With Finance Hunt Lifetime Mortgage requirements and approval challenging enough, securing a mortgage in 2021 could be even trickier thanks to the mortgage stress test. Having begun back in 2018, anyone applying for a mortgage in Canada from a federally regulated lender, is required to undergo the OSFI Mortgage Stress Test, even for those with a minimum down payment of at least 20%. This means that homebuyers will have their finances examined in even more detail than before, and proving their ability to make mortgage payments, has gotten a whole lot tougher. Let’s look at the Canadian Mortgage Stress Test in a little more detail: What is the Mortgage Stress Test? Designed to show how potential homebuyers intend to make their mortgage payments should interest rates rise or you experience
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