Does rental income help you qualify for a higher purchase price? Yes! Rental income can increase your buying power and help you qualify for a mortgage more easily. Even if the suite is not currently tenanted, you can still use the rental income to help you qualify. Your Mortgage Broker can help you get pre-qualified using approximate rental income in your application. This will help you know what purchase price you are able to qualify for when shopping for properties. Rental income is a great way to help with the mortgage payment and annual costs of home ownership.
If you’re planning to buy a property with a rental suite or invest in real estate, contact your Mortgage Specialist to see how rental income can help you qualify. 