Minimum Qualifying Rate
Or you might know it as "The Stress Test"
This is a tool that lenders will use to ensure that your payment will still be comfortable if life happens.
For those who are putting less than 20% down, this is the test that determines if you're able to pay your mortgage if you experience a job loss, an increase in mortgage rates, inflation, or other house expenses.
Generally, your MQR will about 2% higher than your contract rate.