Scott Gingles

MORTGAGE EXPERT with the fastest, most efficient, mortgage advice available: [email protected] [phone]

[Scott Gingles @ScottGingles]

In a release today, OSFI confirmed the new qualifying rate for an uninsured mortgages will rise to either the mortgage contract rate plus 200 basis points or 5.25%, whichever is higher (effective June 1, 2021).

[Scott Gingles @ScottGingles]

Check out our latest update on where RATES are headed, how home VALUES are being impacted in Canada, and how the new STRESS TEST will affect new buyers & borrowers...

https://t.co/H6ka4FOKpT

[Scott Gingles @ScottGingles]

Purchasing & financing a new home can be tricky!
What to know when purchasing a Pre-Sale Home...
https://t.co/gRPz5hwq52

[Scott Gingles @ScottGingles]

OSFI has proposed changes to the STRESS TEST and how mortgages are qualified in Canada. The proposal theoretically cuts borrowers’ home buying power by roughly 4%.

OSFI will communicate its final amendments on May 24th, 2021, with an enforcement date of June 1st, 2021.

[Scott Gingles @ScottGingles]

Great sit down with MLA Canada discussing mortgages, affordability, and the HOT Vancouver RE market!
https://t.co/MeTZj8UYY1

[Scott Gingles @ScottGingles]

Meet the TEAM!
https://t.co/IKE1x9vYMe

[Scott Gingles @ScottGingles]

On the heels of the BoC recent meeting last week, here are our recommendations on where rates are headed and why you should choose variable or fixed rate products!
https://t.co/FFfZblhDlM

[Scott Gingles @ScottGingles]

The BoC kept its rate on hold (FLAT) this morning suggesting the country’s economy won’t recoup losses from C-19 until 2022. We are in a low rate environment for some time to come. Recovery is pandemic dependent, and GDP isn't expected to rebound for another 2 years.

[Scott Gingles @ScottGingles]

If you are a ROCK STAR (licensed Mortgage Broker) and want to join an industry leading team DT Vancouver - message us for more!

[Scott Gingles @ScottGingles]

Variable rates are nearing Prime-1.00% (default-insured). Whether your mortgage is insured or not, sourcing ~1.65% today is likely much better than what you currently have in place. DM us to review your mortgage and savings today!

[Scott Gingles @ScottGingles]

July housing data (CREA) showed a blockbuster July with both sales and new listings hitting their highest levels in 40 years of data.

[Scott Gingles @ScottGingles]

GREAT NEWS: CMHC's largest competitor [Genworth] has confirmed they have no plans to change their underwriting policies [for now]. This will put less pressure on Lenders to reduce affordability on conventional mortgages as well.

[Scott Gingles @ScottGingles]

CMHC introduced changes to policy this week that will impact First Time Home Buyer's the most (reducing purchase affordability by ~10%) - https://t.co/VFraqDpXiD

[Scott Gingles @ScottGingles]

Does anyone else fear that clicking "unsubscribe" actually subscribes more?!

[Scott Gingles @ScottGingles]

Lenders are still facing higher than normal funding costs. Everything else equal, if/when credit spreads narrow, we should be seeing 5-year fixed rates <2%.

[Scott Gingles @ScottGingles]

Incredibly informative session with @garymauris & @wealthy_barber this morning. Appreciate your time and insight!

[Scott Gingles @ScottGingles]

What does a 50bpt cut to Prime mean for your payment? Those in an adjustable-rate mortgage will see their payments fall roughly $24 a month for every $100,000 of mortgage balance.

[Scott Gingles @ScottGingles]

The BoC exercised another 50bpt emergency rate drop this morning which now sits at .25%. We now look to major banks to pass the savings to borrowers by reducing Prime (2.95% today) to 2.45%.

[Scott Gingles @ScottGingles]

Analysts still predict a 50bps cut to the BoC's overnight rate [next meeting April 15]. If this is passed on to borrowers Prime will fall to 2.45%.

[Scott Gingles @ScottGingles]

Should you be deferring your mortgage payment?
https://t.co/qrLNIfEALL