Check the difference between straight lease and rent to own. As example we take single family house for 2 years term buying price of 300,000$ CAD. In both following examples all the numbers are subject for approval and mentioned here for presenting purpose only.
| 2 years term | |||
| Straight Rent | Rent To Own SILVER | Rent To Own GOLD | |
| Monthly | 1600$ CAD | 1800$ CAD | 2000$ CAD |
| Option Fee | 0$ CAD | 7200$ CAD | 8000$ CAD |
| If You Can Afford Paying More Monthly | 200$ CAD | 400$ CAD | |
| You Could Get Monthly Credit | 230$ CAD | 460$ CAD | |
| Credit @ Closing | 0$ CAD | 12,720$ CAD | 19,040$ CAD |
| You Could Save | 0$ CAD | 5,520$ CAD | 11,040$ CAD |
In conclusion, if you choose Rent To Own Gold program, you would be required to come up with initial option payment in the amount of 8.000$ CAD and your monthly rent + option payments would be 2.000$ CAD.
In exchange, by paying everything in time you would be credited back at closing total amount of 19.040$ CAD.
In order to buy this house on your personal name you need to come up with 20% initial down payment, however thanks to Canadian Government and Mortgage Insurance Company you could be qualified for conventional mortgage with initial down payment of 5% the rest would be insured by said Insurance Company. In this example your 5% down payment would be 15.000$ CAD. Since you have collected more than amount needed you would be insuring less amount and plus conventional lenders would be more happy to deal with you.
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