Renting to own homes are great options for those who want to purchase a home in Michigan but don’t have enough money saved up right now. With rent-to-own homes, you can pay a little bit each month until your total payment is less than what you would have paid if you had bought the house outright.
You can use this rent to own in Michigan method to buy a home without having to put down a lot of cash upfront.
What Are Home Equity Loans
Home equity loans are similar to rent-to-own mortgages. They allow you to borrow against the value of your home instead of paying monthly payments. This means that you can make a large purchase with much less cash outlay.
However, only do this if you are confident that you will be able to sell your home before the loan has to be repaid. If you plan to keep the home permanently, then this may not be a good option for you.
What Is Leasing
Leasing is probably the best way to go if you are looking to buy a home, especially if you are going through a tight financial situation. In leasing, you sign a contract agreeing to lease the property from the owner.
The amount of time you agree to lease the property for is determined by how long you need the property. When the lease expires, you simply return the property back to the owner.