Mortgage Allies brings you the latest mortgage news because we believe that our clients need to be informed and empowered when it comes to their mortgages.
Just over a month ago we received some great news – the mortgage “stress test” rate reduction from 5.34 % to 5.19 %. This decrease is the lowest in three years! Jacques du Preez, our principal mortgage broker, created a video (feel free to skip ahead and watch it below) outlining what this drop in rate means for our Mortgage Allies community.
A little recap: the “stress test” determines how much of a mortgage you can qualify for. The recent decrease means that it could be a bit easier for you to qualify for a mortgage. Have a look at the various down-payment percentages within our video to see how this reduction will ultimately affect your purchase price. As you will see with the numbers in the table, it’s not a major change, but we’re definitely grateful. When it comes to finances, and especially a major commitment such as your mortgage – every bit counts.
We’re here to solve mortgage problems for people who care about their mortgage.