Robert is with us in Alberta, Canada.

Hi, Robert. How are you?

Doing well. How about yourself?

Better than I deserve. What's up?

All right. I'm looking to buy my first house with my wife.

We have about 150,000 saved, and my in-laws are being generous and lending us about

$100,000 to help with the down payment. That's enough for us to get a decent town home in our area,

and that way we would only owe family. But at that payback rate they want with my in-laws,

we have room for about $100,000 mortgage while staying below your recommended 25% limit.

We're wondering if it's a good idea to take the mortgage, if as a result we might stay in the home longer.

Or am I just trying to talk myself into debt?

Well, it sounds like all of these decisions are made, except the last ones.

I'm not sure how much I'll be able to influence this, because you all aren't going to like my answer.

I would recommend you don't take out a loan with your in-laws.

Oh, really?

Yeah.

The borrower is slave to the lender, and when you owe your father-in-law money, Thanksgiving dinner tastes different.

Yeah, all right.

This is how families end up not speaking to each other.

And it's a, they are not necessarily, they probably aren't because you didn't bring it up.

They're probably very kind, not controlling people.

That will all change the first time you miss a payment.

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