June 1st, 2021 marks another day in the history of mortgages!
In this video I talk about the new mortgage stress test qualifying rate.
The mortgage stress test rate now has gone up from 4.79% to 5.25%.
This change will be applied to both insured (less than 20% downpayment) and uninsured mortgages (20% downpayment).
It is expected to reduce the buying power by 4%-5% and 1 out 5 home buyers will be effected by this change.
How does it effect you?
I have provided a scenario in my video check it out below:
1:11 How does the new qualifying rate effects you when applying for a mortgage.
Regardless, if you are effected or not it is always good to have a professional by your side to guide you through the process of home buying!