Mortgages: Residence vs Income Property

[DeletedUser394]

I've been entertaining the idea of purchasing my first property soon enough.

When applying for a mortgage, does a bank take into account whether you're using it for a personal residence or as an investment property?

In other words, would they be more lenient knowing a tenant would be contributing a large portion of the mortgage (assuming it's not vacant, and taking into account that it may be vacant from time to time).

Or does this question never come up at any point in the application process?

The problem is my personal income. I keep it artificially low (legally) to avoid taxes and what not, so that's why I'm wondering if they make a distinction between a rental and a residence. I'd be putting at least 20% down.

Just a thought I had, curious to hear some responses.

Thanks.

 

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[Visionquest]

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[Visionquest]

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[lleone]

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[ericj]

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