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Old 10-03-2016, 01:41 PM   #4
MillerTime GFG
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Quote:
Originally Posted by PaperBagger'14 View Post
Wow, my girlfriend and I couldn't have timed a house purchase better. We have 2.39% with a ~20% down payment. That combined with financial analyst reports saying Alberta is now at rock bottom makes me feel great about this purchase.
The changes won't impact your actual interest rate, only the interest rate used when calculating what you can qualify for.

So for example, if you purchase a place after this goes into effect, your 5-year fixed rate may still be that 2.39%, but when qualifying your debt-to-income (aka GDS/TDS), the Bank of Canada rate of 4.64% currently will be used as opposed to your actual contract rate of 2.39%. You will only be paying interest at 2.39% throughout the term though.
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