Mortgage Stress Test

Today we're going to talk about the stress test.

I'm sure you've all heard about it, and it's causing most of us stress, but I want you to know that there are options. The stress test is a government requirement now for us to qualify you for your mortgage at a rate that's higher than you're actually going to pay.

Let's say you’ve got a new mortgage and your interest rate is 5%. The lender is going to qualify you as though the interest rate is 7%, 2% higher than what you're actually paying. It's making it really challenging for people to qualify for mortgages today.

Did you know that there are other options? Always talk to a mortgage broker. We work with lenders that don't have to use the stress test to qualify you, so we're able to reduce and eliminate that 2% additional additional interest rate on your mortgage.

Give us a call if you have questions. We're always here to help.