New THE NEW MORTGAGE STRESS TEST IN EFFECT- WHAT YOU NEED TO KNOW



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!

Let’s connect:

Faryal Faryal Real Estate
[email protected]
Facebook: Faryalfaryal_01
Instagram: faryalfaryal_realestate

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One comment

  1. FARYAL FARYAL REAL ESTATE

    What are your thoughts on the new qualifying rate?

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