New New Rules Make it Harder to Get a Mortgage – New Mortgage Stress Test



What is the new mortgage stress test and what can you do to get approved?

In this video we cover the following

1. What are the basics of getting approved for a mortgage
2. How are mortgage payments calculated
3. What is the new mortgage stress test?
4. How do the new mortgage rules change things
5. Steps to help you get approved with the new mortgage stress test

Timestamps:

0:00 Into
0:09 Requirements to Buy a Home
0:21 Mandatory Mortgage Insurance
0:31 Requirements to Buy a Home Cont.
1:06 Mortgage Payments Explained
1:17 New Mortgage Stress Test
1:54 How to Get Approved

OTHER VIDEOS TO CHECK OUT:

WHY YOUR CREDIT SCORE IS DROPPING: https://youtu.be/yskc65IefZM
HOW TO PAY YOUR MORTGAGE OFF FAST! : https://youtu.be/zeRxxDz-Y9Q
MORTGAGE TIPS: https://youtu.be/7b027dXNg3w
FIRST TIME HOME BUYER INCENTIVE : https://youtu.be/N2Kx82SOhiM
FIRST TIME HOME BUYERS PLAN : https://youtu.be/LMrLiIhb00A

Reference Links:

CMHC Mortgage Insurance : https://www.cmhc-schl.gc.ca/en/professionals/industry-innovation-and-leadership/industry-expertise/resources-for-mortgage-professionals/mortgage-loan-insurance-and-premiums

First-Time Home Buyers’ Plan : https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/what-home-buyers-plan/participate-home-buyers-plan.html

First-Time Home Buyer Incentive : https://www.cmhc-schl.gc.ca/en/consumers/home-buying/first-time-home-buyer-incentive

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2 comments

  1. Nick Esposto

    I'm planning on buying a home with my SO in the next year or so, and this is just looking so grim for us. We save so much and are getting better jobs since we are fresh out of school, but the housing market seems to be going quicker than we are.

  2. Today: Underpaid jobs and overpriced house market
    Solution: Increase down payment, reduce expenses, lower price…

    That is brutal reality we live in

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