This post may feel like it is coming out of left field for a lot of you, as it will definitely be the first of its kind appearing on The Delilah Blog! However, it is definitely not coming out of left field for my husband and I as we grapple with the reality of the Toronto housing market. This is something that has been a discussion around our table over many dinners, and continues to be a point of difficulty as we look at our options for the future. I’m sure that many of you can attest to this same feeling if you live in or around Toronto!

So although not very optimistic at the thought of meeting with a Meridian Credit Union Mortgage Specialist, we decided it would be a good idea to hear what our options are (if any!) for buying a house in the near future. Now, it should be said that neither my husband or I make above-average incomes, and we are currently renting. So although we are managing to save, that number is only increasing gradually each month, not exponentially by any means! This means that the first hurdle is jump is a… *gulp*…down payment. Those two little words are hard to swallow when you’re looking for a home in the GTA.

Sandro Agostino, the MMS (mobile mortgage specialist) from Meridian Credit Union came to our house to meet with us to discuss our options. (I will pause here to say how convenient it was that he was able to come to our home – on a Saturday – to meet! That makes it a whole lot easier to plan a meeting, and definitely more comfortable to speak to someone in your own home rather than a stiff office chair!) After hearing a bit more about our current situation, and the fact that we are expecting our first baby in a few months, Sandro was quick to understand that finding a home to buy and move into before our due date was certainly a stretch, but it doesn’t mean that there aren’t options for us to consider in the coming years (which is definitely more what we were thinking anyway!).


THE FRIENDS + FAMILY MORTGAGE

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Meridian Credit Union offers a really great program called The Friends + Family Mortgage. Essentially, this is “a practical way for modern families and friends to join forces and pool their financial resources to afford a larger shared home.” I think this is such a unique way to consider getting into the housing market – especially for young couple who are just starting out in their careers. Buying a home with friends or family doesn’t necessarily mean living all together on one level of a house – some families have physically divided their home while others have used this as investment property. There are so many options to consider! I just think that a lot of people (including ourselves) wouldn’t have thought of this as the first option when discussing buying a home. It definitely gives a whole new perspective when weighing your options, and intrigued Dave and I as we talked about it more with Sandro.

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Furthermore, when we started to think outside the box a little bit, we thought about the idea of purchasing a home that could be renovated into a multi-unit dwelling, which would then provide rent income. Meridian also offers some great programs for “purchase plus improvement” loans to help with renovation costs when there will be a secured income (through rent) involved. You can get more information on that by contacting a MMS yourself and setting up a meeting!

At the end of the meeting, Dave and I felt a whole lot less discouraged regardless of the fact that we aren’t ready to empty our bank account and buy a home tomorrow. We now know that we actually DO have options, even in a crazy housing market like Toronto. #ItsPossibleWithMeridian

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So all that being said… Is there anyone out there who wants to go in on a Friends + Family mortgage and buy a house together!?? 😉

Sincerely,

Kristin xx


*this post was sponsored by Meridian Credit Union, but as always, all opinions are my own!*

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6 comments

Reply

Meridian bank does offer wonderful options! Make sure you are ready to get into the market because there are lot of fees to pay once you make your purchase and a lot of bidding wars. I am onto selling my first home and buying a second one so I would know. Regardless best of luck lovely when you are ready to purchase!

Sweet as Fiction xx
http://www.sweetasfiction.com

Reply

Definitely true – it is such a tough market out there! Thanks for the well wishes 🙂

Reply

Meridian is awesome! I’m nowhere close to buying a home either, but it’s nice to know there’s other options out there to help with payment plans. Also – coming to your home on a Saturday? That’s amazing!!

Jackie

Reply

Right? It just eases my mind to know that when I am ready, I am not totally up a creek without a paddle! 😉 Thanks Jackie!

Reply

Thank you for this informative post! Lots of great information! I personally had a private mortgage through home trust and although they didn’t come to my home they were really easy to deal with and helpful private mortgages are good for independent contractors like myself because we can still borrow money at good interest rates without the stable 9-5 job. The rental unit is always a good idea because you can pay off your mortgage while you live on your property people are also getting homes with an extra bedroom and doing air B and B when it’s time for me to buy again I like the idea meridian comes to your house and would explore them as an option.

Sarah ~ youareacanvas

Reply

Thanks Sarah! I am glad you found it informative. Awesome that you were able to get a mortgage that worked for you. I hope I will too in the future!

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