Hello Everyone,

Buying your first home is a big deal, and if you’ve been following the last few emails, you know there are smart ways to make it more doable.

Today, let’s talk about one of the best-kept (but wildly effective) tricks in the book:
Mortgage Helpers.

We’re talking about basement suites, garage conversions, or even just a spare room that can be rented out to help offset your mortgage.

Yes, even renting out one room in your home can move the needle in a big way over time, especially with rental demand where it is today.

Not a big-time landlord? Don’t worry.

You don’t need to own a triplex or manage 12 tenants.
Being a small landlord, even to one respectful roommate, can:

• 💰 Take the edge off your monthly payment

• 💸 Allow you to qualify for a slightly more expensive (or better located) property

• 📈 Set you up for long-term equity growth without draining your monthly cash flow

• 🧘‍♂️ Reduce the stress of rising costs, especially in those early years

A few mortgage helper ideas:

• Legal basement suite: Great if your property qualifies. A solid long-term strategy.

• Separate entrance room rental: Ideal for students or seasonal workers.

• Garage loft conversion: More common in newer developments with lane access.

• Short-term rental room: Depending on local bylaws, this can also be an option.

Not every property will support these, but a lot more will than you might think.

What Mortgage Helpers Are Not

Let’s clear up a few common misconceptions. A mortgage helper needs to be a legitimate, livable space that meets certain standards. Here's what doesn’t typically qualify:

• Unfinished basements without proper flooring, walls, or heating

• Rooms without a separate entrance, unless it’s a room rental within a shared home

• Spaces without a bathroom or cooking area (for self-contained suites)

• Storage rooms or utility areas that aren’t meant for regular living

• Unauthorized or non-permitted suites, depending on your municipality’s rules

• Short-term rentals (like Airbnb) in areas where zoning or bylaws don’t allow them

A true mortgage helper adds value — to your monthly cash flow and to your property long-term — but only if it’s done right.

If you're not sure whether a space qualifies or what you'd need to do to turn it into one, let's chat. I can help you understand the financing side and connect you with people who can help with the rest.

Bonus: This could even help you qualify for more

If the rental income is legally permitted and verifiable, lenders may factor some of it in when assessing your application. That means you might be able to borrow a bit more, responsibly, with a smart plan in place.

Thinking about it? Let’s run the numbers.

Even if you’re already a homeowner, this is a great way to get more out of the space you have, or to plan for your next move.

I can help you figure out:

• What your options are

• How lenders will look at the income

• Whether it's worth pursuing in your specific case

• If a property you’re interested in has the potential for a mortgage helper

Let’s make your home work a little harder for you.

-Andrew
MyPlace Mortgages
“Big fan of homes that pay you back”