How to buy house on hire purchase?????

[Ashy12]

Can anyone tell me How to buy a house on hire purchase in Ontario??

 

[scylla]

What do you mean by "on hire purchase"?

 

[Ashy12]

Hire purchase means a system by which one pays for a thing in regular instalments while having the use of it.

 

[Lammawitch]

Do you mean a mortgage?

 

[scylla]

Do you mean a mortgage?

Yes - is this what you mean? "Hire purchase" is not a term that is used in Canada.

A mortgage involves taking a loan from a bank for the portion of the property cost you cannot pay and then paying the bank back over many years until you have paid off the total cost of your purchase.

 

[steaky]

Do you mean a mortgage?

Perhaps, OP also meant "rent to own"?

http://bosaproperties.com/news/bosaequity-rew-bosa-s-new-rent-to-own-program-to-help-buyers

 

[howiejao]

If rent to own, #1 option is to find a realtor. FYI, rent to own is not always a good option. First, you'll need to pay a low down payment. Second, your monthly fee will be higher than normal as some of it goes into your down payment slot. Few years after, your initial down payment + monthly saving would equal to the sufficient downpayment for you to get financing from the bank. If in any case, that you want out in the rent to own lease, you might likely lose your initial down payment. I suggest you carefully read your lease before signing it.