Realtor Daljit

Realtor Daljit With more than 3o years of experience in purchase and sales. With extensive knowledge in the real estate market you will not be discouraged.

Will help you find your dream home and my services are available at any time of the day.

02/29/2024
03/30/2023
Good Afternoon,As rates continue to rise there have been many calls by multiple institutions to ease up the stress test....
09/16/2022

Good Afternoon,

As rates continue to rise there have been many calls by multiple institutions to ease up the stress test. Currently the stress test calls for contract rate plus two percent. With mortgage prime rates roughly around 5.60%(TD Mortgage Prime Rate), it is becoming more difficult than ever for people to qualify for mortgages despite the drop in prices. As a result TREB and other stakeholders requested some loosening of underwriting standards that the OSFI has in place. The OSFI state they are evaluating the stress test however no changes were made during their recent review. The Stress test is in place to ensure banks are safe in their lending and borrowers are capable of making payments as rates go up or when they are stretched thin.

If you have any questions, feel free to contact me.

Thank you,
Daljit Chib
416-951-4770

Address

80 Corporate Drive
Scarborough, ON

Telephone

+14169514770

Website

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