I was walking down the street when I saw this a bus-stop ad for a vancity ‘mixer’ mortgage. It took me a moment to figure this one out.. basically you can share a mortgage with friends now.
Haven’t you always wanted a place to call your own? I bet you have one or two friends that have always wanted a place of thier own as well.. Now you can BOTH have that place of your own together! This arrangement combines the pride of ownership with the convenience of a room-mate!
Think of the advantages!
This effectively doubles your buying power- Never have to buy food again, just mooch off your roomie! A little short on the electricity bill this month? No problem! You’ve got a room-mate to take up the slack. I can’t imagine why everyone wouldn’t go for this deal – what could possibly go wrong with this arrangement?
This deal combines the low cost of co-habitation renting with a chance to get exposed to the vancouver housing market.. Think there’s still some upward momentum to this market? Now you can finally buy that half-a-condo you’ve always wanted and avoid being priced out of the market forever!
As long as you are always in complete agreement with your friend about all things mortgage-oriented then this is the ideal way to get into the market. What a great creative new way to increase affordability! Take a cash-advance out on your credit card for a down payment and you’re on the road to riches!