Quote:
Originally Posted by ranchlandsselling
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.
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Thank you for your question, due to legislation that banks are regulated by a mortgage can not be issued in Canada for a house in the US. If your parents have the available equity in their residence in Canada to help facilitate the loan that would be a good option. If not, you would need to talk with a broker about private lending as the home you are using as security is outside of Canada and the law is if the loan goes into default a Canadian lender can not collect on their security outside of Canada. Hope this helps, if you have more questions please let me know.