Getting a Family Mortgage?
Family Day 2022 is upon us in BC (February 21) which marks the perfect time to address a home buying opportunity that households throughout the BC Southern Interior have been thinking about – a family mortgage. As it sounds, a family mortgage represents the pooling of tangible and intangible resources (funds, equity, credit, etc.) amongst one’s family in order to buy a home and get more favorable terms on a mortgage. It can be a great way to enter and/or invest in the Okanagan’s hot market. As Penticton’s best known family mortgage broker we can say that this has worked out tremendously for kinsfolk throughout the community. That said, the are some key things to consider. Let’s review.