If you, as a financial enthusiast, are looking for more information on a mortgage stress test in Canada, never hesitate to connect RateShop.ca! Recognized by CMP, they stand as “Top Independent Brokerages in 2020” to seek information on different mortgage prospects.

1. MORTGAGE STRESS TEST-
A NECESSARY PROCESS
FOR GETTING HOME IN
CANADA

2. What is the Mortgage
Stress Test?
Introduced in 2018 by the Canadian
Federal Government, the mortgage
stress test is necessary to get a
mainframe for clearance of your home
with pre-approval and pre-qualification.
From different prospects of the financial
establishment, the mortgage stress test
has always been recalled as a worst-case
scenario in settling for a new home with
different mortgage prospects. It involves
resolving a bad scenario before any
further investment is made.

3. Which Core Information You Need to
Provide For a Mortgage Stress Test in
Canada?
Your housing costs, like mortgage and property tax, make up
less than 32% of your pre-tax income. It is often recalled for
GDS (Gross Debt Service Ratio).
The total debt payments you have that make up less than 40% of
your pre-tax income. It is recalled as TDS (Total Debt Service
Ratio).

4. Which is the Top Benefit
of Mortgage Stress Test?
The mortgage stress test overall
helps you make sure that you don’t
find yourself in a bad situation if
the interest rates are on upsurge
mode. Nevertheless, it can also give
financial institutions more peace of
mind when it comes to lending out
money.

5. Which is Common Drawback
of Mortgage Stress Test to
Consider Top-Front?
One of the common criticisms mortgage
stress test can make is that it can make
harder for first time home buyers who are
facing bad situation to muscle up the
needs of considering mortgage prospects
in the top note.

6. Which is the Top
Canadian Website
to Collect the
Guide on Mortgage
Stress Test?
If you, as a financial enthusiast, are
looking for more information on a
mortgage stress test in Canada, never
hesitate to connect RateShop.ca!
Recognized by CMP, they stand as “Top
Independent Brokerages in 2020” to seek
information on different mortgage
prospects.

7. https://www.rateshop.ca/
THANKS