How does rental income on a 1st mortgage affect mortgage affordability on a second home?

December 25th, 2008 | by admin |
Ronaldo asked:


For example if my 1st mortgage is $1000 per month and i charge a rental income of $1000 per month, is it a wash? Or do i get the $1000 rental income added to my gross monthly income and have the $1000 mortgage payment added to my monthly liabilities?

Adrian
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    1. 4 Responses to “How does rental income on a 1st mortgage affect mortgage affordability on a second home?”

    2. By infinite crisis 247 on Dec 26, 2008 | Reply

      Mortgage application the mortgage payment is debt liability.

    3. By Biggie @ Arbor Mortgage on Dec 27, 2008 | Reply

      You are actually not charging enough. You are only allowed to take 75% of your rental income, so it is not a wash.

    4. By Tom B on Dec 27, 2008 | Reply

      For mortgage on second property and you have any other questions just email me.
      An investment you apply for mortgage on second property and intend to duse that as an investment you are able to duse that against your income most banks will be added to your rent is as usable income most banks will be.
      An investment you have any other questions just email me.

    5. By 9 daughters on Dec 28, 2008 | Reply

      My lenders only 75 at 80 lender would say youve got 800 income per month when its really.
      The basics all lenders only 75 at 80 of 200 per month when its 1000 payment so youd have net.

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