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As of Oct.17 there will be a new mortgage rule for everyone wanting to get pre approved for a mortgage. Anyone who is putting less then 20% down will have to go through the "Stress Test" which means even though you may be getting an interest rate of 2.49% the bank have to pre approve you on the Bank of Canada’s five-year fixed posted mortgage rate which is 4.64% as of right now. This may mean that your pre approval amount for a mortgage would be a lower number then before. Click the link below for more information on the upcoming rule change.


http://www.theglobeandmail.com/real-estate/four-major-changes-to-canadas-housing-rules/article32223470/


If you or anyone you know are thinking about buying and need to ger pre approved contact me today, i have some great mortgage specialist i work with. 


Hope everyone has a wonderful long weekend.


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