Is Your Adult Child Still Paying a Landlord?
Here are 4 big reasons to get behind their homebuying plans.
1. Freedom & Stability
Homeowners have lots of freedom when it comes to managing their own home, and they can avoid the uncertainties and new expenses that come with rising rents or changes in property management.
2. Tax Savings
Homeowners can take advantage of certain potential tax benefits, including deductions for interest payments, property taxes and some of their mortgage closing costs.*
3. Current Low Rates
Interest rates are currently low - but may be starting to rise. Locking in a low fixed rate on a mortgage now can potentially save lots of money over the life of the loan.
4. Long-Term Value
Well-cared-for homes tend to gain value over time - despite the occasional downturn in the market - which helps homeowners turn their monthly mortgage payments into a sizeable nest egg down the road.
*For tax deductibility information, please consult your tax advisor. Terms and conditions subject to change without notice.
Should You Help Your Child Buy?
Providing financial support so your adult child can buy their first home is a personal decision that requires careful consideration and discussion. If you choose to help, there are a number of ways to do it:
- Pitching in for the down payment and other closing costs
- Purchasing the property as a second home with your own mortgage
- Sharing responsibility for the mortgage by serving as a co-signer or co-borrower
Our local mortgage consultants have deep experience serving a variety of homebuying goals and can provide the guidance to help you and your child reach yours.
With so many great options, you're sure to find the loan that's right for you.
- Up to 97% financing for single-family homes, condos & co-ops
- Up to 95% financing for two-family homes
- Bi-weekly payment schedules available
- Parents can co-sign
- No-point mortgage options available