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Mortgage No Stress test when changing lenders in canada
Dated: October 3 2024
Views: 167
This article from Financial Post
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OSFI relents on stress tests for uninsured mortgages when lender switched at renewal.
Bank regulator will no longer require banks to stress test borrowers to meet minimum qualifying rate when switching lenders at renewal.
Osfi plans to inform the banking industry formally in November that “straight switches” of an uninsured mortgage to a new financial institution will not require the new lender to assess the borrower using the minimum qualifying rate stress test.
Caveat: These switches must be on the current amortization schedule and loan amount.
Industry players had complained about the imbalance that required the stress test to be applied again when changing banks but not when remaining with the same financial institution at renewal time. Moreover, in 2023, the Department of Finance clarified that insured mortgages did not need to pass the stress test again if the borrower switched to a different lender at renewal time.
When consumers renew their mortgages, their ability to switch to a competitive mortgage offer is critical to ensure they obtain the best rate and terms to serve their financing needs.
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