My sister and fiancée are not as well off as I have been fortunate to be financially.
They have spent the last 3 years renting a home that was sub-par and finally got the motivation to move. Unfortunately they were not sound enough financially to be owning a home (and made the smart decision not to try).
I purchased a rental home and have been renting to them for a short period of time. Recently her fiancée had his mother pass away which was very unfortunate. As an outcome however he has come into some money.
As such, they are now interested in owning their own home, and really like the home I purchased for them to rent.
My question or interest in feedback from the group is the following:
I have no experience "breaking" a mortgage because any property I have purchased to date I purchase to keep (this one being my 4th). What options do I/We have and what costs could potentially be avoided if I chose to do this for them?
It is currently a 5 year fixed mortage with TD at 2.9%. (25 yr), only 6 months into the 5 year term.
Any help/guidance/suggestions would be very much appreciated.
Thanks!
Dawson
They have spent the last 3 years renting a home that was sub-par and finally got the motivation to move. Unfortunately they were not sound enough financially to be owning a home (and made the smart decision not to try).
I purchased a rental home and have been renting to them for a short period of time. Recently her fiancée had his mother pass away which was very unfortunate. As an outcome however he has come into some money.
As such, they are now interested in owning their own home, and really like the home I purchased for them to rent.
My question or interest in feedback from the group is the following:
I have no experience "breaking" a mortgage because any property I have purchased to date I purchase to keep (this one being my 4th). What options do I/We have and what costs could potentially be avoided if I chose to do this for them?
It is currently a 5 year fixed mortage with TD at 2.9%. (25 yr), only 6 months into the 5 year term.
Any help/guidance/suggestions would be very much appreciated.
Thanks!
Dawson