Showing posts from June, 2017

Speed Dating for a Mortgage Partner

NOW I’ve seen everything! 

OK, I know, as soon as I say that, someone will come along with something even MORE bizarre…

BUT, I have to say Speed Dating for a Mortgage Partner MUST be way up there at the top of the “Most Bizarre Financial Ideas” list, if there is one. (There should be!)

It kind of takes the idea of searching for roommates to share an apartment to another level. Basically the plan is for people who would buy a house or condo together with a perfect stranger to get acquainted in a “speed dating” scenario and invest a few minutes into determining if their pocketbooks and credit ratings are compatible.

It’s happening in Toronto where the housing market has gone so nuts that it’s pretty much impossible for a single one-income person to qualify and buy a house, any house.  Pooling resources may be the only way they can make it happen, and, of course, being priced out of the market is not a problem unique to Toronto.

Most lenders will write “friends and family” loans for unmarried…