Multi-Ownership Mortgage
Homebuying can be intimidating, so why do it alone? Consider buying a home with your parents or best friend!
With an Alterna Multi-Ownership Mortgage, the application process is the same as any other home mortgage application. Plus, you'll benefit from all of our outstanding mortgage products and promotional offers.
Contact us to explore your options.
Can you tell me a little more?
Rising housing costs have priced out many homebuyers and made it increasingly difficult to obtain a mortgage. If you are helping someone purchase a home or pooling your resources to purchase a home the Alterna Multi-Ownership mortgage is right for you.
Our Multi-Ownership Mortgage only requires a 5% down payment, so your dream home may not be as far away as you think.
- Own a piece of the housing market
- Stick together with your crew
- Pool your money with up to three other people
- Receive fair and competitive rates
- Take advantage of flexible payment schedules
- Save more with generous prepayment privileges
- Leverage our advice and avoid common pitfalls
Our Multi-Ownership Mortgage will work with all of our mortgage products. The application process for a Multi-Ownership mortgage is no different than signing on to one of our conventional mortgages.
Before you begin, here are a few things you should know:
- Withdrawing money from your RRSP’s may place your retirement at risk and there are tax consequences.
- All borrowers on the mortgage are equally liable for the debt, including yourself if you’re a co-signor or guarantor.
- Based on your financial situation, leveraging equity in your home may not be the best idea, as a market correction could create difficulty for you in repaying the equity you withdrew from your home.
- Providing support financially or as a co-signer and guarantor can get complicated if the person you are helping goes through a divorce after the home purchase.
- There are other home ownership costs in addition to the mortgage payment which should be considered such as property taxes and maintenance. Will you need to provide support for these costs as well?
- This program does not include the purchase of non-owner-occupied investment properties.
Sometimes it’s easier just to provide a cash gift which isn’t repayable. For this transfer to be considered a cash gift, you must provide a letter addressed to the person outlining the total amount gifted and specifically state that the money is non-repayable. The person will share this document with the Banking advisor at Alterna Savings during their mortgage application.
- Have you settled on a co-borrower? For instance, a family
- Have you selected the very best mortgage product for your needs?
- Have you spoken with a lawyer?
- Take a deep breath. You’ve got this. Whether you do, or not, we’re here to help every step of the way.