Rent-to-Own homes are getting more popular. Is it a good option?

Today in Mortgages

Today, on "Today in Mortgages," we discuss renting to own your home and whether it's a good idea. This rising trend is used as a stepping stone to home ownership. The nice thing about renting to own, is you negotiate the purchase price today. In markets where prices are ever increasing, you can lock the price in today. A portion of your payment goes into escrow as savings toward a downpayment.
This option isn't for everyone: If you can afford to buy, just buy. Usually those who choose this option have some credit work, and need to build up their savings.
As mortgage professionals, we need to make sure we know how to explain this option to our borrowers. We want to coach them so that they can succeed and get into the home they want!

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