Quick Notes:

• The current interest rates are in the 2% range, but lenders will want to see if you can financially handle it if interest rates go up, so they stress test that rate against a much higher rate, which is currently sitting at 4.79%. 

• With the reduction of the stress test rate at the end of August, you will now qualify for about 1.5% more than you would have last year. 

• Interest rates are at a historic 50-year low. There are many options for fixed-rate mortgage rates below 2%! 

• A $10,000 mortgage translates to approximately $50 per month. For every $10,000 you go up, you will add about $50 per month to your monthly mortgage payment. 

• Before going out to look at homes, you should be getting pre-approved so you know your qualification limits. It takes about 30 minutes on the phone, video chat, or in person with Darren, and you will get your results within 24-48 hours. By doing this, you will also have that rate locked in for 120 days in case the rate goes up. 

• Keep closing costs in mind! You will need to budget for a home inspection, legal and lawyer fees, moving expenses, plus other basic things such as insurance, utilities and hookups, etc.. Itemize what you will be needing when you purchase your home, and plan for it in advance.

💬 Get personalized advice and solutions from Darren Sharko, HACK&Co’s Trusted Mortgage Lender

Get pre-approved in 60 seconds using Darren’s RBC True House Affordability Tool

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“Taylor and his team at Hack&Co were excellent at communicating throughout the process of selling our home. Always friendly, easy to talk to and happy to help. You can tell they care about providing a quality service to their customers and that they are detailed in their approach. One aspect we really liked was that the team at Hack&Co followed up after showings to provide us with feedback. They asked realtors what their clients thought about how it showed, if they liked it, if it was in their top three and what their opinion was on the listing price. It was very valuable for us to know what potential buyers thought and we weren’t left in the dark wondering if people liked it or if there was anything we may need to change to help it sell.”

— Hannah Malcolm, RankMyAgent.com