This type activity is done on a daily basis with individuals that move to another house, but keep the old house as a rental. You should make sure that the rent you plan to get from this rental covers the monthly mortgage payment to include your taxes and insurance. If the rent does not cover the entire amount it should cover the vast majority of it. You don’t need anyone’s approval in writing or verbal to do this.

If possible try and find a renter so you can get a rental agreement on the old home, this will help you with the qualifying. You should give a copy of this rental agreement to your mortgage broker.

Keep in mind that when attempting to qualify for your new home mortgage that your current monthly mortgage payment will be considered when the mortgage broker/banker work out your ratios to see if you are qualified for the new mortgage to buy the new primary home you want to purchase.

I hope this has been of some use to you, good luck.

“FIGHT ON”