Rate Increases a Concern, but Many Borrowers Say They Can Handle It: RBC + MORE Mar 26th

The rules of the stress test have changed since they were first introduced in 2016, which can add to the confusion. But, make no mistake, the stress test impacts anyone applying for a mortgage from one of the major banks. And while provincially regulated lenders have more flexibility when it comes to mortgage approvals, many still use the test to evaluate customers’ financial risk.

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“It applies to everyone—you, me, first-time buyers and 10-time buyers,” says Maxine Crawford, a mortgage broker who serves the Greater Toronto Area (GTA) and elsewhere in Ontario…

With debt being so common these days—the average Canadian consumer carried a credit card balance of $3,745 at the end of 2021, according to TransUnion—you might be wondering how, exactly, outstanding credit card debt affects your mortgage eligibility and whether it’s something you should be worried about. Here’s what you need to know.

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How credit card debt can hurt (or help) a mortgage application

If you have a relatively small credit card balance and diligently make your minimum payments on time, that debt is unlikely to have any effect at all on your mortgage application…