Stress test
Lenders test your payment at a higher rate. See the price your income supports at that rate.
A typical contract rate of 4.49%. You can change it. A lower rate only helps until the 5.25% floor applies.
With less than 20% down. The premium is added to the mortgage, and the test runs on the larger balance.
No. It is an estimate. A lender or mortgage broker gives a pre-approval after checking your documents and credit. Lenders also add their own rules to the federal test.
Written and maintained by Ray Rasouli, REALTOR®, licensed in British Columbia and founder of Relta Real Estate.
Source: Federal mortgage rules from OSFI and CMHC, applied to the numbers you enter. The test rate, the GDS and TDS limits and the CMHC premium table are the same in every Relta tool.
An estimate for planning, not a loan offer, a pre-approval or financial advice. Lenders add their own rules to the federal test; confirm with a licensed mortgage broker or your lender.