This is a YouTube video titled "Rent from Departing Residence" containing a monologue or informational talk about mortgage rules related to owning and renting out a home. The speaker explains how rental income can affect mortgage qualification. The content is from February 12, 2022, and does not involve multiple speakers or Derek McGowan.
You're in the market for a new home, but you already own a home which you want to keep, the mortgage rules make that person qualify for both mortgages, sometimes making it tough. But if you're open to renting that old home out, you open up some options that might make it easier. So let's say the old mortgage payment was 1500 bucks a month, but you're able to rent it out for $2000. Let's say their mortgage rules allow you to do 75% of that rental income, which would be 1500 bucks a month. That covers up that mortgage payment, wipes the slate clean. All you need is a signed lease from the tenants and the first month's rent check to show that it's.
