Rules for Canadian Mortgages Changed
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Are you thinking of applying for or refinancing a home mortgage in Canada. It just so happens the government of Canada has recently announced modification to the regulations that lending institutions use to calculate a borrower’s limit.
The rate they will now be using to qualify people for a variable rate mortgage is going to be the five year posted rate. In many cases (where the variable rate is low as it currently is) that means a mortgage applicant will qualify for only 80% of what he or she might have before.
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