Stress Test Mortgage during Rising Interest Rates

In today's episode, we are joined by special guest Denise Pisani, a top mortgage broker in the Greater Toronto Area. We discuss the impact of rising interest rates on the mortgage loan Stress Test that banks require potential buyers to pass. Today, buyers are required to qualify for their mortgage loan at rates that are two percentage points above their actual contracted interest rate. With fixed and variable rate mortgages now between 4.5% and more than 5%, this means you have to qualify at 6.5% to more than 7% to get your mortgage loan.

 

Find out how this will affect you in today's real estate market. #stresstestmortgage #stresstest #realestate #realtor #mortgagebroker #interestrates #realestatemarket