. ⭐️The Bank of Canada raised the conventional five-year mortgage rate from 5.14 per cent to 5.34 per cent after all Big Six banks raised their posted five-year fixed mortgage rates in recent weeks. The central bank qualifying rate is separate from the actual mortgage rates offered by banks to borrowers, but is used to assess homebuyers who are seeking loans. . ⭐️Homebuyers with less than a 20 per cent down payment seeking an insured mortgage must qualify at the central bank’s benchmark five-year mortgage rate of now 5.34% . ⭐️And as of Jan. 1, all buyers ( even ones putting 20% or more must still qualify at 5.34%) proving they are capable to handle rate increases. . ⭐️Courtesy of:. Denise Pisani . ⭐️denise@mortgageinthecity.ca www.mortgageinthecity.ca .
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AuthorIrene Owchar is a Mississauga Realtor: "I grew up in Missy, lovin' raising my kids and working in this beautiful City." CONTENT RICH NEWSLETTERS WITH CURRENT MARKET TRENDSSign up here: Irene@SoldByIrene.ca or call/text 416 523 3425
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December 2018
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