Mortgage Stress Test

Mortgage Stress Test

The “stress test” rule can be a little complicated to understand. Here’s a break down of why the rule exists and how it will apply to your mortgage. What does the mortgage “stress test” really mean when applying for a mortgage? When you buy a home in Canada your mortgage is “stress tested” to ensure […]

What is a Mortgage Interest Adjustment?

Interest Adjustment Payment

You pay an interest adjustment amount on your mortgage when the closing date doesn’t fall on the first day of the month. If this is the case, home buyers have to factor into their closing costs an interest adjustment payment. On your closing date, your lender advances your mortgage, but regular interest doesn’t start accruing […]