The TD rental worksheet comes in two flavours. One version is designed for Conventional deals and one for Insured.
The main difference between them is a slight variation in how non-subject property mortgage payments are considered. The Insured version amplifies the mortgage payment by 10%, whereas the conventional amplifies the mortgage payments by 20%. TD also relies on the DSCR, calculated using the standard DSCR formula.
The main difference between them is a slight variation in how non-subject property mortgage payments are considered. The Insured version amplifies the mortgage payment by 10%, whereas the conventional amplifies the mortgage payments by 20%. TD also relies on the DSCR, calculated using the standard DSCR formula.
TD's worksheet uses a 4% vacancy rate and requires the following info on the non-subject properties with standard minimums per unit.
- Property Taxes
- Repair Costs (the greater of actual costs or $1,200 per unit per year)
- Insurance (the greater of actual or $200 per unit per year)
- Utilities (Heat/Water/Hydro) (if paid by the landlord, otherwise it's $0)
- 100% of Condo Fees (if applicable):
- Other (specify):
- Annual payments (P+I) on all mortgages
Our app considers both flavours and automatically switches the algorithm based on current scenarios' insurability.
