The moment you’ve been waiting for is finally here! As you’ve been building up your equity credit with each monthly rent payment, you should have enough funds for a down payment. Plus, when you buy back the home, Upwardly will share the home’s appreciation with you.  Your share of the appreciation plus the equity should lead to a more favorable mortgage. And don’t worry, if your plans change, you can still take advantage of the equity you’ve built up by cashing it out.

We know that life can be unpredictable, which is why we also offer the option to extend your lease with a new rent schedule if you need more time to get your finances in order.

It’s important to start thinking about your mortgage options at least six months before the end of your lease. Your dedicated Upwardly advisor is here to support you every step of the way, with helpful information, guidance, and education, at no cost to you. We don’t receive any compensation for referring or recommending a mortgage provider.

Getting a mortgage can be a complex process, but by improving your credit score while you rent the home, you’ll be in a better position to qualify for a great mortgage. A good credit score shows lenders that you are responsible and trustworthy.

And, once you buy back the home, you’ll enjoy additional tax benefits and potentially lower monthly payments. Get started on your path to homeownership by getting pre-qualified!