If you’ve bought a home in the last few years, or are planning to buy one soon, chances are you’ve heard about the mortgage stress test. Since 2018, the stress test serves as a set of rules that banks and lenders use to determine whether you qualify for the mortgage you want. It’s possible to have passed the stress test without knowing it, so it’s good to see how it works.
This video explains what the Mortgage Stress Test is, why it was created and how it applies to all Canadian home buyers, whether you are applying for your first mortgage or renewing or refinancing an existing one.
Watch: MoneySense – What is the Mortgage Stress Test?
This post Watch: What is the mortgage stress test?
was original published at “https://www.moneysense.ca/spend/real-estate/mortgages/watch-what-is-the-mortgage-stress-test/”