{"type":"rich","version":"1.0","provider_name":"Transistor","provider_url":"https://transistor.fm","author_name":"MortgageEase Unfiltered: Beyond Rates & Real Estate","title":"Rules and Stress Test","html":"","width":"100%","height":180,"duration":963,"description":"In this episode of MortgageEase Unfiltered, Nicole Farrugia discusses significant changes in mortgage rules, focusing on the stress test adjustments for mortgage renewals and proposed refinancing rules for secondary suites. She explains the implications of these changes for borrowers and emphasizes the importance of staying informed in a rapidly evolving mortgage landscape.\nTakeaways\nThe stress test ensures mortgage affordability under unforeseen circumstances.\nBorrowers must qualify at the higher of the Bank of Canada benchmark or contract rate plus 2%.\nThe removal of the stress test for insured mortgages simplifies renewals.\nMortgage renewals are at an all-time high due to previous low rates.\nThe government proposed removing the stress test for conventional mortgages, but it was short-lived.\nLenders are advised to take a conservative approach regarding stress tests.\nProposed refinance rules for secondary suites aim to tackle the housing crisis.\nHomeowners can refinance up to 90% of their property's value for secondary suites.\nImplementation of new rules may be slow due to logistical concerns.\nStaying in touch with mortgage professionals is crucial for accurate information.\n\nSound Bites\n\n\"We kind of take it back.\"\n\"It's frustrating to say the least.\"\n\"Thank you for lending me your ear.\"","thumbnail_url":"https://img.transistorcdn.com/LhaMVl_7bEteUtT_EB75sLg5r5NdbsPIt9d4RpELjOk/rs:fill:0:0:1/w:400/h:400/q:60/mb:500000/aHR0cHM6Ly9pbWct/dXBsb2FkLXByb2R1/Y3Rpb24udHJhbnNp/c3Rvci5mbS82YWFk/ZDMxODM3OTczZThj/MzFiYzljOGUwMTgw/ZmYxNy5wbmc.webp","thumbnail_width":300,"thumbnail_height":300}