Many first-time homebuyers find that their budget only qualifies them for a smaller home, when what they really want is a single-family home – here’s how a legal basement suite can help. Watch my video for more information!

How Rental Income From a Legal Suite Can Help

One way to stretch your budget is to purchase a home with a legal basement suite. Mortgage lenders allow you to factor in rental income from a legal suite, helping you qualify for a larger loan. Many builders are already including legal suites in new homes as mortgage helpers, recognizing the growing demand for this option.

New 30-Year Amortization Rule for Legal Suites

The federal government introduced a new rule that allows buyers of homes with legal suites to qualify for a 30-year amortization. This longer repayment period can help lower monthly payments and increase the amount you qualify for, making homeownership more achievable.

Is a Legal Suite the Right Move for You?

While a 30-year amortization helps with affordability, it also means paying more interest on your home over time. The key is to use this strategy to get into the right home, then consider adjusting your repayment plan down the road.

If you’re looking to get pre-approved for a mortgage to buy a property in Edmonton, fill out my online application. I’m here to help you every step of the way.

About Jason Scott, Edmonton Mortgage Broker

Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.