| budolf1fcd's Forum Info |
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Under the tension test, every home purchaser who wishes to get a home mortgage from any federally managed lender needs to go through a test in which the customer's cost is judged based on a rate that is not lower than a stress rate set by the Bank of Canada. For high-ratio home loan (loan to value of more than 80%), which is guaranteed by Canada Home Loan and Real Estate Corporation, the rate is the maximum of the stress test rate and the present target rate.
This tension test has lowered the maximum home mortgage authorized amount for all debtors in Canada. The stress-test rate regularly increased until its peak of 5.34% in May 2018 and it was not altered up until July 2019 in which for the very first time in three years it reduced to 5.19%. This decision might show the push-back from the real-estate market as well as the introduction of the novice home buyer incentive program (FTHBI) by the Canadian federal government in the 2019 Canadian federal budget. http://cosmostech.eu/technologyadvances/index.php/?option=com_k2&view=itemlist&task=user&id=84078 |
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