Today’s mortgage question comes from a long time client.

“How Can I Help My Daughter as it relates to credit and mortgages”

This is a great question. Everyone needs to have the ability to borrow money. That’s true whether you’re a young adult starting out or you’re simply starting over after a bankruptcy.



Whether it’s getting a mortgage or simply checking in at a hotel, having credit is a must.

Unfortunately, young adults often face the same dilemma when applying for a job. That is, if you don’t have history you don’t get it.

So here are a few mortgage tips to help you kids when it comes to credit.

One of the easiest ways to establish credit is obtaining a credit card. If your child can’t get an approval on their own, a secured credit card is a great option.

This way you’re not really guaranteeing you childs credit, you’re simply assisting by putting up the cash to cover the credit limit. After about 6 months you can request that your security deposit be returned.

Another great credit and mortgage tip, is to apply for an RRSP Loan.

Most Banks will be happy to give your child an RRSP loan. This is because, Unlike other loans, you don’t get any cash because the funds remain with the bank.

You simply get an RRSP statement, but just as importantly, you’re establishing you credit, you’re saving for the future and you get a tax benefit.

Remember, having credit is one thing, BUT Managing it is key.

If you have any question, you know the drill 604-273-2002

Mark Fidgett is a Vancouver mortgage broker and the driver behind www.NotaPennyDown.com

Your Vancouver Mortgage Broker For Life

www.notapennydown.com

604-273-2002

P.S. Who’s the next person you know who wants to save thousands off their mortgage?
Be sure to give me a call so we can help them!
604-273-2002