How The B-20 Stress Test Can Ruin Your Mortgage Financing (And Your $50,000 Deposit)

What is the B-20 Stress Test and why are people so stressed out about it?! This video speaks to three different real world scenarios where three Canadians were put into very stressful situations mainly thanks to this new legislation. Introduced in November 2016 by the Government of Canada, it forces Canadians to qualify for their mortgages with an artificial buffer rate, in case rates go up. Now what if you didn’t know about this rule until you were removing subjects on a home that took you months to find? Or what about if when you put down a deposit on a pre-construction unit, the stress test didn’t exist? Not getting pre-approved with the B-20 stress test in mind can put you into hot water and here are the three stories we will walk you through: 1. The Credit score roller coaster 2. Stress tests can jeopardize your mortgage 3. Pre-construction deposits can be lost Subscribe to Level Up Mortgages YouTube Account: http://bit.ly/LevelUpYouTubeSubscribe Email Paul to Level Up your mortgage planning: paul(at)levelupmortgages.com Talk to us or if you want some quick replies, connect with our Facebook Messenger Bot: http://bit.ly/MyMortgageBot Got Mortgage Questions? Trying not to freak out about something that’s stressing you out? We got you 🙋🏽‍♂️🙋‍♀️ + Get immediate answers without needing to talk to a human 🤖 http://bit.ly/MyMortgageBot + Email me and check out our website: paul(at)levelupmortgages.com | www.levelupmortgages.com 👨🏽‍💻 + DM me on Instagram if you want to get more personal 📱 https://www.instagram.com/levelupyourmortgages/ + Get LinkedIn if you want to check our credentials 😎 https://www.linkedin.com/in/pauldavidescu/ + Tweet at me if you hang out there 🐦 https://twitter.com/levelupmortgage + Check updates on our blog to do a deep dive 🔎https://www.levelupmortgages.com/blog