u/MichelleJT2

Selling my home and looking to buy a primary residence in another province around $300k with 30% down (roughly $90k), no debt, good credit, and still over $50k liquid remaining afterward.

Current employment income is just over $70k/year with 25 years at the same employer, but I would be leaving that job before the purchase due to the move.

I also have an online business that’s growing quickly and expected to surpass my employment income, but it’s too new (1 year) to use for qualification purposes, so I’m assuming this would likely need to go through a B lender initially.

Would a B lender realistically approve something like this?

Looking for input from brokers, mortgage professionals, or anyone who has dealt with a similar situation. Thanks!

Selling my home and looking to buy a primary residence in another province around $300k with 30% down (roughly $90k), no debt, good credit, and still over $50k liquid remaining afterward.

Current employment income is just over $70k/year with 25 years at the same employer, but I would be leaving that job before the purchase due to the move.

I also have an online business that’s growing quickly and expected to surpass my employment income, but it’s too new (1 year) to use for qualification purposes, so I’m assuming this would likely need to go through a B lender initially.

Would a B lender realistically approve something like this?

Looking for input from brokers, mortgage professionals, or anyone who has dealt with a similar situation. Thanks!

After selling our Ontario home, we plan to rent in Ontario. My husband would continue working at his current Ontario job and I would continue working remotely online.

We’re considering purchasing a property in New Brunswick as an investment/rental property with the intention of renting it out right away. There doesn’t seem to be a huge amount of long-term house rentals available in the area we’re looking at, so on paper it feels relatively safe, but I’m definitely an over-planner and like understanding worst-case scenarios ahead of time.

Our concern is that financially, we likely would not want to comfortably sustain both Ontario rent and the NB mortgage long-term without rental income coming in from the NB property.

Because of that, if we genuinely attempted to rent it out aggressively, listed it publicly, screened tenants, documented inquiries/applications, etc., but after a few months couldn’t secure renters, moving into the property ourselves would realistically become the backup plan rather than carrying both indefinitely.

Questions:

• Would lenders generally view that as a legitimate change in circumstances if the rental plan genuinely failed?
• Is there a typical timeframe lenders expect a property to remain a rental before owner occupancy becomes a concern?
• Is documenting rental ads, inquiries, applications, and attempts to rent it out important in situations like this?
• Has anyone here had an investment property end up becoming owner-occupied simply because the numbers no longer worked with months of no tenants?

Trying to understand how situations like this are generally viewed from a lender/mortgage perspective and what’s considered reasonable. This would be our first investment property and we want to make sure we handle everything properly and transparently.