Question by Ronaldo: How does rental income on a 1st mortgage affect mortgage affordability on a second home?
For example if my 1st mortgage is $ 1000 per month and i charge a rental income of $ 1000 per month, is it a wash? Or do i get the $ 1000 rental income added to my gross monthly income and have the $ 1000 mortgage payment added to my monthly liabilities?
Best answer:
Answer by infinite crisis 247
you would do the latter on the mortgage application. the 1000 dollar rent you are collecting would be income (and therefore taxable), and the 1000 mortgage payment is a debt (liability).
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