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Tag Archives: mortgage stress test
Today’s Daunting Duo
The combination of high interest rates AND the mortgage stress test can make it challenging to qualify for mortgage financing. What Is the Mortgage Stress Test? The Canadian Government designed the mortgage stress test to protect borrowers in case interest … Continue reading
Changes to Stress Tests for Insured and Uninsured Mortgage Financing
Follow the Leader… Starting June 1, both insured and uninsured mortgage borrowers are subject to a stricter stress test when qualifying for their mortgage. The Office of the Superintendent of Financial Institutions (OSFI) confirmed that it has moved ahead with … Continue reading
Posted in First Time Home Buyer, General
Tagged mortgage broker, mortgage financing, mortgage stress test
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Mortgage News That Will Put a Spring in Your Step
At Last! New Qualifying Stress Test Rate for Insured Mortgages… On April 6, 2020, the federal government will be changing the benchmark qualifying rate used for Canada’s insured mortgage stress test. The change means borrowers with insured mortgages (typically those … Continue reading
When Is The Right Time To Buy a Home?
The media buzz has died down on the government’s new First-Time Home Buyers Incentive since being announced in the Liberal Government’s March Budget. Why? Because specific details have yet to be released. This unsettled situation has left home buyers in … Continue reading
Are You Stressed Out by Mortgage Stress Tests?
Considered a “one size fits all” tool, the Mortgage Stress Test affects all homeowners alike, regardless of whether you are a first-time home buyer or homeowner preparing to renew* or refinance their mortgage. *Homeowners renewing their mortgage financing who fail … Continue reading
Why Work With a Mortgage Broker?
In short, Mortgage Brokers provide options and information to guide consumers through the complicated mortgage application process. This is especially true in view of the Office of the Superintendent of Financial Institutions’ newly enacted tighter lending requirements, in turn triggering … Continue reading
Will You Pass the Mortgage Rate Stress Test?
A doctor may prescribe a stress test to safeguard your health by monitoring breathing, blood pressure and heart rhythm. The Department of Finance is prescribing one to protect the financial security of Canadians and support the long-term stability of the … Continue reading