One area where MICs really shine is on rent-to-own deals. These are typically not favoured by banks and Credit Unions. This is partially because of the way the equity was accumulated and also because the agreed purchase price may be less than the appraised value.
We have solutions to help borrowers get from Rent-to-Own to a mortgage with a conventional lender. Simply put, we finance the payout of the Rent-to-Own agreement. Once the title is in the borrower’s name, you can take them to a conventional lender as a refinance.
Kokanee Mortgage has programs developed specifically for to help renters buy out their Rent to Own deals. The property will need to be appraised and the usual borrower credit and income will be required.
If everything looks good, we can write the mortgage as Open with no payout penalty, so you can start shopping the deal with your conventional lenders.