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New rules for first time buyers will have a large impact on what they can now approve for.
All mortgage products with less than a 20% down payment will now be subject to the CMHC “Stress test”.
This means that buyers must now qualify for their mortgage at a rate of 4.64%, where as before qualification could be based off of the 5 year fixed rate product of a given lender.
See more at the link below.
If you have a comment about this blog post, have questions about the different mortgage types we provide or wish to ask any other questions about how to get a mortgage from CVE Mortgage Group, please feel free to contact us