Considering buying a home with friends or family?
Applying for an Alterna Multi-Ownership Mortgage is as easy as applying for any Alterna home mortgage. Plus, you can take advantage of all the same mortgage product features and promotional offers.
Don’t believe us? Introducing the Alterna Multi-Ownership Mortgage, a mortgage that allows families to come together and support one another so they can achieve their dream of owning a home. Rising housing costs have priced many homebuyers out of the market and made it increasingly difficult to obtain a mortgage. Our Multi-Ownership Mortgage makes it easier to pool your resources to help someone to buy a home or purchase one yourself. Plus, it requires only a 5% down payment, so your dream home may not be as far away as you think.
Learn more about Multi-Ownership Mortgages
Frequently asked questions
The home buying process is intimidating enough, so why go it alone? Our Multi-Ownership mortgage allows members to pool resources to meet the standard credit granting criteria. Our Multi-Ownership mortgage offers the all the features available on our mortgage products. The application process follows the same steps as our conventional mortgages.
The Multi-Ownership mortgage can be great for a wide variety of situations. It works well for parents who wish to help their adult child purchase a home or who wish to jointly purchase a home for an adult child pursuing a postsecondary education. It’s also a good option for someone who wants to help buy a home for their elderly parents, or for family members who wish to pool their money and live together within a single family home. Plus, it’s a great solution for roommates or young working professionals looking to get a foothold into the housing market.
Sometimes it’s easier to just provide a non-repayable cash gift to help someone purchase a home. For a 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 mortgage applicant must then share this document with the banking advisor at Alterna Savings during their mortgage application.
While it’s only natural to want to help a friend or family member, it’s important to protect your own financial wellbeing.
Before you begin, here are a few things you should know:
Keep in mind that life can be unpredictable. It’s a good idea to take out mortgage insurance and life insurance to ensure that you are protected in case of an accident or critical illness.
A checklist to follow
Our current mortgage rates
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closed - high ratio
*rates subject to change
Consider these 8 things to help you pick a mortgage that's right for you.
Find out if you'll be able to afford your mortgage if interest rates rise.
Use this checklist to review all your options when your mortgage is up for renewal.
You may also need...
Mortgage Default Insurance
Is your down payment less than 20%? You need mortgage default insurance.
Secured Line of Credit
Get access to funds at a lower interest rate, backed by security like the equity in your home.
Find a smarter way to make your money work for you. Alterna has a banking package to suit your every need.
We have a credit card to fit your lifestyle. Whether you’re looking for valuable reward points, unique partner benefits or simply lower fees, you can choose the card that's right for you.
Alterna Wealth can help manage your investments so you can build, strengthen and preserve your wealth.
Protect your loved ones and gain peace of mind. Our payment protection† ensures your financial obligations will be met if you experience disability, critical illness or job loss, or in the event of your death.
Creditor insurance is available for the following products in the event of death, disability, and critical illness:
Furthermore, creditor insurance is also available for the following products in the event of job loss:
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†Payment Protection Legal Disclaimer:
Creditor’s group insurance coverage is optional and is underwritten by Co-operators Life Insurance Company. Supporting services, such as enrollment intake, medical underwriting and claims administration are provided by the employees of CUMIS Services Incorporated. Coverage is governed by the terms and conditions of the creditor’s group insurance policy issued to the creditor and is subject to terms, conditions, exclusions and eligibility requirements. See the Product Guide and Certificate of Insurance for full coverage details.
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