Effective November 21, people with uninsured mortgages will be able to switch lenders without passing the federal mortgage stress test.
That follows a similar move last October when the government clarified that people with transactionally insured mortgages can also switch lenders without a stress test.
As for folks getting low-risk bulk-insured mortgages, so sorry. Your government says you don't get the same treatment. As it stands, the Department of Finance has refused to let insurable borrowers switch lenders without a stress test.
That makes about as much sense as an inflatable dartboard. But let's not give up hope just yet.
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