Lenders look at the building as much as at you. Type, condition and intended use decide which lenders can even take the file, and sometimes that happens before anyone looks at your income.
What the lender asks for
Leases, proof the rent was actually collected, and your rental income on your tax returns. Rent that went through the tax authority gets credited more easily than rent with no paper trail, even when the amounts are the same.
Look at the whole budget
The mortgage payment is one line. Add municipal and school taxes, insurance, heating, repairs. Plenty of lenders also want money left in your account after closing.
Documents to gather
What the lender will ask for.
What you want to do
Income and paperwork
Debts and credit
Type of property
Timeline you’re aiming for
Which lenders fit
Frequently asked
How much of the rent counts toward qualifying?+
Usually somewhere between 50% and 80%, depending on the lender and how the income is documented. Your tax returns matter more than the leases. Rent you never declared doesn’t count, no matter what lands in your account.
Current rates
Today’s rates, with the fine print.
These rates are indicative. Yours depends on your file, the type of mortgage (insured or not) and the lender. And look at the penalty too, it matters as much as the number.
Buying, renewing, refinancing, or something a bit out of the ordinary: tell us where you’re at, even if it’s still fuzzy. Mathieu gets back to you with next steps and the documents to pull together.
