Mortgage stress test
Mortgages & secured lendingA check to see if you could afford mortgage payments if rates rise.
Overview
Lenders apply higher interest rate scenarios to your budget.
It helps ensure the mortgage stays affordable in the future.
Why it matters
- It can limit the mortgage size you qualify for.
- It protects against rate increases.
- It affects approval decisions.
FAQs
Are all mortgages stress tested?
Most are, but methods vary by lender.
Can I improve my stress test outcome?
Reducing existing commitments can help.
Related terms
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