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Low up-front cash.These days, buying a house is more expensive than ever. Banks are generally requiring down payments of 20% or more. Plus thousands of dollars in closing costs and loan origination fees. It's expensive. Not Trio. Our home financing features a low lease inception fee of 1% of the option purchase price. And a $400 maintenance fee per year. That's it. Low, up-front cash |
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Simple qualification process.Click on Apply for Approval at the bottom of any page on this website and you'll find a three page application form with signature page. The information required is simple and easy to fill out. Then fax a printed copy or simply email it to us. There is a $45 fee for processing your application and we will get back to you within 48 hours. In fact, both Trio and renting have very simple qualification processes. Simple qualification process |
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Foreclosure or short sales okay.If you've gone through a foreclosure or short sale, finally here's some good news: Provide us with an explanation of the circumstances surrounding your situation, and we'll put you through the rest of the approval process like everyone else. With renting, this may be a problem. And mortgage lenders tune out when they hear about a foreclosure. At Trio, we are working to help prevent foreclosure. To learn how Trio's Fresh Start Program can help you avoid foreclosure click here. Foreclosure or short sales okay |
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New job or self-employed? Great.First of all, congratulations on getting a new job or for being your own boss. As long as you can document your income or are currently employed, and have an employment or business history for the last two years, we're happy. But if you've just switched jobs or are self-employed, that's okay too. Landlords typically won't hold your good fortune against you either. But getting a mortgage with a new job or being self-employed? That's a different story. New job or self-employed okay |
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Low monthly payments.Trio home financing is based on the same concept as auto leasing. With an auto lease, you essentially choose a car you like based on what monthly payment you can afford. At the end of the lease you're given the opportunity to purchase. Trio works the same way so you always know up front what your payments will be. And we make certain those payments fit comfortably into your budget. Mortgage payments are typically much higher and even variable if an adjustable rate is involved. Low monthly payments |
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Peace of mind for more than a year.The difficulty in renting is simply the uncertainty. What will my payment be next year? Will my landlord sell the house I'm living in? It goes on and on. With Trio, you have the certainty of knowing that you are in control of your future — and can retain that sense of 'home'. Most importantly, you can lock in your lease for up to 5 years. Now that's not just certainty, that's peace of mind. Peace of mind for more than a year. |
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Choice of For Sale and market available homes.Just like financing with a mortgage, Trio lets you choose your home. No more looking through Craig's List for rentals from an unknown landlord. No more wondering what your true payment will be when you look to finance with a mortgage. With Trio, we let you shop by payment — forget the confusing finance costs. Car dealers don't separate the ones 'for sale' and 'for lease' when you pick out a car. Why should you be faced with that issue in selecting your home? Choice of 'for sale' and market available homes |
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Option to purchase price set up front.At the beginning of your lease, we set what is called a residual purchase price. This is an amount equal to the original purchase price plus costs and financing for us to hold the property for lease. At the end of the lease, if the property has increased in value (according to an independent appraisal), greater than the residual purchase price, you'll receive up to 7% of that value to use as a down payment on the purchase of the property. Add this discount to Trio's other benefits from our Homebuyer Bonus Program. Option to purchase available |
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Sub-lease or exchange if relocated.The last thing a landlord wants is for you to move out before your rental contract is over. They worry about costs and expenses to replace you. And so they're not very open to changes in your plans. At Trio, we understand you need mobility. If you need to move before the end of your lease term, we'll work with you to create a sub-leasing arrangement. You can even exchange your home for another Trio property. Even in another city. And roll over your credits. This is real mobility in a home financing program that no one else can match. Sub-lease or exchange if relocated |
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No sales costs or agent fees if you need to move.The big secret in housing is finally front and center. Most of us know it costs 3% to 4% in finance and closing costs when you purchase your home. BUT, many of us didn't know that it costs 7% to 10% to sell. So when the economy changed, many couldn't afford to move. And in today's market, if you realize 2% annual appreciation in your home, it takes over 6 years just to break even. We all knew cars were worth less when we bought and drove them off the lot. Now we know homes are too. No sales costs or agent fees if you need to move |
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Able to build equity and credits towards purchase.Although you are leasing the property in the near-term, you do have an option to buy it during or at lease end, at a pre-determined price. Should the property increase in market value during your term, you automatically build equity towards your down payment. And up to 15% of your on-time monthly payments are credited toward your purchase. Neither renting nor owning offer such a win-win idea. Build equity and credits toward |
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Savings Match Program included.If you are looking to own, Trio helps you. Unlike renting, Trio lets you live in a home you may decide to buy. To assist you in your purchase, Trio offers a unique savings match program. Matching 25% of your savings up to $5,000. That's real money. If you decide not to purchase, you can roll over your savings AND your match to your next Trio lease. Savings match program included |
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Choose from Trio-Ready properties or identify a For Sale property as a candidate — a Trio-Candidate.If you need to move in quickly, select a home, town home or condo from one of our pre-qualified Trio-Ready properties. You could be living there in as little as 10 days. Or, if you have your eyes on another property, let us know and we'll inspect and evaluate your Trio-Candidate. If it meets our standards, we'll finance it for you. Choose from Trio-Ready properties or identify a Trio-Candidate |
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Purchase, re-lease, exchange or move out at lease end.Exercise your option to buy or sign another lease for a period of one to five years. Exchange your Trio property for another Trio property and preserve you savings match and on-time payment credits. Or, simply move out at lease end. No other home financing gives you so much flexibility. Purchase, re-lease, exchange or move out at lease end |
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An option, not obligation, to buy.With Trio, you have option to buy the property you're leasing. With renting, you're only a temporary tenant, and so any improvements you may want to make to your apartment or rental house are simply not allowed or remain with the property with no benefit to you. With owning, you, of course, are required to buy right away, without any chance to experience living in the home before committing to it. An option, not obligation to buy |
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How do they differ?
What is a rental agreement?
A rental agreement establishes a tenancy for a short period of time, usually one month. A month-to-month rental agreement is automatically renewed each month unless the landlord or the tenant gives the proper amount of written notice ending the agreement. A landlord may increase the rent or change other terms on relatively short notice unless local rent control regulations specify otherwise.
What is a residential lease?
A lease obligates both the landlord and the tenant for a set period of time, usually six months or a year. The landlord cannot raise the rent or change other lease terms until the lease runs out, unless the lease itself provides for modifications or the tenant agrees in writing to the changes.
A lease is a written agreement under which a property owner allows a tenant to pay a monthly fee to use the property for a specified period of time.
What is a mortgage?
A mortgage is a loan taken out by a buyer to pay a seller, in full, for a property. The buyer then owes the mortgage lender the total amount borrowed, plus interest and fees. As collateral or guarantee of payment, the lender of the mortgage holds the deed of ownership for the property until the buyer pays off the mortgage. However, the buyer occupies the property as if it were already his or her own.
What is a Trio lease?
A Trio lease is similar to a traditional lease, but unlike a lease, Trio provides several key benefits previously only available to homeowners. Trio leases include fixed monthly payments under terms of one to five years, plus the added benefit of including an option to buy at the conclusion of the lease. This is an option, not an obligation. For mobility, Trio also adds an option to sub-lease should you need to get out early. With Trio, should the property appreciate during the term of your lease, you may use up to 7% its appreciated value to apply to your down payment should you decide to buy.