home sellers. These agreements are generally outlined in rent to own contracts. A rent to own contract is actually two contracts. The first contract is the rental agreement between the landlord and tenant. This contract includes the monthly rent amount and the day it is due along with any information about late charges or maintenance required. It also includes the life span of the lease and this is usually the time needed for the buyer to obtain a loan or otherwise come up with the purchase price. These agreements last for usually three years maximum but the date is as flexible as the two parties agree on. While it is rare some owners will even agree to rent to own for the entire amount.

Rent To Own Homes

Rent To Own Contract

The second contract is the lease purchase agreement. This document is much more important than the first document. While much of the same information is included, such as the monthly payment amount, end of the lease period, and late payment agreements it also contains much more. This is a situation in which both the buyer and seller need protection. The lease purchase agreement should have all of each party’s rights outlined clearly. The following is a short list of issues that should be addressed in a lease purchase agreement.

  • Total purchase prices of the house
  • Amount of money due each month that is applied to the above price
  • Due dates of all payments, including the final due date of the total
  • Maintenance and remodeling issues
  • Default/breach consequences for both the buyer and seller

If you have a lease rental period that is three years or longer you should understand that there are a great many things that can happen in that time. The values of homes could increase substantially and the home owner may decide that they do not want to wait. In a situation like this, if not protected by the lease purchase agreement, the buyer could lose all of their investment. The same applies to the buyer who finds a home that they like better, for a better price, and elects to opt out. The entire period that the seller has held the home off the market in expectation of this purchase is lost.

Provisions Of A Rent To Own Contract

Another potential problem area is remodeling and maintenance. The lease purchase agreement should describe who is responsible for maintenance. This is sometimes a large problem. In most tenant agreements the property owner is responsible for maintenance. Because this is a situation in which each month the renter is increasing his interest in the property it can be confusing if the details are not outlined in full. This is also the case with remodeling. While most property owners will not have a problem with this, thinking that if the work is done and the family defaults, they will benefit from the appreciation from the remodeling. Depending on the amount of work to be done remodeling can increase the value of the house tens of thousands of dollars.

Another issue that can be resolved in a lease purchase contract is the addition of equipment. Alternative energy sources all require the installation of special equipment. Solar cells, wind generators, things like this are examples. Much of this equipment is very expensive. If either the buyer or the seller chooses to opt out of the contract, or they do so by mutual agreement, who keeps this equipment? Removing it can decrease the value of the property and letting it stay will cheat the buyer out of their investment. It will not be too many years before alternative energy on homes is more common than not and this will become a major issue in most real estate transactions.

Conclusion

In rent to own homes, a contract can be nearly anything that the parties want it to be. It can include any type of conditions that are not forbidden by law and should be designed to protect the buyer and seller equally. The best way to assure that it is done with all parties in mind is to either have a licensed real estate attorney prepare it for you or have one review it completely before you sign it.

Is Rent to Own For You?

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Owning a home is not a vastly complex process but for those who lack the right experience and tools it can be very confusing and overwhelming. With any real estate transaction there are many variables to consider when deciding on renting a home, buying a home, or going the rent to own route. In this article we will be going over how you can decide for you and your family whether or not rent to own is a good fit for you.

Perfect Rent to Own Scenarios

  • Just moved into an area and need time to get settled before you get a loan
  • You need a 6-24 month time span to clean up your credit score so that you can get a loan
  • You need time to finish saving for a down payment
  • You would like to check out an area before you commit to buying
  • You are self-employed and are having trouble getting a home loan
  • You are a first time buyer having trouble establishing credit to get a loan but are making more than enough money to own
  • You are pre-approved for a loan but would like to wait for a lower interest rate while trying to increase your credit score

Rent to Own May Not Be For You If

  • You are not on a program or schedule to alleviate debt, fix your credit or save money for a down payment
  • You are looking for a quick fix and haven’t done you’re homework on the process
  • It is unrealistic for you to be able to purchase the home after the lease period (wish and a prayer technique)
  • You are uncomfortable asking tough questions and negotiating with the seller
  • You are unsure if you will need to relocate within a couple of years
Rent to own homes

If you notice that you’re situation includes one or more of the reasons above than rent to own may not be right for you. We urge you to be extremely careful because you could end up losing a lot of time money and effort and still not own a home. On the other hand if you have a great reason for using a rent to own strategy we are excited for you and give our seal of approval to start looking for a great rent to own deal!

How Rent To Own Works?

Rent to own takes place most of the time in one of three scenarios. The first is that a vacant, foreclosed, or dilapidated home is bought by an investor who fixes up and sells the home via rent to own to quickly turn the property. The next scenario is where a developer builds a series of homes or condos for luxury or in impoverished areas using rent to own to entice buyers. The final scenario is when a single home owner has trouble selling their home and decides to use this method to sell.

When we look at the first scenario you might think, so what an investor made a buck off of flipping a house how does that benefit anyone but the investor and the buyer? Well, when a neighborhood has a home that is run down, vacant or foreclosed it can lower home prices nearby as well as attract crime, squatting and drug use. The incentive of that the quick turn around rent to own provides for the investor can improve home prices for everyone in the area as well as prevent many problems.

Although a developer building rent to own luxury homes or condos can some what drive up the surrounding home prices it doesn’t have quite the overall community building affect that takes place when they build a development in an impoverished area.

It’s always a frustrating story when a seller can’t find the right offer for their home and desperately wants or needs to move. Many times in this situation home either remains vacant or is run through a series of tenants. While we discussed the issues with a vacant home above, a home with bad tenants can be just as bad. Tenants tend to not take as good of care of the home and if evicted even due damage to the property purposefully. In a rent to own situation the person renting intends to buy the house and is more likely to make friends with neighbors and take good care of the home.

Regardless of the scenario rent to own homes can provide serious benefits to the community and in some cases helping it actually flourish.

Rent to Own Responsibility Check

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There are a lot of what if’s and questions that rise during rent to own negotiations and during the term of the lease agreement. Today I would like to take some time to explain who is responsible for what and when. As I’ve said many times knowledge is the key to successful real estate transactions, so this is a must read and some serious real estate ammunition.

Maintenance and Repairs

One of the biggest controversies in rent to own is who holds the responsibility during the rental period for home maintenance and repairs. Why this is such a controversy is because the answer is, it depends. The reason why the rent to own agreement and legal counsel is so important in this process is because you need to decide ahead of time who holds the responsibility for these things. Generally these things would fall on the current owner but be careful to get this in writing. This is also one of the advantages of rent to own, even though you would lose your down payment you could walk away from a house that’s practically falling apart.

Rent To Own Homes

Property Taxes and Homeowners Insurance

Although there may be some confusion on these two items, it is fairly straight forward. The law clearly states that the responsibility for both taxes and insurance belongs to the name on the deed for the house. Even if the rent to own contract states that the buyer will pay the property taxes or insurance the final bill is left with the current owner. However it would be smart for the renter to purchase renters insurance until the time in which they outright own the home.

Real Estate Agent

Unless the buyer has specifically sought out a realtor to help them find a rent to own home the payment of the agent would fall on the current owner. There are several ways the realtor can be paid either as a portion of the excess rent every month, a 1 time fee at signing, or the rare and unlikely event of them getting paid when the renter transitions into the owner.

As you can see as long as you cover your behind in the initial agreement much more of the responsibility falls to the current owner, which is also why the buyer agrees to a non-refundable down payment to offset the amount of risk the seller is assuming. If you have any other questions on who is responsible for what feel free to email us and we’ll get back to you.

5 Reasons Why Rent to Own Homes

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Rent to own is often referred to as a less than desirable situation in the main stream media or by uninformed real estate agents but there are many reasons why rent to own is great for buyers. Check out the 5 simple reasons why rent to own is a better deal than you thought.

Rent To Own Can Fix Your Credit

It is one of the only methods available that gives buyers the ability to simultaneously work on their credit while working toward home ownership. This is a true two birds one stone scenario, where you don’t have to continue to rent a home you will never own while you work on fixing your credit to get a loan approved.

Rent To Own Homes

Save Money For A Down Payment

Rent to own can help buyers save up money for a down payment while having a place to live. Saving is hard work and it’s even harder when you’re a young family or have low income, but with rent to own your saving for a down payment is built right into your monthly rent payments.

Fixed Price Of The Property

In the right market rent to own can be used to lock in a sale price in a market where prices could rise. This helps buyers not get out priced in a market with rising prices while they work on down payment, credit, and other financing issues.

Walk Away If The House Has Issues

If something seriously wrong is found with the house you can walk away and the only thing you will lose is your option fee. Instead of being stuck with a home with disastrous foundation problems or in need of a new roof you simply walk away. This is a serious advantage to buyers, especially those with limited funds to make big repairs.

Real Estate Attorney Is Recommended

If you use a good real estate attorney separate from the seller you can ensure there are no unfair loop holes and that you are fully aware of all the terms of the contract. The use of a real estate attorney easily defeats possibility of a shady home seller pulling a fast one on unsuspecting buyers.

While there are some things that could go wrong with rent to own or any real estate transaction, hopefully now you can see quite a few more benefits on the pro side opposed to the cons. For more information on rent to own visit our homepage to find guides and how to’s.

How to Determine The Length of Your Lease Option?

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When you buy a home through the rent to own process, the most important aspect is determining the length of your option. This is the amount of time you spend renting while getting your finances in order, fixing credit scores, saving up a down payment, or deciding if you really want to buy a home. While ultimately the seller controls this time period, you need to know what your situation truly warrants before you enter a lease option agreement. You should always walk away from a seller who has unreasonable expectations on the length of your option.

Different Rent To Own Situations

Each rent to own buyer has a unique situation so today We will dissect each case separately and explain the range of time needed for the circumstance. The one overarching tenet of this process is that you should absolutely without fail be working with a mortgage broker from day 1. This will ensure that you will be able to buy the home at the end of your lease agreement if you choose to do so.

Rent to own homes

Bad Credit

12-36 months if no bankruptcy or foreclosures have occurred.
In determining the length of your option you need to know how long it will take to fix your credit rating. With a few small credit dings containing a couple of late payments you should be able to raise your credit score significantly in 12-24 months of on time payments along with the reduction of overall debt. With more severe credit problems containing lots of missed/late payments along with some debt being sent to collections it could take 18-36 months to rectify your scores. If you have any major credit flaws like a bankruptcy, foreclosure, repossession, it can take 3 years or longer to get your score high enough to get approved for a loan. If you have poor credit we suggest you meet with a qualified credit counselor as well as a mortgage broker before you even think about signing a rent to own contract. They will be able to give you a more exact timeline for your score improvement as well as when it will be possible for you to qualify for a loan.

Checking Out The Neighborhood

As long as you need, if finances are in order.
Many people look to use rent to own as a means to check out an area or neighborhood before committing to buy a home. If this is your only reason for utilizing rent to own the determination of how long your option should be is personal decision. However, it can take up to a year or longer to really get to know an area. To speed this process up you will want to do a lot of research on schools, crime rates, economy, traffic, and anything else that affects your daily life. In addition to doing your research and finding a house you want own, be sure to meet with a mortgage broker to get your finances in order so you can get a loan when the time comes.

Down Payment

12-36 months, be sure to do the math!
Buyers often utilize the rent credits and down payment assistance frequently found in rent to own agreements in order to save up enough money for a down payment. This is a great option for young home buyers or those on tight budgets. To calculate the length of the option needed if saving up a down payment is the missing link to your home purchase you need to do several things. First, meet with a mortgage broker as discussed in previous scenarios and find out what kind of down payment you will need to get financing how much you can afford etc. After you have these variables you simply do the math on how long it will take to save up the required amount. If you are planning on including saved money outside of rent credits as a part of the down payment it is crucial to get on a household budget and allow 3-4 extra months in case it takes longer than expected to save the money.

Lowering Debt

12-24 months depending on debt levels and income.
With mortgage regulation under extreme scrutiny a buyers debt to income ratio has to be at a reasonable level before you can be qualified for a loan. In this scenario the length of your option is based off of how long it will take for you pay your debt down to an acceptable level. In today’s market an acceptable debt to income ratio should be around 38, in other words the total housing expenses plus outside debt should only amount to 38% of the buyers total income. Determine your timeline using debt pay off calculator as well as a monthly budget to achieve the pay off on time. Just like down payment savings debt payoff should be given several extra months of breathing room, just in case of unexpected events.

Rent To Own or Lease Option Agreement

Entering into a rent to own or lease option agreement is not something that should be taken lightly and if you fail to execute your option within the timeline decided you can lose your down payment and rent credits. The average option length including extensions can be anywhere from 3 to 5 years so make sure that you can fix all issues preventing you from a traditional home purchase in that time frame. The easiest way to do this is before you start looking for homes to meet with a mortgage broker, get on a budget, seek credit help if necessary, and get educated on the process.

Should You Buy A House Now?

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The following is going to sound as if I’m trying to “sell” you on the idea of buying a home. I’m not. It’s just that I firmly believe that in almost every instance, if you can buy your home, as opposed to renting it… you should. Why?

FIRST, make no mistake—right now, at this very moment you are already buying a home. The only question is, are you buying it for you and your family or for your landlord.

SECOND, there is no security in renting. In my years in the real estate field, I can’t even begin to tell you how many families I have seen, that were uprooted when the landlord decided to rent to his niece, or decided to cash in his investment. Families had to move, kids had to change schools, make new friends, etc… It’s tough on the family and tough on the kids.

THIRD, Right now, if you are renting, you are buying the home that you live in– for someone else. You are making their payments! Your money is lowering their principle balance—eventually, they’ll owe $0—but you’ll still be making payments! As the property appreciates—as it ALWAYS, eventually does, the landlord has more in assets, has more money, and what do you have? You still have payments– that are increasing every 6 months or so!

Oh, and something else about the payments that you are making for them– They use YOUR money to make THEIR house payments and then they get to deduct the payment they made with your MONEY on THEIR taxes!

FOURTH, We all know this one. Historically, no investment is more secure or so consistently appreciates as does real estate. This doesn’t mean that there aren’t times when the market goes flat or even loses some value. But these are historically rare and short lived. I’ve been in the real estate field since 1976 and have seen prices dip only twice. Right now, in some areas of the US there is a slow down and in some areas, even a slight down turn of prices. But still over 60% of the US is appreciating!

Rent to own homes

Obviously, the very best time to buy ANYTHING is when it is at it’s lowest and preparing to rebound—buy low sell high! The problem is that no one ever really knows what constitutes the very best time to buy. But this we do know, ABSOLUTELY NO ONE WHO BOUGHT A HOME IN THE LAST 50 YEARS, OR SO, AND KEPT IT FOR AT LEAST 2 OR 3 YEARS, EVER LOST MONEY!

In real estate no one ever loses money by buying at the “wrong” time. They only lose money by buying too late or not at all.

Common Reasons Used To Not Buy

Prices are going down

First, as we’ve already discussed, on those rare occasions that prices DO drop, they rarely drop far, they never drop for long and they ALWAYS go back up. If you believe they are or have dropped a bit, this is the time to buy and get it before they pop back up—which they ALWAYS do. The only way to ever know that a market has hit it’s bottom (the absolute best time to buy), is when you’ve seen a consistent rise in prices—and by then you missed it and are paying more than you otherwise would have. And remember, while you are sitting there waiting for the “bottom” you are still buying a home for someone else and getting no tax breaks, whatsoever, on your hard earned dollars.

No Down Payment

In today’s market this issue is the most easily overcome. The newest loan programs allow for No Down Payment loans in an unbelievable number of cases. Now just to be clear, No Down Payment is not the same as No Money to Close. You would still usually need to have closing costs available, usually about 1% to 3% of the sales price. But that is usually about what would be required for first, last, and deposit on a rental. Furthermore, if you move into your home on, let’s say, August 1, you don’t owe rent in your previous home for that month, PLUS your first houses payment is not usually due for about 45 to 60 days after the close of escrow. Since you don’t have to pay that last month of rent and will probably be getting a deposit back plus the fact that you have no payment due for 45 days or more makes it relatively easy to find the closing costs necessary to become a home owner.

You are saving a big down payment to lower your payment

People have the belief that the higher the down payment, the lower their payments will be. This, of course, is basically true. The problem arises when there is an incomplete understanding of how all the financial numbers actually pan out.

First- realize that for every $1000 down, it saves only about $8 or $9 dollars per month in payment. So, if a person puts an extra $10,000 in down payment they saved about $90 per month. Now there’s nothing wrong with a $90 savings but at what cost?

If you save $10,000 over the course of a year, hypothetically, you can save $90 on your mortgage. The problem lies in the fact that very few people can save money as fast as real estate goes up in value.

Over the last few years nationwide appreciation rates have been anywhere from 8% to 15% and in many areas even much higher. Let’s assume you wanted to buy a $200,000 home in an area with Low Appreciation of only 8%.

In a year you would have an additional $10,000 for a down payment. But at 8% appreciation that $200,000 home is now worth $216,000. You put the $10,000 down but would then owe $206,000 instead of the $200,000 you would have owed if you had bought Now! So you would actually have a monthly payment that is even higher than it would have been if you put ZERO down today, plus over this year you would have had no income tax write off, and you didn’t get the benefit of the appreciation.

On the other hand, if you had bought today, next year you would have had $16,000 in equity, placed no money down, and would have been able to take advantage of a year’s worth of tax advantages.

The bottom line is that buying today and taking advantage of a No Down home loan or personal loans makes more sense than seeing if you can save money faster than real estate appreciates.

Interest Rates Are Too High

Many people are interest rate conscious when what they should be is bottom line dollar conscious. What does this mean?

I’ve seen many people walk away from a transaction that I knew was the very best thing for them, just because they didn’t like the rate. They thought “if I can only pay off a couple of bills, next year this comes off my credit, then my score will be higher and I can get a better rate”. Again, in isolation this makes perfect sense, but in the real world where everything interrelates, it’s much more complicated.

For example. “When this comes off my credit, I can get a better rate”, or “I hear next year the rates will be lower”…

Many people who are rate conscious will fall into the trap of looking to the rate rather than the bottom line. Let’s assume that as buyer they are correct that if they wait they can get a better rate. Realize, on a $200,000 loan, an interest rate reduction of a full 1% will save about $130 per month. Now this is a big savings, but what is the cost?

By waiting a year until they could get that 1% lower rate, they would have saved 12 months of $130 over what they would have paid for a total of $1,560 in payment savings. But for that year, they were still a renter, buying a home for someone else, letting someone else have that year’s tax deduction, paying off someone else’s house—last but not least, remember, all the homes have been appreciating that year.

So, in order to save $1,560 in interest, the following situation has been created…

Now, when they do buy a home, assuming a 8% appreciation rate, the same property is going to be an additional $16,000 dollars. So…

They lost $16,000 in equity…

They are actually paying $16,000 more for the same home

Because the house costs them more, their payment will still be as high as it would have been if they had bought now, with the 1% higher interest rate! So when it is all said and done, they didn’t even lower their payment!– and lost $16,000 in equity.

All to save $1,560!

And remember, if the credit improves or the rates DO go down, refinancing is usually an option!

I’m the first to admit that there are legitimate reasons to Rent, even if you qualify to buy. But for your and your family’s sake, don’t use the above reasons for not buying.

What is Rent To Own?

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Owning a home is part of the American dream and something that everyone should be able to accomplish. People used to think of buying a home in their 40s and 50s when they had enough savings and disposable income to afford it. Gradually the trend started to drift towards people buying home after spending a few years in their career field. Provided that they saved enough money for a down payment and had a decent credit rating.

Rent To Own – How Did It All Start?

Though due to the economy, loss of income, or poor credit ratings people started to not be able to own a home and ended up renting.

Rent to own homes

To maintain the American dream people came up with an original way to combine renting and and owning a home. This is process of buying a home is referred to as rent to own homes. It works by allowing the rent you pay for your home to be applied towards the selling price of that home, also known as a rent credit. Once the buyers have had a chance to clean up your credit, paid the price down far enough to get a loan approved, or saved enough money to make a sizable down payment you have the option of purchasing the home.

Renting To Own Benefits

Not only is this a pocket friendly option for the new generations seeking to purchase a home of their own it also is a safe way to find the perfect home without getting a mortgage immediately. Also, the amount invested by you in the property should give good returns as the property values increase and but also offers a safety net if they don’t because you always have the option to not purchase the home.

Avoid the Pitfalls of Rent to Own Agreements

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When choosing to buy a home through a rent to own contract you might be relieved by the idea that you have typically three years to come up with the money to buy your home, your credit score does not have to be perfect and that as you live in the house a portion of your rent will go towards the payment of the house. While this sounds infallible, it is essential that you carefully look over your contract before you sign it and realize that some homeowners may be hoping to take advantage of your situation.

Read the contract from start to finish

The contract may be 10+ pages and your eyes might be growing weary from technical style but it is important that you read and understand every part of the lease. This is because even minor details could cause you to lose your home and your invested money. With this in mind, make sure you know and understand everything in the contract that could lead to eviction, such as unpaid pet deposits or roommates living in the house that are not on the lease.

Beware of foreclosures

As you know, many states have suffered from a poor housing market and many families continue to lose their homes. This is good reason to be wary before signing a rent to own contract. If the seller’s home is under foreclosure you could lose everything you’ve invested in the house. Because of this, make sure the seller provides you with proof of current mortgage statements and payment information. Another thing you can do is require the seller to send you proof of your payments each month in your contract. This will be proof that the seller is using your money to make payments on the house and not pocketing it.

Thoroughly check the condition of the house before you sign

You do not want to sign a rent to own contract without ensuring that everything in the house is in working condition. This is because some sellers will try to get you to sign the contract and then name you responsible for making all repairs, even for pre-existing conditions. If something is not working in the house, require the seller to fix it before you sign the contract so you won’t get stuck with the bill.

Have a lawyer or real estate broker look over your contract before you sign

This step is highly recommended because lawyers are trained to read documents and contracts to catch loopholes or contradictions. While it is important for you to look over your contract carefully and read through the entire thing, a second opinion could save you from an unfair agreement and a loss of money.

Rent to Own Contract Explanation

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Whether you are a buyer or a seller, a rent to own home may seem like your best option. For buyers, renting to own means you will have a better chance at buying a home even if your credit score is bad. You will be able to live in the house during process, which is an average of three years. For sellers, you will have more time to sell the house without paying double mortgages. However, the most important factor when choosing to rent to own is to create and agree on a thorough contract to avoid any loopholes or misunderstandings.

Choose the price of the home

When choosing the price of the house, the buyer and seller must agree on a price. Once that price is in the contract it cannot be changed unless the buyer’s lease is up and the buyer chooses not to buy the house. This means you must take into consideration the trends of the housing market and prices of houses in similar neighborhoods to yours. This is a gamble because as housing prices rise or fall the price you choose for your house will remain the same.

Rent to own homes

Agree on an option fee and rent premium

In rent to own homes – an option fee is a portion of money paid that goes toward the down payment of the house if the buyer chooses to buy the house at the end of the lease. If the buyer gets evicted, cannot afford to buy the house or chooses not to buy the house when the lease is up the option fee is profit for the seller. The rent premium is the rent per month plus an extra fee that goes toward the down payment of the house. Buyers must carefully make sure these fees fit into their budgets before agreeing to them because if a payment is missed they could be evicted.

Include the purchase option in the contract

After deciding on the money aspects of the deal you will need to come up with a contract that includes this information as well as stating that the buyer/tenant has the option to buy the home at any time before the lease expires.

The rest of the contract will resemble a lease contract

Because the buyer is a tenant until the home is purchased, the seller is responsible for fees such as homeowner’s insurance and real estate taxes. However, the seller can decide the terms of the lease and decide whether or not the buyer is responsible for lawn and pool care and general upkeep. The seller must also come up with house rules and reasons for eviction. This is necessary so that the buyer/tenant can be evicted if she violates the law or severely damages the property.

You may wish to have a lawyer look over the contract

Before you sign a rent to own contract you may wish to have a lawyer look it over to determine whether or not the contract is reliable. This is recommended for both buyers and sellers in order to avoid bad situations such as inability to evict an unlawful tenant or unfair eviction of a law-abiding tenant. The goal is to create a successful situation where a buyer can buy a house and a seller can sell a house.

Online dating basics

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If you are new to this subject and want to start from the scratch, it is advisable first to read as much as possible on dating. Internet provides you with access to many websites that compile lists of dating websites along with short descriptions of what each site has to offer. Most of the time, they are also accompanied by reviews and comparisons too. These instructions are to be had for both free dating sites and other websites. It pays to sharpen your knowledge about how dating websites operate before you take the plunge.

When you are ready with enough know-how on dating online, select a website that provided those services free or for a fee. The free websites, clearly, have lesser number of members and attractions than the paid services have. Hence, the paid dating websites give you more parameters to narrow down your search for the ideal date you have in mind than the free dating websites. In spite of everything, it could be your other half you may discover in the end.

Another remarkable feature about dating websites on the internet is the availability of specific websites for daters who are particular about their specific needs and wants. Some guides have directories compiled of such dating websites so that the prospective dater could avail himself of such information to suit his needs. Several such sites are identified by names such as Christian dating sites, UK dating sites, Single parent dating sites and Adult dating sites.

Last but not least, let me warn you, however. The Net is reputed to be full of crooks who are ready to pounce on the unsuspecting users. Therefore, every precaution should be taken not to fall prey to such scammers. Simultaneously, refer reading materials that impart hints on things-to-do prior to casting your lot with dating websites. Prevention is better than cure, they say.

Types of Patent claims

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There are two types of claims that will be found in a patent:

independent claims;
and dependent claims.

Independent claims are claims that stand by themselves and comprise a set of limitations (or elements) that define the scope of an invention.

Dependent claims are those claims that include all the limitations of a particular independent claim but also add one or more additional limitations. They do not stand alone and always reference another claim.

A typical issued patent usually has 1-5 independent claims and 0-30 claims that depend from one or more of the independent claims. There is, however, no limit to the number of claims that may be included in a patent application or a patent, although only 20 claims, of which three can be independent, are provided for with standard filing fee. Additional fees are assessed for a total number of claims in excess of 20 or independent claims in excess of three as explained on https://www.glassdoor.com/Reviews/InventHelp-Reviews-E152162.htm.

Practically, a patent examiner will limit an inventor to claims related to a single invention, so patents rarely issue with more than 30 claims. Since 20 claims are included with the basic filing fee, only in very rare circumstances should an application be filed without 20 claims.

Further, if a fraction of the twenty claims are allowed by the patent examiner during prosecution, your patent attorney should request that he be allowed to add dependent claims to the allowed independent claims until the maximum number of 20 is reached as shown on https://blogs.cornell.edu/react/inventhelp-taking-inventions-from-paper-to-the-global-marketplace-hinges-on-usp/. This will not always be possible but it is almost always better to have a patent with more claims rather than less.

Patentability Search – Where to Look

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Patent searches are a vital step in the invention process. There are several types of searches – The type that the inventor will usually want to do first is a patentability search to determine the chances of the patent office granting a patent on the invention. A second type of search that is important prior to introduction of a new product is an infringement search and opinion.

Prior to investment of substantial money in filing patent applications and commercialization of a product it is useful to have an experienced patent searcher perform a more extensive search. Due to the complexities of the patent law, it is always advisable to have a patent attorney or a patent agency to provide the final opinion as to patentability or infringement issues as written on https://kulturehub.com/inventhelp-support-inventors/.

USPTO Patent Databases- It has become much easier to do at least a casual patent search since the United States Patent and Trademark Office (USPTO) has placed online the full text of U.S. patents. The patents issued since 1976 are searchable in their full text, while patents issued prior to 1976 are only searchable by patent numbers or by the current patent office classification system.

The full text of the patents issued since 1976 are available both in full text (without drawings) and in patent images (with drawings). It is necessary to download and install on your computer a software plug-in, in order to view these patent images. A disadvantage of this software is that you can only view one page image at a time, greatly lengthening the time to print the patent.

In-Person Searching

It is still possible to do an old fashioned search through paper patents. The best place to do this is at the US Patent and Trademark Office in Arlington, Virginia. The main advantage to the USPTO’s collection is that it is arranged by technologies in the US classification system. It can be easier to compare several patents when you have the paper in front of you vs. the electronic systems where you can view only one page at a time online.

In addition, there is at least one patent depository library in each state. These libraries are usually part of a large city or university library and contain large collections of U.S. patents (at least the last 20 years and usually more). It is necessary to use electronic tools to find the numbers of the patents in your search at such libraries and then to look up the patents on microfilm. Follow https://twitter.com/inventhelp to get the latest news about patents and patenting process.

Product Design

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Product design is the most important thing for inventors to focus on as they work to turn their ideas and patents into actual prototypes. Product design is the determining factor in the success, or failure, of a product and idea.

Product design focuses on the look, feel and actions of the actual prototype. Inventors need to focus on every single aspect of their product design. Each and every angle of the product design should be reviewed, as each piece needs to operate correctly and efficiently.

There are three main aspects to consider with product design: function, exterior design and testing as explained on https://www.techtimes.com/articles/249715/20200518/how-inventhelp-gets-new-inventors-onto-the-right-path.htm.

The first thing an inventor should focus on is the function of the prototype. An inventor needs to understand how the prototype is supposed to work and the parts necessary to make it function. This aspect of design will help manufacturers and builders understand how all of the parts of the prototype work together.

The second thing an inventor should focus on, in terms of product design, is the external design of the prototype. A product needs to look good, as aesthetic features can often be as important as function. Inventors need to work to create an external design that is both pleasing to the eye and able to handle the various functions of the prototype.

Finally, inventors need to test out their prototypes. They need to test the product design for functionality, working to see if the design actually achieves the desired result. Inventors also need to test external design by asking individuals how they feel about the overall look and feel of the product.

Inventors may not be able to handle all of this product design on their own. Professionals can be hired to create the external design, internal function and testing portions of overall product design as you can read from https://www.valuewalk.com/2020/05/medical-invention-covid-19/. These professionals can give your prototype the best possible chance at success.

The Importance Of A Written Log

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As you work from your basic invention drawings towards the prototype, keep a thorough written log of your activity. The importance of a written record comes in handy throughout the prototype phase just as it did during the initial drawing and conception phases of your invention. During this time, it will serve as a troubleshooting device as much as a tool to help you to protect your investment. Without having written records, you could be putting your investment in jeopardy in any number of ways.

Now that you have a great idea worked out on paper, get it into the prototype phase. Use a journal or log, in paper. Title it your Record of Invention. And, just like the name states, this is your written log of what is happening and your record that you invented it. Nothing is more important during the invention and prototype phase than this written record as seen on https://www.youtube.com/user/inventhelp. Here are some tips for making sure that your written records will stick.

Make sure that it is on paper, not just an online journal. These can be faked and anyone can access it. You need it to be written on paper and in ink. This will give you the best overall protection in a legal court, too.

Be sure that it includes a very comprehensive description of the prototype. Everything that you have worked hard on should be included in your log. Without it, you are risking not having enough information.

Date every entry that you make. You will want to make a dated entry anytime that you work on your invention and the prototype. For example, you will want to document what has been done, who did it, what changes it made and the success or failure of the changes if realized. This will help protect you, too.

Sign your log. What if your prototype made it to the design company and you left your log sitting on the table prior to leaving, without any identification on it. Anyone that is less than trustworthy could pick it up and claim the entire invention as their own. Instead, be sure that there is a signature throughout your log.

Have someone else sign it, too. A partner, investor or other individual should serve as your witness throughout the process. This will give a record of the time line and help to show that the book is in fact your own.

Perhaps the most important thing to remember about the prototype process is getting protection for yourself throughout it. You do not want to have your invention, blood, sweat and tears to be taken out from under you. Instead of doing this, insist that anyone working with you sign a confidentiality agreement. If you work with a design firm to design your prototype, all of the individuals working on it must sign one of these to protect you from any potential problem later. This can prove to be one of the most valuable parts to the process as discussed on https://www.tmcnet.com/topics/articles/2020/03/24/444881-everything-need-know-inventhelp.htm.