Mortgage Stress Tests are Set to Become Harder to Pass in Canada

  • Make a list of your monthly liabilities.
  • Gather all necessary documents including proof of salary, additional assets.
  • Know your credit report inside and out.
  • Work to better your credit score.
  • Save as much as you can for a down payment. The more you put down for your home purchase, the less you will have to borrow and this will give you the most favorable terms on a mortgage.
  • Make sure you pay down as much household debt you can. This also applies if you are looking at taking out a second mortgage on an existing property.

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