When it comes to Millennials there are a lot of uncertainties. For probably the first time, an entire generation is trying to figure out where they fit in this ever changing marketplace. How they will buy their first home is one of the primary concerns. And that where the Family and Friends Mortgage from Meridian Credit Union, may offer a solution to many.
When it comes to these questions I wanted to get some real-world advice, so I headed out and joined the great team from Meridian Credit Union, Ontario’s largest credit union for the Millenial Money Meet Up in Toronto.
The evening offered an insight into the current housing market both in Toronto and Canada.
Mainly centring around the topic at hand, how is it even possible for most of us, Millennials or otherwise to buy a home anywhere, let alone in the crazy Toronto market.
There are many parts to that answer but a big solution is The Family and Friends Mortgage from Meridian, Ontario’s Largest Credit Union.
Most people are unaware that up to 4 people can be added to the title for a residence.
So, the smart team at Meridian Credit Union have geared their brilliant product to anyone looking to buy a residence with several parties.
That could be friends, family, colleges, business partners. It could be for living, or to flip, or even to rent. Really the idea and the product itself give you, and me, so many more options in which to purchase a home.
Why is this important?
For us Millennials, this means that we have more options in which to purchase our first home. We could go in with a couple friends, or maybe even parents.
This option also spans right the way through to retirees looking to downsize and live with friends. I heard about 3 older ladies that were selling their current homes and pooling their resources to buy one home for all of them to together and have that support and companionship.
In these uncertain financial times, we need to be smart about our decisions, and that means asking the right questions and learning about different products that can help us get closer to our goals both in finance and in life.
Wouldn’t you want to split the bills 4 ways? I think I’d be just fine with that.
To discuss your mortgage options and learn more about the Family & Friends Mortgage, contact one of Meridian’s Mobile Mortgage Specialists: www.meridiancu.ca/mortgage
This post was sponsored by the Meridian Credit Union in association with Addicted Media Inc.