| hebethdftr's Forum Info |
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Under the tension test, every house buyer who wants to get a home loan from any federally controlled lending institution should undergo a test in which the customer's cost is evaluated 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 Housing Corporation, the rate is the optimum of the stress test rate and the existing target rate.
This tension test has actually lowered the optimal mortgage approved quantity for all borrowers in Canada. The stress-test rate consistently increased up until its peak of 5.34% in May 2018 and it was not changed until July 2019 in which for the first time in three years it decreased to 5.19%. This choice may show the push-back from the real-estate market in addition to the intro of the newbie home buyer reward program (FTHBI) by the Canadian federal government in the 2019 Canadian federal spending plan. http://attollocontent.co.za/epol_app/forums/user/nuadanjs0u/ |
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