New this year, all homebuyers will need to pass a stringent "stress test" that was previously reserved for those with less than a 20% down payment. The test requires purchasers to qualify for a mortgage at an interest rate of 4.89% on a five year term, or at the rate of their new mortgage plus 2%, which ever is higher.
Belecky & Belecky
235 North Centre Road, Suite 104
London, Ontario N5X 4E7
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