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Avoid the New Mortgage Stress Test – Take Action Today
Come to think of it, what is the only constant thing in the real estate industry? Change, yes change is among the common things you will encounter in this industry. With regards to change, the government will start implementing the new mortgage stress test rules on January, 1st next year. While many people are aware of this, only a few know what these changes are all about and who they are going to affect. Over the past few years, only the insured mortgage borrowers (generally the borrowers who have placed less than 20 percent of the property value as their down payment) have been undergoing a stress test on their finances.
As form Jan. 1, even the uninsured mortgage borrowers, those that have placed more than 20 percent of the property value as their down payment, will be subjected to this test. For instance, if you intend to buy a property worth $500,000 and have placed $100,000 or more as the down payment for a mortgage loan, you will still be required to take the test. Basically, this test is aimed at ascertaining whether the borrower is capable of repaying their loan if the interest rates increased in the future. So, who is this likely to affect?
Will the New Mortgage Stress Test Rules Affect You?
As you can see from above, these changes will affect anyone l