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How to qualify for prime minus one

 
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anonymous


Hello! How to qualify for prime minus one? I really appreciate your help.
0     In Mortgage Cont.03

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    Q. What is minus 8 prime rate means?


    This means that the bank will use prime (currently 3%) minus .8% which is 2.2% at the moment. If Bank of Canada increase overnight lending from 1% to 1.25% come September 7th (this will be the next scheduled announcement), then you would be paying 2.45% interest rate.

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