Attention Home Buyers and Realtors!! Important Info about How Much Mortgage You Qualify For!
The mortgage stress test rate is going up June 1st! Your pre-approval or rate hold will NOT protect you after this date so make sure you know how much you will qualify for using this new qualifying rate.
We have also just heard it may be coming into affect for INSURED mortgages as well-those with less than 20% downpayment- so we will see.
The final details will be announced on May 24th but we are fairly confident that the NEW HIGHER STRESS RATE WILL COME INTO AFFECT! Make sure you know what you qualify for AFTER JUNE 1ST!