Open House - The Real Estate and Mortgage Show
Steve, Paul and Lisa Theriault (filling-in for Frank) take all of your real estate and mortgages questions.
On this week's episode of The Real Estate and Mortgage Show, Lisa Theriault joins Steve Gregory and Paul Rushforth to talk mortgages and real estate. This week's topics responsibly building your credit score, the rise in popularity of assumable mortgages, and the family plan mortgage.
The Family Plan Program gives individuals the opportunity to purchase a home for a family member with only a 5% down payment, providing the family member lives in said property. This is an attractive option for family members who have good credit but lack the income to purchase a home individually. A good example would be a parent purchasing a property for a child attending college or university. Rather than spending a large sum on residence fees, the parent is investing in a property. This benefits the child as well, helping to build credit in a responsible way. Those looking into the Family Plan Program should note that the occupant cannot be charged rent. If the purchaser is looking to gain some rental income from the property, they can choose to rent out another area of the home.
For more information on the Family Plan Program, contact any of our qualified Ottawa Mortgage Brokers.
Listen to the full Podcast for Open House - The Real Estate and Mortgage Show.