Mortgage Rules, NEW MORTGAGE RULES GOING INTO 2018
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NEW MORTGAGE RULES GOING INTO 2018

Mortgage Rules, NEW MORTGAGE RULES GOING INTO 2018

 

The new stress test announcement takes effect as of January 1st, 2018. This means that any mortgage application, regardless of the down-payment size, will need to qualify at a rate 2% higher than the  rate being offered, or the posted bank rate, whichever is higher.

So what does this mean exactly? Any Buyers being offered 2.99% for a 5-year fixed rate will now need to qualify at a rate of 4.99%.

 

What are your thoughts on this? I’d love to hear them!

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