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/honesty-is-the-best-policy-for-lenders-243747.aspx Mortgage Outlet won Best Newcomer Mortgage Brokerage at this year’s Canadian Mortgage Awards, and according to Elan Weintraub, it’s a fruitful result of the firm’s high standard of service. “Everyone at Mortgage Outlet really has a high bar for excellent, client service, going to lenders and partnering with people,” said the broker and […]

  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’ […]