Forum

Broker news forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Notify me of new replies via email
Mortgage Broker News | 29 Apr 2016, 08:16 AM Agree 0
Several pundits are discouraging parents from funding their adult children’s prospective homes
  • Mike | 29 Apr 2016, 09:10 AM Agree 0
    Why not help them. What should we do with the money. My APPLE stock dropped 10% this week, that $30,000 would have been alot better in my daughters hands having a lower mortgage. There is a ton of cash in the Canadian economy, sucks for lenders and insures that want to make more interest and fees from our kids but tough.
  • LanceH | 29 Apr 2016, 09:26 AM Agree 0
    Parents need to know their kids. An early client of mine bought a house for his daughter, who proceeded to not make a single payment. The house was seized, and his credit / life was ruined, and he was starting over at 60!!

    If I was a parent, I'd crunch the numbers with the kids to ensure they can afford it first, and might restrict them to buying something with rental income to get through the rough spots in life, and buy down the mortgage faster during the good times. But "know thy children" first!!
Post a reply