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New Mortgage Regulations

New Mortgage Regulations
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New Mortgage Regulations

Please note new regulations to be implemented by the Government are expected to come out next month.  These new rules will affect all borrowers when purchasing, refinancing, renewing, or transferring their mortgages.  Last October, high ratio and insured mortgages have been subjected to “stress test” and higher “qualifying rate”.  The Government is looking to extend these rules to uninsured conventional mortgages (borrowers with 20% down-payment or more) which would result in lower approved mortgage amounts for home purchasers/owners.

In addition, both prime rates and bond yields have been on the rise resulting in higher variable rates and fixed rates.

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