Can I Afford a Mortgage When Putting My Kid Through School?
You’re a proud parent whose child is about to embark upon a post-secondary education. This could be happening this semester, or in a few short years from now. Whatever the case may be, you plan on paying for their college/university education so that they can get a head start on life without student loan debt. However, you also have another life-changing decision on the mind now that your career is headed in a favorable trajectory. You want to buy a home. Can you manage both, given the rising cost of tuition in Canada? When you connect to the right mortgage broker it’s absolutely feasible. Let’s review!
How a Mortgage Broker Will Help You Buy Your Very First Home While You’re Paying Your Child’s College/University Education
Connect You to Downpayment / Monthly Payment Saving Programs
It’s a fact that your generation has not been able to afford a home at the same relative age as the Baby Boomers prior. However, you’re finally at a point in your profession that buying a home is viable. The only concern, is that this is occurring at the cusp of your child’s post-secondary education. So here you are; a first time buyer who is about to cover a downpayment on a home and the cost of college/university tuition. We may not be able to affect the rising costs of education, but we can affect what you require for a downpayment and ongoing monthly mortgage payments. So much in fact that a broker can help you free-up thousands of dollars, maybe tens of thousands. How?
A mortgage broker can help you qualify for a number of mortgage programs available to new buyers. This includes Canada’s First-Time Home Buyer Incentive program among others that may even apply to your profession. For example, there are dedicated mortgage programs available to first responders, healthcare workers, physicians, pilots, teachers, self-emplyed contractors, independent business owners and more. These are just examples of what’s available out there. The thing is, is that most of the programs are not advertised by lenders. But when you connect to a broker who has long-standing ties to the Big Banks and alternative private lenders, you will enjoy access to mortgage programs tailored to your unique needs. As a result, you will enjoy a lower downpayment and lower variable or fixed interest rates. This will reduce your initial capital expenditure, your future monthly payments, and ultimately your overall cost of homeownership.
Here is our guide to everything you need to know about how a mortgage broker will help you afford a home as a first time buyer, even when putting your kid through school.
Kid in College = Space for a Rental?
Is your student leaving town for university? If so, instead of converting their vacated room (in your new home) into a personal fitness center as empty nesters commonly do, use the space to earn revenue on the short term rental (STR) market. You can do so via Airbnb/VRBO and similar platforms. This is especially viable in the BC Southern Interior which is a hotbed for tourism through all four-seasons. The income you earn from operating a successful STR can cover your monthly mortgage payments, and may even help hedge the cost of your student’s course books and other materials. Go ahead an encourage your kid to fly the coop and enjoy the college experience away from home while you reap the financial benefits. View more on how to cover your new mortgage via Airbnb/VRBO.
We know that you still have a lot of questions. The prospect of buying a home while putting your child through post-secondary school is a lot to digest. However, you will have a friend and partner through it all when you work with Carloni Mortgage Brokers. As a proud parent of two amazing sons himself, Rene Carloni is well aware of what you’re concerned about. Moreover, Rene’s brokerage has worked with parents in the same position that you’re in. If buying a home in the BC Southern Interior, let Carloni Mortgage Brokers alleviate your burdens and concerns. Contact us today for a friendly conversation about how you can afford a mortgage while carrying the cost of tuition for your student.