Girlfriends Parents Giving Us House Loan, I Have Some Q’s

[jazzmaniac42]

@vivian100 I’m not intentionally “over-complicating” anything. I literally have no idea what I’m entering into, and doing research into just that.

Why wouldn’t I not have equity in the home? I have no idea yet.

 

[kaytlinsdad]

@jazzmaniac42 This sounds stupid af sorry . Qualify yourselves. Interests rates are low. If you can’t qualify don’t buy

 

[resjudicata]

@jazzmaniac42 Just politely decline their offer and get a regular mortgage through a bank, interest rates are under 2%.

The only way this is “a good opportunity” for you considering the risk is if it was less interest than already very low bank rates...would you rather deal with a professional bank or spiteful ex girlfriend parents in the event of a break up?

Why would the parents “invest” $500k for the same rate they could get in a GIC with no risk at all.

Declining saves you a potentially head ache and saves the gf’s parents from making a terrible investment.

 

[jazzmaniac42]

@resjudicata Because they want to help out their daughter and her boyfriend? They’re not making an investment here lmfao.

 

[zango11]

@jazzmaniac42 How long have you been together? Are you common law? Having kids? Ever getting married?

 

[jazzmaniac42]

@zango11 3 years, not sure(?) but likely not, likely not, and likely.

 

[ghy1221]

@resjudicata The post implies the loan is interest free.