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A rental mortgage is a different application
A duplex near NAIT or a second door in the city does not qualify the same way as the house you live in.
Twenty percent down on a vacant-to-you rental
There is no insured 5 percent path on a pure investment. Lenders use part of expected rent, often 50 to 80 percent, and still add the property's costs to your ratios. A duplex you will live in is a different, often easier, application than a house you will never occupy. Taxes, insurance, and a vacant month still sit on you. Optimistic rent is not a reserve fund.
Rent comps have to be honest
Optimistic rent and the stress test together leave no room for a broken furnace. Jason sizes capacity including your current home payment. He will not use US DSCR rules on an Alberta title. Read investment property.
Using equity from the house you live in
That is a refinance plus this rental application. See equity and refinance. Some lenders also cap how many rentals they will hold.
What to send before you bid
The listing, expected rent from real comps, condo documents if it is a project, and your current home payment. NAIT-area duplexes, Alberta Avenue infill, and a second door in Mill Woods are common first rentals. Optimistic rent plus the stress test is how people get stuck with a vacant month and no furnace money.
Ready to talk numbers? Call 780-721-4879 or apply online. Bring income, debts, and the listing or letter if you have one.
Related pages
Common questions
Why 20 percent down on a rental?
Canadian insurers do not treat a vacant-to-you rental like a home you live in.
Does rent help me qualify?
Part of it, not all of it. You still need income and ratios that survive the stress test.
Can I use equity from my house?
Sometimes. That is a refinance plus this rental application.
Can I live in one side of a duplex?
Often that is an easier application than a house you will never occupy. Say the plan on the first call.
Ready for a clearer mortgage plan?
Call Jason. He will educate you, answer your questions, and make the next step easier.