Personal Finance

Buying House-Help

  • Last Updated:
  • Aug 12th, 2012 9:36 pm
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Sr. Member
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Oct 12, 2011
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CARP

Buying House-Help

I'm thinking of buying a home with money I have, as well as money my Dad would lend me. I would not be getting a mortgage. Are there any restriction in regards to family members lending money in this case?
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Deal Addict
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Jan 28, 2012
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ImpKnight wrote: I'm thinking of buying a home with money I have, as well as money my Dad would lend me. I would not be getting a mortgage. Are there any restriction in regards to family members lending money in this case?
No restrictions, if you have the cash for the full purpose you have no need for a mortgage which actually negates most of the obstacles to purchasing a home.
Jr. Member
Aug 20, 2009
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It's much easier to borrow money from 'Dad' than a bank, the only restrictions are the ones you two agree on.
Newbie
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Jun 26, 2012
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Toronto
Just remember when setting up your loan agreement with him, if he is charging you interest he will have to pay tax on it but you will not get an interest deduction since you are using the money for personal purposes.

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