To qualify for a mortgage loan at a bank, you will need to pass a “stress test”. You will need to prove you can afford payments at a qualifying interest rate which is typically higher than the actual rate in your mortgage contract.
You need to pass this stress test even if you don’t need mortgage loan insurance.
Credit unions and other lenders that are not federally regulated do not need to use this mortgage stress test.
If you already have a mortgage, you’ll need to pass this stress test if you:
- refinance your home
- switch to a new lender, or
- take out a home equity line of credit
Mortgage Interest Rates
Prime Rate - 6.45%
Qualifying Rate - Contract Rate +2%
Next rate set by Bank of Canada is on Oct 23, 2024
| "A" Lending Mortgage | "B" Lending Mortgage | "C" Lending Mortgage | Private HELOC | ||||||||||||||||||||||||||||
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Discount available if down payment is 25% or more. 20% down payment required |
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No Documents Required Quick access to Funds 1st or 2nd Position Term 1-5 years 75% LTV on Appraised Value |
*Rates/Guidelines/products are subject to change. Closing in 90 days for 5 years best rate. *Terms and conditions apply for best rates. This is for information purpose only. Call for clarification on each product. Not for rentals, refinance and Low Doc Program. For live deals only. Please contact for clarification for 5% down. *Please call to discuss.** Mortgage Information Provided by: Mortgage Alliance ACTIVE LENDING
Find out for precise your mortgage / Loan Qualification