376 –  Should You Help Your Child Get a Mortgage? with Ron Butler

376 – Should You Help Your Child Get a Mortgage? with Ron Butler

Author: Doug Hoyes November 13, 2021 Duration: 38:34

According to an October 2021 CIBC report, the average down payment gift from a parent to their child has risen to a record high of $82,000. But while most of these gifts are cash savings, and not debt, is it still wise to gift your child a down payment for their first home? Could there be repercussions and if so, what? On today's podcast, mortgage broker extraordinaire Ron Butler, gives first-hand insight into the rise of down payment gifts for first-time home buyers and discusses the increase in co-signers on mortgages. Ron also explains whether an interest rate hike will affect home prices and much, much more! Tune in.

 

Related Links:

 

CIBC Report – "Gifting for a down payment – perspective" by Benjamin Tal: https://economics.cibccm.com/cds?id=9dc124d8-9764-4c1d-83b4-9e89a5d568b8&flag=E

Hoyes Michalos Homeowners Bankruptcy Index: https://www.hoyes.com/press/homeowner-bankruptcy-index/

Podcast 334 – Mortgage & Home Equity Refinancing: What Are the Risks in 2021? https://www.youtube.com/watch?v=-CSt5J7CIQ0

Ron Butler on Twitter: https://twitter.com/ronmortgageguy

Butler Mortgage Website: https://www.butlermortgage.ca/

 

TIME STAMPS:

 

2:18 Today's mortgage rates

3:27 Have people regretted moving away from the city?

6:24 How are bank approvals for mortgages?

8:15 Variable vs. Fixed Rates – what's better?

13:55 Are down payment gifts a good idea?

17:38 How are parents affording down payment gifts?

18:26 Cautionary tales of borrowing to help kids and cosigning on mortgages

20:22 If we have 70s-type inflation, what's going to happen?

23:54 Is the US-style mortgage better for customers?

25:36 Where does Ron see rates in the future?

28:35 Is there more diversity in mortgage providers these days? (A vs. B lenders)

31:10 Should parents be gifting down payments and practical advice


Doug Hoyes sits down each week with a different specialist to untangle the complicated feelings and hard numbers around owing money. The conversations in Debt Free in 30 move beyond simple scare tactics or dry theory, focusing instead on actionable strategies for managing debt, rebuilding savings, and making informed investing choices. You’ll hear from trustees, financial planners, and counselors who explain concepts in plain language, stripping away the industry jargon that often leaves people feeling overwhelmed. Whether it’s navigating a consumer proposal, understanding credit scores, or starting to invest with a tight budget, this podcast provides a clear-eyed look at the steps toward financial stability. Doug’s approach is grounded and pragmatic, reflecting his deep expertise in the field, making each episode feel like a direct consultation with a knowledgeable guide. Tuning in regularly offers a consistent source of demystified advice, turning what can be a stressful topic into a manageable process. It’s that blend of expert insight and relatable conversation that defines this particular personal finance podcast.
Author: Language: English Episodes: 500

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