Frequently Asked Questions
Q. How much is the down payment?
A. An initial payment equal to 1 month's rent is required for delivery of your building. This covers your first month's rent, after which you only pay 1 month at a time as long as you wish to keep the building.
Q. Can I pay extra money down on the principal?
A. Since this is a true rent-to-own and not an installment sale, there is no principal to apply extra money to. Extra money received will only be applied to future payments.
Q. When is my first payment due?
A. Your first rental payment will be due 30 days after delivery of the building. We will send monthly invoices approximately 14 days before your due date.
Q. Can I add improvements to the inside or outside of the building?
A. Contact HSM Enterprises before making any changes to the building. Unauthorized changes may void the warranty.
Q. I would like to pay off my building, but I can’t afford the total payoff. Can I send it in 3 payments?
A. No. The payoff must be paid in 1 payment only.
Q. What is the interest rate on my payments?
A. There is no interest rate in a rent-to-own situation. You are simply renting on a month-to-month basis. A portion of each payment is applied toward the purchase of building.
Q. My job is requiring me to move, so I don’t need my building. Can I get a refund if you pick it up?
A. There is no refund on a rent-to-own contract. Call our toll-free number for details on closing your account.
Q. I was just laid off from my job. Can I refinance and get lower payments?
A. If your account is in good standing with excellent payment history, there are several options for you. Call our office at 855-878-5320 for more information.
Q. Why doesn’t my payoff go down?
A. If your account is delinquent, any back rent due will be automatically added to your payoff.