Rent to Own Homes in Rainbow City
Located in northeastern Alabama, Rainbow City is known for its unique rainbow sculpture and its prime location along Interstates 59 and 759. Just 60 miles northeast of Birmingham, Rainbow City spans 25.7 square miles in Etowah County.The below results are primarily rent to own homes in :
Located in northeastern Alabama, Rainbow City is known for its unique rainbow sculpture and its prime location along Interstates 59 and 759. Just 60 miles northeast of Birmingham, Rainbow City spans 25.7 square miles in Etowah County.The below results are primarily rent to own homes in :
About 9,600 people live in Rainbow City, according to the United States Census Bureau. The average family size in Rainbow City was 2.88, with 4,534 housing units located within Rainbow City’s borders. The median household income in Rainbow City was reported at $40,236 for the 2010 census, and the family median income was $60,000. The Coosa River runs along the town’s southern and eastern borders, adding to the town’s scenic atmosphere. Some of Rainbow City’s 4,534 homes are located along the Coosa River, providing superb waterfront views. Several public and private schools serve local children. Etowah County School System operates Rainbow City’s public schools, including John S. Jones Elementary School, which earned a National Blue Ribbon School Award. There are also several religious schools in the area, including Westbrook Christian School and Coosa Christian Schools. Many locals believe that Rainbow City takes its name from the U.S. Highway 411/Rainbow Drive, which bisects the town. But “Rainbow” is a long-standing name around the region, with the United States 42nd Infantry Division once carrying the name of the “Rainbow Division.”
Buying vs. Rent to Own Homes
Renting to own a home and buying a house have the same steps, just on different timetables.
When you buy a house, you either pay with cash or you make monthly payments to a mortgage or some other kind of financing option for a set time frame.
When you rent to own a home you pay an option fee, which is later credited toward the purchase of the home, and then you make monthly rent payments until you’re sure you want to buy this house and you can secure financing. Then, you do the same things you would if you were buying a house – just make sure you do it before the end of the lease term so that you don’t lose any of the money you’ve negotiated.
When you can choose between the two, buying might be the right option because your monthly payments will go towards equity in a home as opposed to someone else’s pocket. However, lease-options get you to the same place with a little more time.
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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