Ritika Asrani

Are Rent-To-Own Home Agreements Worth It?

Posted on by TMN Editor
By ERIN FLYNN JAY Though it has existed since the early 1900s, the rent-to-own concept has gained popularity again and for people who want to buy a home but lack the funds, it can be an alternative route to homeownership despite the costs and risks. Ritika Asrani, founder and head broker at St Maarten Real Estate, said with tightening lending standards many potential homebuyers are turning to rent-to-own as a way to overcome credit hurdles. She said it offers them a pathway to homeownership without the immediate need for perfect credit. And while traditional renters typically do not build equity, rent-to-own tenants often accumulate a portion of their monthly payments as equity, which can be used toward the purchase. What…

Hitting The Interest Rate Jackpot: Balancing The Benefits Of An Assumable Mortgage

Posted on by TMN Editor
By ERIN FLYNN JAY Buyers who are sensitive to high mortgage rates have developed an interest in assumable mortgages, betting they are the ticket to avoiding excessive costs, but are they worth the hype? An assumable mortgage lets a homebuyer take over the seller’s existing mortgage, including its terms and interest rate. It’s like adopting a well-behaved financial pet instead of getting a new, potentially unruly one, said Ritika Asrani, founder and head broker at St Maarten Real Estate. “While you can’t literally time travel to snag a rate from a decade ago, assumable mortgages allow you to benefit from historically low rates,” said Asrani. “If the seller locked in a killer rate back then, and rates have risen since,…