Mortgages & Loans

What is a Lease Purchase Option Mortgage ?

A Lease Purchase Option Mortgage is a financing option that allows a potential home buyer to lease a property with the option to buy in the future. It is often constructed so the monthly rent payment covers the owner's first mortgage payment plus an additional amount as a savings deposit to accumulate cash for a down payment. A seller may agree to a lease purchase option if the housing market is slow and stagnent and the seller is having difficulty selling the residence.

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