#TuesdayTip Epi. 21 Mortgage Stress Test Explained

#TuesdayTip Epi. 21 Mortgage Stress Test Explained. Mortgage Recast Calculator

#TuesdayTip Epi. 21 Mortgage Stress Test Explained video duration 2 Minute(s) 18 Second(s), published by Roach Family Real Estate on 12 06 2019 - 01:07:45.

Mortgage Stress Test? Here's what you need to know before buying your next home
By now you've probably heard about the mortgage stress test that the Mortgage! Home Loans! Learn the "Home Loan Process" Mortgage loan! How to qualify for a mortgage loan & get an easy home loan approval! Simple .

Mortgage! Home Loans! Learn the "Home Loan Process" Mortgage loan! How to qualify for a mortgage loan & get an easy home loan approval! Simple Join me as I talk about mortgage points, what points are in relation to your mortgage, what it means to buy down your interest rate and whether or not it makes Ever wondered how to calculate your new mortgage payment after a recast? I designed a nifty calculator to accurately get you all the information you need.

Mortgage Stress Test?

Here's what you need to know before buying your next home.

By now you’ve probably heard about the mortgage stress test that the federal government introduced, but, if you’re like nearly half of Canadians polled recently by TD Bank, you may not understand what the test is—or who it affects.

These new rules apply across the board,”Even if you have amazing credit and a 20% down payment, you still have to go through the stress test.”

In other words, if you have a mortgage or plan to get one, the stress test applies to you. Here’s what you should know before you apply for your next home loan:

What is the mortgage stress test?

First off, it’s not really a test. Rather, it’s a more stringent set of rules banks must now use to determine if you qualify for mortgage and, if so, how much you can borrow.

Why was it created?

The new mortgage rules exist to protect borrowers, like you. Because interest rates have been at historic lows that can (and will) only go up, the government wants to make sure you’ll still be able to afford your mortgage payments when rates eventually do rise. Otherwise, if you can’t afford higher payments in the future, you might be forced to default on your mortgage and lose your home.

If you have any questions please feel free to contact us and we can put you in touch with some great mortgage brokers who can explain the process and rules in much more detail.

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