Qualifying · Indi Mortgage
Use a basement suite to qualify for more
How a legal basement suite can raise what a lender will approve — in the video, buyers were qualifying for roughly $130,000 more.
Why a suite changes your approval
A suited home is one of the most powerful ways to increase what you can borrow. Lenders let you count a portion of the expected suite rent as income, and it can offset some of the costs that otherwise limit you — so your borrowing power goes up on both sides of the equation.
At the time we filmed this, Josh was seeing clients qualify to spend roughly $130,000 more on a home by buying one with a legal suite.
What actually counts as a suite
The key word is legal. For a lender to use the income, it needs to be a proper, self-contained secondary suite — not just a basement with a kitchenette. Getting that distinction right before you fall in love with a listing saves a lot of heartache.
Line up the financing before you offer
Because lenders treat suite income differently, the move is to confirm the financing first, then shop for the right suited home — exactly the kind of thing Josh and Jay sort out together on the same file.
Heads up: Qualifying amounts depend on rates and your file, and the ~$130k figure was an example at the time — book a call for your numbers.
