Homebuyers to Face More Stringent Mortgage Stress Test After June 1

By  External Author |   | Posted in " Home Refinance, Mortgage Advice, Mortgage Broker, Mortgage Financing Needs "

Canada’s banking regulator has proposed changes that would strengthen the stress test applied to uninsured mortgages.

The Office of the Superintendent of Financial Institutions (OSFI) unveiled its proposed changes on Thursday, which would require borrowers applying for uninsured mortgages—typically those with more than a 20% down payment—to qualify at their mortgage contract rate plus two percentage points or 5.25%, whichever is higher.

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Original Article Source Credits: Canadian Mortgage Trends, https://www.canadianmortgagetrends.com/

Article Written By: Steve Huebl

Original Article Posted on: 8th April 2021

Link to Original Article: https://www.canadianmortgagetrends.com/2021/04/homebuyers-to-face-more-stringent-mortgage-stress-test-after-june-1/