The new mortgage changes will change the way we buy, especially for those who want to buy their first home or upgrade to a larger home. This will reduce purchase power between 20%-30% based on the new rule of qualifying at a mortgage rate of 4.65% despite your locked in rate, effective 17 October 2016. This is required for insured 5 year mortgages with less then a 20% down payment.
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Archives
June 2020
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