In today’s challenging housing market, young Canadians often find it difficult to purchase their first home. Rising property prices and economic uncertainties are making homeownership less attainable. Parents, however, can step in to provide crucial support, offering financial assistance in various ways to help their children achieve this milestone.
One effective way is through gifts or interest-free loans for down payments. This strategy helps buyers reduce the overall mortgage size, which is especially beneficial given today’s stringent mortgage qualification rules. PADS Financial, a trusted alternative mortgage lender, provides innovative solutions for families navigating the complexities of home financing.
Parents can also co-sign mortgages or leverage their home equity to secure second mortgages, allowing their children to qualify for better financing. These approaches come with risks and responsibilities, so expert advice is crucial. Visit PADS Financial to explore tailored loan options for your family’s unique needs.
