Young Home Buyers Move in With Parents to Help Them Keep Their Home

One option that some first time homebuyers are considering is too move in with their parent to save for a home.

I thought I had a unique situation. After reading the article below, this is not so unique.

I got a call from clients that I did a mortgage for many years ago. They indicated that they were having difficulty making their mortgage payments but they were current, never having missed a payment. They wanted to take advantage of today’s interest rates, but were told by their existing note holder, that they didn’t qualify for a refinance.

They would tell me that their son had recently gotten married and the four of them discussed living together, could all four of them participate with a refinance?

Fortunately, there was sufficient equity to accomplish a refinance. The property value was around $300,000. The existing mortgage was $191,000, the interest rate was 6.875%. We did a $220,000 mortgage at 3.5% and as part of the refinance we paid off all the parents credit card debt. Their monthly mortgage payment is $1,493, which was $601 less than they were paying and the parents no longer have any credit card debt.  

One of Five Young Buyers Would Move in with Parents to Save for a Home

By: Steve Cook

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »