What to Expect With the Mortgage Stress Test

Before getting a mortgage, you’ll need to pass a stress test. This is how banks know you can afford a home if you’re putting less than 20 per cent down.

Evaluate your finances. How’s your debt level? Make sure mortgage payments won’t overburden you.

Understand things can change. Consider whether now is a good time to buy. Prices could be going up.

Speak to a mortgage broker. If you think you’ll pass, it’s time to contact a lender.

It’s just another step in the mortgage process. And you’ll feel more secure once you pass.