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BoC Qualifying rate goes down!

The Bank of Canada has dropped their qualifying rate down to 5.49% effective today. This will make things a little easier for people to get into a 1-4 year fixed mortgage or a variable mortgage product. Anyone who is on a 5 year fixed mortgage qualifies on the actual 5 year rate given by their lender but when taking an insured (less than 20% down) 1-4 year fixed or variable mortgage, you need to qualify at that BoC qualifying rate.

If you have any more questions regarding this or would like clarification on how this could effect you please call me at (604) 889-0050

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