Rent to Own Homes in Dearborn Heights
Dearborn Heights is a small city that rests approximately six miles west of Dearborn and 18 miles west of Detroit in the southeastern corner of Michigan. Lake St. Clair is less than 30 miles to the east, and the edge of Lake Erie is less than 25 miles to the south. Rogue Park stretches north from the northeastern edge of the city, and the Detroit Metropolitan Wayne County Airport is about 10 miles to the south.The below results are primarily rent to own homes in :
Dearborn Heights is a small city that rests approximately six miles west of Dearborn and 18 miles west of Detroit in the southeastern corner of Michigan. Lake St. Clair is less than 30 miles to the east, and the edge of Lake Erie is less than 25 miles to the south. Rogue Park stretches north from the northeastern edge of the city, and the Detroit Metropolitan Wayne County Airport is about 10 miles to the south.The below results are primarily rent to own homes in :
In 2010, there were close to 60,000 people residing within Dearborn Heights city limits. The Dearborn Heights Tax Increment Finance Authority is a community-oriented organization that works to bring more jobs into the area and to preserve historic buildings. One of their biggest projects offers grants to local businesses in need of assistance. While there are some job opportunities within city limits, many residents take advantage of the short commute to larger cities nearby. There are five public school systems serving students from Dearborn Heights. Dearborn High School is one of the most popular schools, but there are four other high schools that students may attend. Students may also choose to attend the Dearborn Center for Math, Science and Technology, and there are several charter and private schools in the area. Students also have access to two public libraries operated by the Dearborn Heights Library System.
Buying vs. Rent to Own Homes
Renting to own a home is like a test drive for buying a house. It’s comparable to the car dealership letting you drive out of the lot with the car that you want (after you pay a small option fee) and telling you to come back when you have the money to pay the full price of it, as long as it is within the lease term. Then you make monthly lease payments until you’re ready to buy it.
You should lease-option when you’re close to getting financing for the home you’re looking to purchase, but need a bit more time (1-3 years) before you’re ready. And if you’re unsure about the house, you have more time to consider it from a more personal perspective.
Similarly to test driving a car, once you’re sure that this is the house you want and you have the money to purchase it, you should buy it as soon as possible. There’s no sense in paying rent money for longer than you need to. Rent to own also gives you the flexibility to close on a home whenever you’re ready to. It’s a mix of the best parts of renting and buying.
Rent to Own Realtors
Realtors can qualify buyers to get an idea of when they will be ready to purchase a rent to buy home and inform them on how long to set the lease term, but mortgage officers can do that too.
Banks can make a lot of profit off of a successful mortgage. That’s why mortgage officers will be willing to help you figure out the details of your rent to own deal. However, real estate agents don’t make enough profit off of rent to own deals to justify waiting a few years for the commission.
While real estate agents might be a logical partner in rent to own deals, you’ll have a lot of difficulties finding one to help you. For everything you think you need a realtor for, consider what other types of professionals might be able to help you, like title companies or lawyers.
About Our Listings
When you rent to buy a condo or a townhouse, you’re taking the first step toward becoming a homeowner. You can take advantage of many rent to own by owner programs with no credit check. Having bad credit shouldn’t stop you from owning one of your favorite apartments or houses.
While you lease-option or lease-purchase, you’ll work on improving your credit score and saving up a down payment so that you can qualify with the bank for the house you’re interested in. The bank is frugal with mortgage approvals because they often end up selling foreclosed homes for cheap prices because people cannot afford their mortgage payments.
When you lease to purchase, you’re making yourself into a better candidate for purchasing properties. Check out Rent to Own Lab’s free listings to find properties near me that meet your family’s needs.
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