If your mortgage is up for renewal within the next year, the Canadian government’s latest update on the mortgage stress test could work in your favour. The new rules eliminate the need for a stress test when switching lenders during renewal, giving homeowners more flexibility and potentially more savings. Check out my YouTube video, or read on to find out more!
Why is the Stress Test Change Significant?
Under the previous regulations, homeowners needed to pass a stress test if they wanted to change lenders. The stress test often locked people into their current lender, limiting options and possibly resulting in higher rates. With this rule change, homeowners now have the freedom to shop around for the best mortgage deals at renewal without the stress of additional qualification hurdles.
What Does “No Stress Test” Mean for You?
- More Choice: You can explore lenders with better rates or terms.
- Potential Savings: Greater competition among lenders could mean more competitive offers.
- Simpler Process: No need to undergo the test to switch lenders, saving time and effort.
How to Prepare for Your Renewal
If your renewal is on the horizon, this is a great opportunity to revisit your mortgage options. If you’re looking to get pre-approved for a mortgage to buy a property in Edmonton, fill out my online application. I’m here to help you every step of the way.
About Jason Scott, Edmonton Mortgage Broker
Looking for a personalized mortgage solution? As an Edmonton Mortgage Associate, I’ll be your trusted partner who will help you get the right mortgage for your family home or Investment property. I’m Jason Scott, and I’ll be your Mortgage Broker in Edmonton.
