Home Mortgage on Father’s Day

Thinking of how to appreciate your Dad for Father’s day? To begin with, appreciating your Father for everything that he has done for the family would be a great start. But do not end there. Appreciating them is good but heeding their advice would even be better. Dads are known to be generally the head for the family. This means their wisdom is borne of experience and knowledge.  He has experienced the ups and downs of life and has learned from it all.  Because Fathers would usually put the needs of their family first, he sometimes forgets and foregoes his own needs.  And this includes not owning a house of his own because he figured that renting would be better since food and education for the kids came first. House mortgage as a Father’s day gift? If you are contemplating on giving, or at least helping, Dad get a home, a good start would be to see how much your total debt would be. Assessing your debt-to-income ratio would help you gauge if taking out another mortgage for your Dad would be something that you can afford. It would not be wise if you take out another mortgage if you are still heavily in debt. Joint mortgage with Dad Taking out another mortgage may be challenging for the time being and when you check your credit score you can’t possibly afford to get a new loan, you can opt to co-own a property with your parent.  Taking out a joint mortgage will be a good way to show your Dad that you appreciate him but at the same time, he won’t feel that he is totally dependent on you.  Another benefit of cosigning a loan is that there are tax deductions that can be availed if you qualify for it. Whether you are buying your Dad a home, cosigning a mortgage, or helping him with the down payment whichever you choose to do, honoring him on Father’s day is the best gift that you can give him. Photo credit