What is Included in a Broadview Legal Suite Ready home?
Broadview Homes is offering a legal basement suite rough-in product on all quick possession homes in Ambleton, Vermilion Hill, and Hotchkiss. This allows you to easily add a full suite development with us or in the future on your own. Below are the items we include in each home.
Separate
Entrance
Second
Furnace
Separate
HRV System
Sink
Rough-in
Laundry
Rough-in
Upgraded
Hot Water Tank
3 Bed
2.5 Bath
1491 sqft
How Do Legal Suites Affect
Mortgage Qualification?
Having a legal suite in your home that generates rental income can significantly lower the annual household income required to qualify for a mortgage. Here’s how:
- Increased Qualifying Income: Lenders consider a portion of the expected rental income as part of your overall income when assessing your mortgage application. This effectively boosts your earning power.
- Reduced Debt-to-Income Ratio: Rental income helps offset your mortgage payments, lowering your debt-to-income ratio (DTI). A lower DTI makes you a more attractive borrower to lenders.
- Increased Affordability: With a portion of the mortgage covered by rental income, you need to contribute less from your own income, making the home more affordable.
For more information on how adding a legal suite to your new home can affect your mortgage qualification, contact us or connect to a trusted ATB Mortgage Specialist:
Amanda Hoerle – (403) 803-1474
Jessica Anderson – (403) 682-9977
A Quick Mortgage Scenario:
*Lender rules on rental income vary significantly. Consult a mortgage professional for personalized guidance. This example is based on current market conditions and may change. Prices, laws, and lender policies can differ by location.
