Sean Cooper is the bestselling author of the book, Burn Your Mortgage. He bought his first house when he was only 27 in Toronto and paid off his mortgage in just 3 years by age 30. An in-demand Personal Finance Journalist, Money Coach and Speaker, his articles and blogs have been featured in publications such as the Toronto Star, Globe and Mail, Financial Post and MoneySense. You can follow him on Twitter @BurnYrMortgage and request his services on his website SeanCooperWriter.com.
The mortgage stress test was introduced by the Federal Government to determine whether a borrower could meet their payment obligations if interest rates increase. Under the stress test, if you have a down payment of 20% or more, you must qualify for a mortgage based on your offered interest rate plus 2 percentage points or the...