What is the Stress Test & How it is Eroding YOUR Purchasing Power

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In this episode, Scott explains how mortgage stress testing affects home buying power and provides strategies for maximizing purchasing potential in today's market while managing interest rate changes.

Key Timestamps:

[0:00] Stress Test Basics
- Government guidelines
- Qualification requirements 
- Rate calculations

[4:30] Market Conditions
- COVID impact
- Rate changes
- Market predictions

[8:45] Rate Environment
- Variable rates
- Fixed rates
- Bond market influence

[12:30] Purchasing Power
- Qualification calculations
- Rate impacts
- Market timing

[16:45] Strategic Approaches
- Variable rate advantages
- Lock-in options
- Risk considerations

[21:15] Market Insights
- Housing supply issues
- Foreign buyer impacts
- Market predictions

[25:30] Maximizing Options
- Pre-approval importance
- Rate hold strategies
- Timing considerations

Key Strategy Points:

1. Rate Selection
- Variable vs fixed impacts
- Stress test implications
- Strategic timing

2. Pre-approval Management
- Rate hold importance
- Purchase timing
- Qualification maximization

3. Market Navigation
- Supply considerations
- Regulatory changes
- Seasonal timing

Contact Information:
Office: 519-960-0370

Important Tips:
- Check pre-approval expiration
- Consider variable rates strategically
- Time purchases with market conditions
- Verify qualification amounts regularly

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