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Stress test currently means you need to qualify at 5-6% if you have 20% down. If you are putting less than 20% then the stress test is even higher. I doubt we
by jejeyyy77 5y ago
Stress test currently means you need to qualify at 5-6% if you have 20% down.
If you are putting less than 20% then the stress test is even higher.
I doubt we will see 5-6% interest rates in the next 5 years.
- noirbot 5y agoTell that to the 5.1% rate a friend of mine just got on a new home purchase with >20% downpayment. I dunno if rates are a lot better in Canada or something, but we're already in 5-6% range in the US for some properties. They had excellent credit too.
- freeone3000 5y agoRates are better in Canada. 2.3% is within the norm.
- jejeyyy77 5y agoInterest rates are still at 2.5% in Canada. Still a ways off from 5-6%.
- jdsully 5y agoUS mortgages are 30yr fixed. In Canada you cannot get a fixed rate for that long and 5 years is the norm - everyone here effectively has an ARM. This is why rates are almost always higher in the US.