STRESS TEST-WHATS THE DEAL?
Thursday Sep 22nd, 2022
The Office of the Superintendent of Financial Institutions (OSFI), who sets the minimum qualifying rate for uninsured mortgages in Canada, indicated earlier this month that it intended to stick with no changes to the current STRESS TEST! The mortgage stress test is doing its job in protecting the economy , while at the same time, this safeguard ,is in place to protect Canada’s housing market. It does presents difficulties for homeowners, whose mortgages are coming up for renewal and who want to either renegotiate with their current lender or shop around for a better interest rate. As of now if a person leaves their current lender they must qualify for financing by way of the STRESS TEST! As a result one may not to qualify with different lenders, due to the requirement.# SANDI HALPERN # REAL ESTATE # SOLD # LEASED # STRESS TEST