Wednesday, July 23, 2014

Is it a good idea to loan your kids money to buy a home?

With the housing market being so hot especially in places like Seattle the younger generation is finding it harder and harder to buy a home. 
Some home buyers use their saving or 401k's to get into a home but the younger guys out there don't always have this option available to them. They need to be more clever about their down payment and sometimes turn to family to help them. Whether it is a loan or a gift there are different ways to go about giving them the money. 
An interesting article was published recently explaining the different advantages and disadvantages to giving your kids money for a home. It explains the minimum federal interest rate. It brings up good points on what makes more sense financially for you. If you would like to read more go check out the link below.


http://www.interest.com/mortgage/news/should-you-lend-your-child-money-to-buy-a-home/

No comments:

Post a Comment