Do I Need A Mortgage Broker For A Rent To Own Contract?

If you are considering the rent to own homes financing option, you may be confused as to how this process differs from a traditional mortgage. While it can seem confusing at first, this article will teach you more about mortgage brokers and the role they play in rent to own contracts.

If you are like many considering rent to own homes, you may be in a position in your life where you need the extra time to either save the money, repair your credit or you just want to test out the home before you purchase it. The rent to own option does allow you to take advantage of a “try before you buy” type situation. At the end of the day however, you will have to decide after your contract is up whether or not you wish to purchase the home.

If you have been saving your money, repairing your credit and examining whether or not you want to purchase the home then you should be at a point where you are ready to actually make the purchase of a home.

To Do This There Are Two Main Options

The first option is to deal with a mortgage broker and the second option is to deal with the homeowner directly. Each option has its own benefits and things to watch out for, but we will focus on working with mortgage brokers in this article.

Mortgage brokers are essentially third-party professionals who work with you to qualify for a loan from the bank or other financial institution. Often mortgage brokers are not affiliated with any particular loan granting institution, they simply act as the in-between person to help you get the loan that you need.

If you are someone who is struggling with credit issues working with a mortgage broker may actually be a good idea for you. Why? Because mortgage brokers can take a look at your credit history and see what types of mortgages you qualify for and at what interest rates.

One of the most common questions about the use of a mortgage broker is:

Will Hiring A Mortgage Broker Add To My Closing Costs?

Mortgage brokers make their living by earning commissions for every loan that they are able to obtain to purchase a home. That being said, if they are good, they can adjust the interest rate and points for most mortgages so that their commission is simply factored into the original deal. Translation? You could potentially hire a mortgage broker to find you the best possible loan and not have to pay them anything more than you are going to originally pay for the home.

The best way to find a qualified mortgage broker is via referral. Real estate agents, banks and property managers often have a long list of quality mortgage brokers that they work with. Avoid searching the Internet for mortgage brokers, simply because many of the results can be skewed and you may not get the most qualified broker.


If you are considering hiring a mortgage broker to help and assist you in your rent to own homes for sale search, it would be a very good idea. Mortgage brokers are qualified financial professionals who can help you to get the best loan for your house.

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