https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-ottawas-first-time-home-buyer-incentive-who-wins-and-who-loses/ It’s an especially good tactic for short-term homeowners to save interest and premiums, on the backs of taxpayers. “That’s gaming the system,” says mortgage broker Shawn Stillman of Toronto-based Mortgage Outlet Inc. “But that’s not what the government wants. It wants people in their houses long term because it’s losing money if they’re […]

  https://www.mortgagebrokernews.ca/news/toronto-real-estate-ripe-for-laundering-money-255966.aspx In the broker channel, Shawn Stillman, says there are more measures in place to parry suspicious activity, but, like Smith, he noted A lenders are more susceptible fraudulent activity.  “Most of our lenders don’t allow us to do mortgages through corporate entities and it has to be held in a personal name, so […]

  https://www.mortgagebrokernews.ca/news/boc-touts-longterm-mortgages-to-open-mbs-market-257119.aspx Lenders are chary about propagating the advantages of long-term mortgages because they don’t want to be exposed to the market for that long, but Sammut says that the MBS market would free capital for long-term mortgage loans, which banks would then price aggressively. But is a long-term mortgage really the best thing for […]

  https://www.mpamag.com/ca/news/general/treb-joins-chorus-demanding-b-20-repeal/284841 “The most important thing to consider with the stress test is the intentions are pure—and that’s to protect the financial system and the housing market,” said Elan Weintraub, director of Mortgage Outlet. “The problem comes in the disjointed way in which it was executed because you have three government agencies—the Ontario government implemented […]

  https://www.livabl.com/2019/01/canadian-mortgage-rates-2019-experts.html While that may still be a majority consensus among market watchers, mortgage broker Elan Weintraub is hearing conflicting viewpoints these days. “I think there’s a lot of uncertainty in the marketplace right now,” he tells Livabl. “If you rewind to maybe six months ago, the Bank of Canada was pretty clear that they […]

  https://www.mortgagebrokernews.ca/news/alternative-lending/unique-partnership-expedites-turnaround-times-251338.aspx Ultimately, forging indomitable relationships with up-and-coming as well as established brokers is XMC’s objective. One of the latter is Shawn Stillman, Mortgage Outlet’s principal broker, for whom XMC approved a deal four hours after submission last week. The deal will close in only six days. “They’re picky with who they work with and […]

https://www.theglobeandmail.com/investing/personal-finance/household-finances/article-a-quiet-rule-change-will-make-it-tougher-for-canadians-with-a-heloc-to/ Lenders often try to approve borrowers for the maximum amount, says broker Shawn Stillman, of Mortgage Outlet. “Banks have been pushing HELOCs for years,” he says. (To be fair, a lot of brokers push HELOCs, too.) “It’s very hypocritical that banks have been promoting lines of credit and telling people, “Don’t worry, this big […]

  https://www.mortgagebrokernews.ca/news/toronto-has-rebounded-247704.aspx “The condo market is still on fire—it never slowed down,” said Mortgage Outlet’s Principal Broker Shawn Stillman. “Even month-over-month, the price per square foot is hitting new highs, and they’ve always been strong. Where the weakness is, however, is in the 905 area. People who bought preconstruction within the last year are being […]

  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 […]