Let Renters Pay Your Mortgage

This was the title of a recent article that discusses the idea of purchasing a bigger home or say moving up from a condo or townhouse to a single detached home. Friends of mine did this and a recent client as well. Both of them now paying a smaller mortgage once they receive the rent they're getting from their income or basement suite. 
Some lenders, including the some of the banks, are making it harder to qualify and aren't allowing the use of the full rental income to qualify. I work with a number of lenders who will allow anywhere from 70 to 100% of the rental income added back to qualify you for the financing needed to buy your house.
Here's the full article below if interested…
From Globe Investor:
Let renters pay your mortgage

Tony Marchigiano 1-155 Water Street
Mortgage Broker Vancouver, BC

cell: 604 505 7109
fax: 604 909 4666


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