Are you wondering how the "stress test" impacts your ability to buy a home? We launched an app this past year to specifically help you calculator what you can afford.
By downloading:
https://www.dlcapp.ca/app/scott-westlake you can quickly click on our stress test calculator. The Stress Test Rate, also known as Mortgage Qualifying Rate (MOR) is used to qualify you for the maximum loan you can borrow.
Our app allows you to input your gross annual income along with other variables such as rental income if applicable, property tax, condo fees if applicable, heat, other monthly debt. We then automatically have set the appropriate Mortgage Qualifying rate and our calculator will give you a very good indication of the mortgage you qualify for.
The main variable this does not account for is your credit which a pre approval is required and would be the next natural step. The purpose of the application is not to be perfect, but to quickly and efficiently provide a general mortgage amount you should qualify. The next natural step is to contact us!