There’s a lot you need to know when navigating the world of mortgages.

And, if you’re not careful, it’s quite easy to get tripped up in the lingo, the procedures, and the payments. (Not to mention the penalties.)

This is why we’ve recruited Jerome Trail, owner and broker of record at The Mortgage Trail, to answer the most important questions homebuyers and homeowners should understand before moving forward in their mortgage process.

Today, Trail is offering the answer to the inquiry: “What are the risks to entering a mortgage with someone else… Who isn’t my spouse?”

When it comes to living arrangements in Canada, the situation is increasingly a multi-generational family affair. In fact, multi-generational housing is now one of the largest growing trends on the country’s real estate front. High housing costs are a major contributor to this evolving trend; whether someone’s seeking a main abode or a vacation home, it makes more sense than ever that they’d look around their family (and social) circle to see who may be interested in going in on a property together.

But, Trail says, there are important caveats someone should consider if they’re about to take a conjoined-plunge on such a major purchase.

Continue to read on:STOREYS