Posted on Feb 28, 2020

Mandeep Toor Real Estate Team

Mortgage stress tests have been relaxed!

This is for insured mortgages, which includes any mortgage with less than 20% down payment.

Now, rather than being decided by Bank of Canada, the stress test will be based on the weekly median 5-year fixed insured rate, which is much lower.

So instead of having to qualify at 5.19% (BoC Rate), you would qualify instead at 4.69% (median rate).

That means you qualify for 5% more!

This change begins on April 6th, and it will make it easier to qualify for a larger mortgage with low down payment.

Courtesy Of Tabasum
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