Sandeep  Sharma

Sandeep Sharma

Sales Representative

Century 21 Paramount Realty Inc., Brokerage*

Mobile:
905-783-1918
Office:
905-799-7000
Email Me
Sandeep  Sharma

Sandeep Sharma

Sales Representative

Century 21 Paramount Realty Inc., Brokerage*

Mobile:
905-783-1918
Office:
905-799-7000
Email Me

Mortgage Qualification


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.

The bank must use the higher interest rate of either:

  • 5.25%
  • the interest rate you negotiate with your lender plus 2%

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 Rates

Prime Rate                2.45%
Qualifying Rate        5.25%

Qualifying Rate        Contract Rate + 2% ("B" deals)
Next rate set by Bank of Canada is on Jan 26, 2022

"A" Lending:
Fixed       2.64% for insured 
Fixed       2.84% for conventional
Variable  1.35% for insured 
Variable   1.50% for uninsured 

"B" Lending:
"B" Lending - Rate starts from 2.74%
Self-Employed - 6 to12 months bank statements 

Bad/Bruised Credit

Rental Properties  
Existing or Previous Consumer Proposal
SIN starting with 9

No Minimum Beacon Score

"C" Lending:
Rate starts from 5.95% 

No documentation required

No Proof of Down Payment

Down Payment starts from 25%
Interest only or 40years amortization
Fully open or 3 months interest penalty

Find out for precise your mortgage / Loan Qualification

Have Questions?

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I have been helping my clients for their real estate needs for over 14 years as residential and commercial sales associate.

I understand real estate is exciting, fast paced and self-directed. I have the motivation that made it easy to choose this as my career. I love working with people, building relationships and most importantly assisting clients with the largest financial decision of their life. I provide great advice, smart negotiating and excellent knowledge of the area.



Education: Graduated in Computer Programming And OREA Course

Specialty: Residential, Commercial and Investment

Experience: 13 Years

Awards: Platinum, Gold and Diamonds Awards

Area Covered: Toronto and Surrounding Areas

Languages Spoken: English, Hindi, Punjabi, Urdu



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