Seeking a mortgage

[Eureka]

Hello,
If a house mortgage is being sought in Ontario - and previously a multi-party house mortgage was signed at age 18 in 2007 with one’s parents in Europe, would that person continue to have financial liability to repay that initial mortgage? And would the possibility of obtaining the mortgage in Ontario be affected by that 2007 mortgage?

[SettlementOrgMod]

Hello,

Thank you for sharing your situation and questions with us.

We can appreciate that you would be interested in this type of information.

It is best if you contact a Lender or mortgage broker directly for this type of information.

According to the Canada Mortgage and Housing Corporation - Buying a Home: Who You Need on Your Team brochure,

Many different institutions lend money for mortgages, including banks, trust companies, credit unions, caisses populaires, pension funds, insurance companies and finance companies. It can be a good idea to shop around and speak with more than one lender before you make a choice. ManyCanadians choose to work with a mortgage broker because mortgage brokers don’t work for any specific lending institution, they can often help you find a mortgage with terms and rates that will suit your needs.

I hope this information is helpful. Please let us know if you have further questions and if there is any follow up to your question/situation.

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Anna
Settlement.Org Content and Information/Referral Specialist, CIRS
Settlement.Org