Today we cover the recently proposed changes to the stress test.
This impacts purchases over $1 million, refinances, 30-year amortizations, and rental properties. How much will it impact? $5,000 less per $100K borrowed. There will be a 5% decrease in overall buying power and $3,100 less mortgage per $10,000 of income.
What is the stress test and when will it take effect? We go over all of this and more so tune in!
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