The all-new nesto Academy video has arrived! You'll want to watch this one if you're looking for tips on how to stress test your mortgage.
Here are some things you’ll learn:
1. What is a mortgage stress test?
In simple terms, a mortgage stress test is a way to protect Canadians from borrowing too heavily against their home, by testing how much of an increase in their mortgage payment they could afford, before they are approved.
2. How do I calculate my stress test mortgage payment?
The easiest way to calculate your mortgage stress test is to add +2.0% to your mortgage interest rate.
For example, if your mortgage rate is 3.45%, you would calculate:
3.45% + 2 = 5.45%
3. Do you have to do a stress test to renew your mortgage?
Not if you stay with your current lender. However, currently Canadian qualification guidelines require homeowners to re-qualify if they want to switch to a new lender when they renew.
This means you will have to pass a new mortgage stress test as part of the mortgage process.
- Watch now to get informed on everything you should know on mortgage stress tests!
- Interested in learning more? Check out our recent article on on the topic: [ Ссылка ]
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Ready to kickstart your home buying or mortgage journey? Visit nesto.ca or call a mortgage expert today at: 1-877-401-5485
Jump to learn about mortgage stress tests:
0:00 - Intro
0:34 - What is a mortgage stress test?
0:53 - How do I calculate my stress test mortgage payment?
1:15 - Do you have to do a stress test to renew your mortgage?
1:39 - Final thoughts
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