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Acronym Monday: MQR

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.


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