209-755 McGill Road

Kamloops, BC V2C 0B6

Tara Sales Kamloops Mortgage Broker

Are you a savvy homebuyer? Then, let renters help pay your mortgage. Canada Mortgage and Housing Corporation (CMHC) allows homeowners to count all the income from their legal secondary unit(s), making it easier to qualify for a mortgage and boosting many home-buying options. 

This option is not new. CMHC introduced the changes to owner-occupied residences with a rental suite in 2015. You can read more about the program here.

Whether you’re a first-time homebuyer feeling your way into the housing market or an existing one looking to lower your mortgage payment, here are five reasons why having renters help pay your mortgage is such an appealing option:

 

Purchasing Power

Some first-time buyers want to move directly into a single-family home and get mortgage assistance using a rental suite instead of purchasing a condo at a lower cost.

Location

If you want to get your foot into real estate without breaking the bank, a home with a rental suite can be a great start, especially if the area you love is pricey.

Savings Power

Homeowners looking ahead may want to lower their mortgage costs to channel money into other investment areas like RRSPs, TFSAs, and RESPs. Or simply as a way to become mortgage-free sooner!

Lifestyle

Spending less on your mortgage can give you the freedom to change your lifestyle or follow your dreams, perhaps to travel, start a new business venture, or allow for the luxury of having a stay-at-home parent.

Multigenerational Home

Suites are also great if you have ageing parents. You can keep them close without infringing on personal space. Lenders and insurers will not use the rental income for qualifying purposes if tenants are family members.

 

Ready to become a savvy homeowner and let renters help pay your mortgage? Talk to me today and find out how!

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *