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For the first time in three years we have seen a reduction in the stress test rate. This rate also known as the benchmark rate has been reduced from 5.34% to 5.19%

How does this impact you? 

The stress test rate is the one we use to calculate the mortgage you qualify for, not by the actual mortgage rate you receive. Any decrease to this rate means you qualify for more. Purchasing or refinancing the stress test rate applies. 

What next? 

If you have been waiting in the wings, apply now with the new lower rate and qualify for more. If you have a pre-approval in place speak to your mortgage professional to see your new mortgage amount. And last but not least watch my interview below from my interview with Breakfast Television for more details!  

#morethanjustamortgage #mackenziemortgage