Canadian housing mortgage rates are all over the map. Don’t get trapped in an unnecessarily costly mortgage agreement.
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Canadian housing mortgage rates are all over the map. Don't get trapped in an unnecessarily costly mortgage agreement.
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Splitting condo ownership fairly with your partner
– moneysense.ca
Q: My girlfriend of three years and I are moving in together in the new year, once I close my condo sale. We both agree about my going on title, and I am hoping to also pay down some of her outstanding mortgage with some of my proceeds, and together we would also be splitting the mortgage payments thereafter.
We both understand that we would need to get an appraisal of her home for starters, but are hazy after that. What are the steps we then need to take? Do we need separate lawyers to accomplish our goal, or is this a simpler, more seamless process? We both sincerely want to pool our resources, to create a good and stable home environment for ourselves, and her daughters. Any advice, or even a template to follow?
—Michael S.
A: Hi Michael. Congratulations on the New Year goals and on closing on a condo. It certainly sounds like you and your girlfriend are talking and planning about financial matters, which is always a step in the right direction.
Now, it’s not immediately apparent from your question what your main concern is when it comes to your 2018 transition…
