What is a Lease Purchase Option Mortgage ?
Answer:
A Lease Purchase Option Mortgage is a financing option that allows a potential home buyer to lease a property with the option to buy in the future.
It is often constructed so the monthly rent payment covers the owner's first mortgage payment plus an additional amount as a savings deposit to accumulate cash for a down payment.
A seller may agree to a lease purchase option if the housing market is slow and stagnent and the seller is having difficulty selling the residence.
It is often constructed so the monthly rent payment covers the owner's first mortgage payment plus an additional amount as a savings deposit to accumulate cash for a down payment.
A seller may agree to a lease purchase option if the housing market is slow and stagnent and the seller is having difficulty selling the residence.
