When you’ve bought a house within the final a number of years, or plan to purchase one quickly, there’s a very good probability you’ve heard concerning the mortgage stress check. Since 2018, the stress check has served as a algorithm banks and lenders use to find out if you happen to qualify for the mortgage you need. It’s potential to have handed the stress check with out even figuring out it, so it’s good to evaluation the way it works.
This video outlines what the mortgage stress check is, why it was created, and the way it applies to all Canadian dwelling patrons, whether or not you might be making use of on your first mortgage or renewing or refinancing an present one.
Watch: MoneySense – What’s the mortgage stress check?