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Color of Money Question of the Week Do you feel you’re morally obligated to pay your parent’s PLUS loan? Are you a parent who feels your kid owes it to you to contribute or take over PLUS loan.
Students who are borrowing money. student loans are the best option for most borrowers. In May, the government announced that the new interest rate will be 4.529% on Stafford loans for.
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Should I loan my child money for a down payment on a house? – As a result, many young adults turn to their parents or other family members for help with a down payment. If you plan on lending your child money for a down payment on a house, you should try to assume the role of a commercial lender.
Parents. money beyond their allowance or whatever cash their parents fork over. In college, kids will be responsible for managing their own finances, budgeting for expected and unexpected expenses,
Before giving money for a down payment, consider the tax implications and paperwork requirements. Before giving money for a down payment, consider the tax implications and paperwork requirements..
A reader asks: "My husband and I want to buy our first home, but real estate prices are higher than we thought. We need almost $20,000 and don’t have it. My husband’s parents might give us the money for a down payment, providing we can get up the nerve to ask them.
But if parents can’t afford to give their child a down payment, they should think long and hard before lending them the money. "If you can’t afford to lose the money, you probably shouldn’t do it.
Save enough cash for your down payment, add in in the moving expenses, closing costs and other mortgage lending fees, then set up a.
Getting down payment help from the parents (or anyone else) isn’t as simple as just asking and then receiving when the money rolls in. If you’re going to do it, you’d better do it right.
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