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Question - Mortgages Stress Test - Mortgage stress test requires applicants to be also qualified for the mortgage using the "minimum qualifying rate". The minimum qualifying rate is the higher of 5.25% or the rate offered by your lender plus 2%. As a result, both Gross Debt Service (GDS) and Total Debt Service (TDS) ratios should be met using this minimum qualifying rate.
Assume that your household income is $180,000. You decided to buy a house putting a 20% down payment and finance the rest with a mortgage amortized over 25 years. The current 5-year fixed mortgage rates are 3.6%. Your house's heating and maintenance expense is $400/month and the property tax is $600/month. You also pay $1000/month for your financed car. You don't have any other debts or house related expenses.
Required -
A) What is the maximum mortgage amount that you would be qualified for?
B) How much would it be if there was no stress test?
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