By Alice Sheppard • March 22, 2023
Invest in your future. Become an owner on the day you move in
Homeownership is often seen as a good investment because of to the opportunity to build equity. Now there is a new way to achieve equity ownership.
One of the main reasons why homeownership is often seen as a good investment is related to the opportunity to build equity and realize the related value of that equity.
Financial freedom with Ownify
Equity is the amount of a home that is owned by someone outright. Traditionally, equity ownership is achieved with a mortgage, however now there is a new, reimagined way to achieve equity ownership.
Equity with Ownify versus a mortgage and rent-to-own
For those who choose and are approved to buy a home through mortgage borrowing, equity ownership starts with the down payment they provide. This portion of the home is equity owned by the mortgage customer with the remainder covered by a loan. As mortgage customers start to repay their loan balance, a small portion of the repayment goes towards what’s known as the principal, reducing the original amount borrowed from the lender and building your equity, with the remainder covering the loan interest. Working out the principal amount of a mortgage payment is not often simple but generally when starting out with a mortgage, the vast majority of the payment is interest related.
With Ownify, from the day our customers move in, they own their home in partnership with Ownify. That means that their 2% down equates to our customers owning 2% equity, or 2% of their home’s entry value, as soon as they walk through their front door. This is different from rent-to-own programs, where the customer has no equity stake in the home.
Each and every month Ownify customers own more of their home’s equity outright. We ask our customers to make one simple fixed monthly payment and a portion of that payment buys more equity every month. By the end of Ownify’s 5 year program, customers should own 10% of their home’s equity.
What’s more, if our customers choose to renovate and increase their home’s value due to improvements they make, that additional equity is theirs to keep when they buy out the remaining equity at the end of the 5-year term.
You can watch this video here to learn more about how Ownify works, and how we have aimed to accelerate, simplify and improve on, equity ownership for first time homebuyers.
If you're ready to get pre-qualified then apply now here.
If you would like a quick check on your eligibility for Ownify, use our tool here.