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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Oh interesting thought... though it is a loan, not a gift, so the deal I have with my parents is I'd pay them back on monthly installments (i.e. $500 a month over 6 years) so the dollar doesn't help me in the short term. My parents do own (mortgage paid off).... I don't know if they've ever explored that.
Are interest rates good right now relative to over the last 10 years? I know in Cali, its at a all time low.