With the recent news that that Bank of Canada increased their rate by.25% and the new Federal Government Stress test rate of 2 % over contract rate for clients with more than 20% down payment, the news DID NOT REPORT that the qualifying rate for clients with less than 20% also went up to 5.14%. Just another example of the Federal Government making it harder for folks to own the home of their dreams!
On a positive note, and again not mentioned in the news I now have a lender who lowered their 5yr fixed mortgage rate to 3.04%* for people who have less than 20% down payment. This is a great rate folks which should be taken advantage of!
*rates subject to change without notice
Please call me to discuss! #AthabascaMortgageBroker#BoyleMortgageBroker #LaclaBicheMortageBroker