Quote:
Originally Posted by Phanuthier
Q for you, bit of an odd question... I'm looking to buy a home in the USA (California) but in some cases, I'm 20k-50k short of my pre-approved loan. My parents said they can help me, out, do you offer service where lets say I buy a $620k house and get a $420k loan, if I get a 400k loan in the USA, can my parents gets a 2nd mortgage loan from Canada of $20k ontop to help me out?
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Do your parents want a second mortgage on their house to help you out or your new house you're looking at purchasing?
Tough to think about when the above question is outstanding.
Either way -My first guess would be to suggest the above option I questioned. If your parents have equity in their Canadian home and want to help you buy a house in the states I'd suggest they take the money out of their Canadian house. The dollar is at par and your parents likely earn CAN money. That way if they're paying off a portion of your house (ie having a mortgage on US house or Canadian house) at least if they do it by way of Canadian mortgage there's no foreign exchange exposure. They know what their payments are going to be for whatever term they take. Additionally if something bad happens to them, you're safe and if something bad happens to you they're safe.