https://www.mortgagebrokernews.ca/news/federal-conservatives-decry-b20-push-for-study-to-examine-effects-243748.aspx Mortgage Outlet’s Principal Broker Shawn Stillman doesn’t believe Kmiec will be successful in imploring the Liberals to study the mortgage rules simply because it’s Politics 101. “It’s unlikely he’ll be successful because government doesn’t like giving any credence to the opposition,” said Stillman. “They could have the best answer but they’ll never say […]

When a mortgage term is almost complete, banks send letters to their clients to ‘renew’ them into a new mortgage.  Signing this letter usually takes one minute – and most people don’t give it a second thought – but this decision could cost you thousands of dollars and could be one of the largest financials […]

  https://financialpost.com/real-estate/mortgages/meet-the-alternative-mortgage-lender-whos-become-a-last-resort-for-desperate-homebuyers-bigger-banks-wont-touch There’s no question Firm Capital would be considered a lender of last resort for a home buyer given the punitive fees that mortgage investment corporations can levy, sometimes around 20 per cent all-in, including other professional fees, said Shawn Stillman, a broker at Mortgage Outlet. Nevertheless, he’s seeing greater demand for mortgage investment […]

  https://www.mortgagebrokernews.ca/news/broker-networks/some-semblance-of-solace-for-domestic-buyers-237926.aspx As of this month, the charter bank discontinued the Foreign Income Program, which allowed foreign buyers to qualify for uninsured mortgages with 35% deposits. Elan Weintraub, a mortgage broker and director at Mortgageoutlet.ca, noted that foreign buyers have had an easier time qualifying for mortgages in Canada than Canadians, which he called confounding. […]

  https://www.mortgagebrokernews.ca/news/broker-networks/borrowers-finally-coming-out-of-woodwork-237002.aspx According to Mortgageoutlet.ca Principal Broker Shawn Stillman, buyers were kicking tires until last week when all of a sudden the dam burst. “I’ve had seven purchase agreements over the past two days, but it is mostly small stuff under $1mln,” he said. “First-time buyers are also buying condos and townhouses in the GTA. […]

Lately, I’ve been getting panic calls from real estate buyers (or their Realtors) to inform me that their bank was not honouring their mortgage pre-approval.  Pre-approvals have been failing more and more frequently.  Obviously, this creates tremendous stress for the buyer and Realtor, and this situation is becoming more and more common. Why is this […]

  https://www.mortgagebrokernews.ca/news/alternative-lending/getting-one-step-ahead-235418.aspx Mortgageoutlet.ca, one of the largest brokerages in Canada, understands that B-20 will tilt business in the favour of private lenders and credit unions, and that cultivating strong relationships with them is the key to surviving 2018 and beyond. According to Elan Weintraub, a director and mortgage broker at mortgageoutlet.ca, being respectful of lenders’ […]

https://financialpost.com/real-estate/risk-shifts-to-shadows-in-canadas-whac-a-mole-housing-market Despite the expectation that MICs will see more business, McKitrick said the big financial institutions will adapt to new regulations to keep lending. Shawn Stillman, a mortgage broker at Mortgage Outlet Inc., said banks could lower their mortgage rates so homebuyers would still qualify under the new stress-test rules. “The bank doesn’t care because […]

  https://www.mortgagebrokernews.ca/news/toronto-brokers-react-to-latest-sales-stats-226408.aspx “I think there’s no reason to panic. I think what you have to do is take a real look at the market and if you’re buying long-term, realize you’re never going to buy at the bottom of the market,” Shawn Stillman, director and principal broker with Mortgage Outlet, told MortgageBrokerNews.ca. “If you find […]