How income helper suites can help families qualify for a better mortgage

How lucky are we to call Kelowna our home?

Surrounded by unparalleled beauty, we gaze upon the magnificence of the Okanagan and wonder, how could I live anywhere else but here?

But this presents a problem for many of us, as Kelowna may be where we reside we don’t have a house to claim as our home.

Seeking a long-term solution to plant our roots in Kelowna, we always have our ears open to ideas on how to save money, especially when it comes to purchasing homes and having options to make purchasing a home more affordable and realistic.

Ovation Homes is providing prospective home buyers with an option to build their dream home in the desirable location of University Heights — and there’s a way for you to pay off your mortgage faster!

With an income helper suite, your lender will take into account future rental income when determining the mortgage you qualify for. With the additional income generated from the income helper suite, you’ll bring in more money per month and be able to afford and pay off your mortgage sooner.

To help you better understand this effective way to offset steep mortgage costs, we asked Jamie Carpenter, Mobile Mortgage Specialist at Interior Savings Credit Union, about the personal benefit of income helper suites.

“First-time home-buyers are often the consumers who are affected the most by rising housing costs in Canada.

New home buyers are often looking at alternative ways to purchase a home, whether it’s purchasing a smaller property to allow them to enter into the housing market, or looking for a home that has a suite or carriage house.

Suites in homes can be a great way for first time home buyers to allow themselves to buy a property, obtain extra income to pay down their mortgage much quicker, and potentially allow them to find a home that may be more suited to their needs as the income they are receiving will help them on a monthly basis.”

Financial institutions can use anywhere from 50 to 100% of the potential rental income when a home buyer is applying for a mortgage, which will allow you to qualify for more financing. If you’d like to determine what you qualify for, Jamie recommends using an online calculator to see where you stand.

One thing to keep in mind is that financial institutions use your Gross Debt Servicing Ratio (total monthly expenses divided by total monthly income) and your Total Debt Servicing Ratio (annual mortgage payments, property taxes, and other debt payments divided by your gross family income) to determine how much you can comfortably borrow.

Equipped with this information, your family can meet with Ovation Homes to take the next step in building your lives within a vibrant community that consistently produces a stream of available tenants.

University Heights is within close proximity to UBC Okanagan, Aberdeen Hall Preparatory School and several public schools in the Glenmore area so you’ll not only find someone to help you pay your mortgage, you’ll have the luxury of selecting the very best tenant from a large and recurring pool of applicants — which in other development areas, can be quite difficult.

With high-quality homes right next to John Hindle Drive, you and your tenants will no longer need to linger on Highway 97. This new alternative access to UBC Okanagan and the Kelowna International Airport connects to Glenmore Road, improves network connectivity, increases mobility and best of all, increases property value.

If you’d like to learn more about how income helper suites can help you and your family qualify for a mortgage, come see the breathtaking views at University Heights.

Better yet, come tour the showhome on Sunday, September 29th when the team at Ovation Homes celebrates that phase one is now over 50% sold out...and you could win a $500 gift card from Westjet!

With fun and live entertainment on location, come enjoy a day in the life of University Heights with some food off the grill courtesy of BOYD Autobody & Glass' Car-B-Q — it’s a car turned into a BBQ!

Learn more by joining Ovation Homes for the showhome celebration on Sunday, September 29th from 10 am to 2 pm. For more information and directions to the showhome, visit their website University Heights Kelowna.

University Heights is a new sub-division in Kelowna, just off of Academy Way near UBCO. It features over 200 single family homes, close to both nature and amenities. The development's builder, Ovation Homes, offers a wide variety of housing plans and opportunities for further customization.

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