Mortgage brokers in Saint John

Separate rent assumptions from verified income

An older multi-unit property in Saint John can look attractive when a buyer expects rental income to contribute to carrying costs. First establish the legal and physical arrangement: how many units exist, whether their use is authorized, which spaces are shared, and what leases or occupancy agreements are in force. Request copies of current agreements, payment records, deposits, notices, and any correspondence about repairs. A vacant unit, informal arrangement, or advertised rent is not the same as documented ongoing income. Ask a lawyer and relevant local authorities about questions that depend on the building and its permitted use.

Examine the building as a system

In an older multi-unit home, inspect common areas and each unit, not only the portion you expect to occupy. Review heating, electrical capacity, plumbing, fire-safety features, roof, foundation, moisture history, and the condition of shared entrances. Clarify who pays utilities and how separate meters or shared services work. Past alterations may affect both safety and the documentation a lender or insurer requests. Commission suitable inspections and seek specialist advice when the building’s age or configuration raises questions. Use written records to distinguish confirmed work from a seller’s account of planned or completed repairs.

Model the purchase without best-case occupancy

Prepare two budgets: one using only income you can document and a second showing how costs change if a unit is vacant, repairs interrupt occupancy, or expenses rise. Ask the lender how it evaluates this particular property and which leases, permits, or income records it requires; treatment varies by product and file. Include taxes, insurance, utilities, maintenance, and professional costs, plus a reserve for major shared systems. Confirm whether intended owner occupancy matches the actual plan and contract. Do not rely on a generic rent figure to justify affordability. Before conditions are waived, reconcile the unit count, current occupancy, repair scope, and documents with your lawyer, inspector, insurer, and financing professional.