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The mortgage rules are about to change once more. As of November 1st 2012 all prospective buyers and I assume people transferring mortgages must be qualified at the 5 years posted rate which today is 5.25% a full 2.15% above most discounted 5 years rates. This will not at the moment apply to people taking a 5 years fixed term, so basically any one buying a home will have to get a 5 years fixed term mortgage which is not a bad thing at the moment. This of course only applies to the big 6 banks and a few other institutions, credit unions and many trust companies are not bound by the Federal rules.

Combine this with the recent immigrant c rule changes, all immigrants must live in the country for 5 years before they can get a mortgage for more than 65% of house value and there will be another dent in the house sales after I suspect a little rush at the beginning of November. If you are in the market for a mortgage get pre approved before November 1st 2012 and use a mortgage broker, someone who can deal with more that 1 financial institution at a time.

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