A breakdown of the mortgage changes in the last...

The mortgage industry has been abuzz this past month with major changes taking place and other notable news. If you’re confused about what has changed and how it will affect you, here’s a quick breakdown. Mortgage stress tests on insured mortgages: stress tests will be used for approving high-ratio mortgages on insured mortgages (less an 20 per cent down).  This is to assure lenders that home buyers could still afford mortgages if rates increased or their financial situations changed. The test also requires home buyers don’t spend more than 39 per cent of their income on home costs. This is in effect, as of October 17th.…