Quote:
Originally Posted by taylor192
Read up on the sub-prime market in the US and how people were taking 2nd mortgages to finance the downpayment, you're a candidate. You cannot actually afford this place without taking out a second loan (from your parents, I hope they never expect it to be paid back), so what happens if you hit any financial difficulty?
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Yea I do know quite a bit of the sub-prime mortgage stuff since I went through my undergrad reading about it everyday and doing a project on it. But there are differences in the markets between Canada and US and in the situations between mine and other people.
The loan from the parents I will pay them back if:
A) I sell this place in the future and make plenty of money, OR
B) I have excess money left over (if that ever happens) and return it to them.
Preferably I would like to pay them back, but it won't be a set schedule so I could potentially pay them off in 1 year, 5 years, or even 10 years. If they forget, I wouldn't even pay them back! lol