Mortgage Know How

This year, at 62, I became the oldest woman in history to summit K2 I did it two months after scaling Everest and two weeks before standing on top of G2, completing three peaks over 8,000 metres in one season

The mortgage stress test requires borrowers to qualify at the higher of 5.25% or 2% above the quoted interest rate. With the recent increases in interest rates, a fixed or variable rate for your mortgage can have a big impact on how much money you can borrow. As illustrated in the attached article, the amount of money that can be borrowed is significantly impacted by the interest rate and the type of lender that you choose.

I have access to many lenders who are able to offer mortgages without using the stress test. Some of these lenders are offering great interest rates which means that you can qualify for more money to buy or refinance your home. Some clients may be able to borrow hundreds of thousands of dollars more with these lenders.

Feel free to contact me for a non-obligation conversation to discuss if I can help you with your new purchase, help you refinance your current mortgage, or help you access the equity in your home.

How the mortgage stress test is impacting qualification amounts - Mortgage Rates & Mortgage Broker News in Canada As of June 2022, we are currently seeing unnatural discrepancies in the size of mortgage loans borrowers will qualify for, and it’s all because of a rift in the space-time stress test continuum. You see, most 5-year fixed mortgage rates are already over 5%, making their stress test a full 2% highe...