Ariana Leroux Mortgage Blog

I will dive right in. The rate market is a tricky thing currently for most regular people to understand. They see rates posted online that seem amazing, do their applications and then find out the rate changed somewhere in the process and not for the better. Response, anger - usually at the broker or banker they were dealing. So let me try to break this down a little so that it may begin to make more sense. Since the newest Government changes we have the Stress Test, this one everyone know, except not everyone knows what it means. In a nut shell, any insured mortgage needs to qualify at the Bank of Canada Rate (5.34% as of April 23, 2019) regardless of the actual paid rate on the mortgage. Now here is some information most people do not know, so buckle up as this road gets a bit bumpier. Rates change based insured, insurable or uninsured and then again for insurable your loan to value comes into play for the rate as well. Insured means, CMHC or GE insurance premiums are include...