Katherine Dao Mortgages
3001 Markham rd M1X1L6 Scarborough, ON, Canada

OSFI announced they are re-opening the discussions around the qualification rates for the stress test in Canada. Right now the qualification rate for best interest rates used for the stress test is 4.79%. Consultation will continue to take place over the next few weeks ending on May 7, 2021 with an announcement to occur May 24, 2021. The discussion suggests that they are considering an increase to 5.25% as of June 1, 2021 which would impact the maximum mortgage some clien...ts would qualify for. Who are they saying this would this affect? Anyone who wants to refinance Anyone who has over 20% down and is wanting to purchase at the very maximum of their budget Who are they saying would NOT be affected? Currently they are suggesting that this would not impact anyone purchasing a home under $1M purchase price with less than 20% down What is important to know: Previously the qualification rate was at 5.19% in 2020 which is not that far off what they are suggesting to increase to When I look at the average client this affects in my book of business the average impact is around 4.5% less in mortgage approval. While this is a decrease when we look at the actual numbers it is not as significant as they make it sound in the news. If you or anyone you know are thinking of purchasing, refinancing or have a renewal date coming up, call me at 613-501-6638 to talk about the proposed changes, how they may affect your options and determine if we need to have something in place before the June 1, 2021 proposed change date.

Happy International Women's Day!

Start Early! Talk to your insurance advisor

How-To Find the Sunshine even if you're Working: 1) Breathe In, Breathe Out - Step away from the computer and take 5 mins to inhale and exhale 2) Give Me a Break - Coffee or Lunch break: Go Outside! Take in the sunshine! 3) Move it! Move it! - Walk or bike to work! Take the stairs or do lunge-walks to your desk! 4) Meeting of the Sun - Take the daily meetings outside in the park or on a trail. We can guarantee a heightened creativity!... 5) Sunny Tunes - Prepare a beach music playlist for the office because if you can't be there, at least it's with you! See more

Happy Thursday, everyone!

Working from home is so flexible, and we save hours of commuting time. But is your home big enough for extra office space? Have you considered upsizing to add an extra room? ... There are so many questions to answer: Can I upsize? How much can I borrow? Do I have to sell my home? And so many options to consider. Speak to your mortgage broker today and get your questions answered and your options discussed. Call me at 613-501-6638