No. Renewing with your current lender has never required the stress test. And since November 21, 2024, neither does switching to a new one. Provided your balance and amortization stay the same. The test still applies when you buy a home or refinance: you qualify at your contract rate plus 2%, or 5.25%, whichever is…
A basic ballpark: your mortgage can usually run as high as 3.5 to 4.5 times your annual income — $50,000 of income supports roughly $175,000 to $225,000 of mortgage. Lenders set the real number using two debt ratios, GDS and TDS, calculated at a stress-tested rate. Your down payment and existing debts move it from…
A mortgage pre-approval is a letter from a lender stating the amount they’re willing to lend you to purchase a home, based on a verified review of your income, debts, credit, and assets. You get one by applying to a lender with your financial documents. It usually holds for 60 to 120 days — and…
Jake brings the business degree, the local roots, and over a decade of real estate experience.