This is just a heads up to anyone who is planning on purchasing a property in the next 3 months. Starting Nov 1, the new rule states that qualifying rates for your mortgage will be based on the 5 year posted rate (today 5.24%), instead of the discounted 5 year rate (today 3.09%).
Surprise! Many lenders and mortgage brokers will tell you that the new rules have been in practice for a number of months already. Depending on the overall picture of an applicant, Genworth and CMHC...
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Macdonald Realty LTD
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