With rates rising above Canada’s current 5.25% stress test, did you know you must qualify for 5.25% or 2% above your approved rate? Whichever is the highest of the two rates will be your qualifying rate!
Check it out ⬇️
* If you receive a 2.7% variable, you will need to qualify at the 5.25% stress test rate.
* If you receive a 3.79% variable, you must qualify at a 5.79% stress test rate.
* If you receive a 5.99% fixed rate, you must qualify at a 7.99% stress test rate.
Stress tests are in place to ensure you’re still able to afford your monthly mortgage payments if rates were to rise in the future.
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