Insured and Uninsured Mortgage Stress Test Changes Confirmed for June 1

Author: External Author | | Categories: First Time Home Buyer , Home Purchase Mortgage , Second Mortgage

 Blog by Cody Rowe - Mortgage Broker

Starting June 1, both insured and uninsured mortgage borrowers will be subject to a stricter stress test when qualifying for their mortgage.

The Office of the Superintendent of Financial Institutions (OSFI) confirmed on Thursday that it will move ahead with its stress test changes first announced last month, which will apply to uninsured mortgages (typically those with more than a 20% down payment).

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Original Article Source Credits:   CANADIAN MORTGAGE TRENDS , https://www.canadianmortgagetrends.com/

Article Written By:  Steve Huebl

Original Article Posted on:  May 21, 2021

Link to Original Article:  https://www.canadianmortgagetrends.com/2021/05/insured-and-uninsured-mortgage-stress-test-changes-confirmed-for-june-1/



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