Get Approved for More Money By Having a Suite
Lake Okanagan Realty
If you are buying a house with a suite you can get approval from your bank for more money:CMHC will only allow legal suites but Genworth will allow non-conforming suites. If it is High Ratio financing you can only use 50% of the income with either insurers. If you have 20% for a down payment some lenders will allow you to use 80% of the income towards the debt servicing. So it does make a difference. Let me know if you need anymore information on this. You typically save money by spending more and buying house with a suite. Stand back and look at the big picture before you make a decision.