Ever since the credit crisis, there’s been an ongoing clampdown on mortgage risk. Nowhere is that more evident than with rental and self-employed mortgages.
This week’s Globe column looks at rental financing—and what makes it more challenging today than, say, four years ago.
If you’re a well-qualified borrower and you only own a few properties, this isn’t a major concern. But when you have a larger rental portfolio or need flexibility with your application, it’s a different story.
When researching for this article, I ran through a bunch of rental scenarios with Rick Robertson over at Mortgage Mentor. It was instructive to see just how fast lender options shrink when you need one that allows: