We recently had one of our REALTOR partners ask us if we could explain the difference between being PRE-QUALIFED VS. PRE-APPROVED. Different lending institutions are going to use the terms differently and even interchangeably.   However for us at the Mainstream Mortgage Team these terms mean. PRE-QUALIFIED: We would use this term for a client who […]

What will the real estate industry look like in 2021? If there is one word that defines life in 2021, that word is change. How much and for how long is uncertain. And while some changes may be temporary, many may be here to stay. How will all of this change impact the real estate […]

Federal Fiscal Update–Finance Minister Freeland’s Debut   Justin Trudeau’s government, which has delivered the biggest COVID-19 fiscal response in the industrialized world, announced plans for another dose of stimulus and vowed to continue priming the pump as long as needed. Finance Minister Chrystia Freeland unveiled $51.7 billion of new spending over two years in a mini-budget Monday, […]

Throne Speech: Canada’s Response to COVID-19   Prorogation on August 18, following the resignation of Finance Minister Morneau, a new session of Parliament, and a new speech from the throne was meant to allow the government to hit the reset button. And for Prime Minister Justin Trudeau, to try and move past the summer of controversy […]

https://globalnews.ca/video/7254618/mortgage-deferral-deadline-looming

MIDTERM MORTGAGE TRANSFERS: In today’s low interest rate environment, a mid-term mortgage transfer could be an amazing way for you and your family to save thousands of dollars in interest. Many borrowers don’t think they are able to transfer mid-term, however, it is possible. To consider this as an options we need to make sure […]

  Housing Market Continued Its Rebound in June and Early July   There was more good news today on the housing front. Home sales rebounded by a further 63% in June, returning them to normal levels for the month–150% above where they were in April when the pandemic-induced lockdown paralyzed the economy (see chart below). Data released […]

Canada’s Economy Plunged 11.6% in April   The pandemic shutdown put every sector of the economy into a medically induced coma, so it was no surprise that the first full month of lockdown would be ugly. Indeed, consensus estimates were worse than the 11.6% drop in economic activity reported this morning by Statistics Canada (see chart […]

Underwriting guidelines are changing again.  In many mortgage professionals to the detriment of the economy and recovery.   I agree with this analysys. Please see CMHC’s release below.   The COVID-19 pandemic is affecting all sectors of Canada’s economy, including housing. Job losses, business closures and a drop in immigration are adversely impacting Canada’s housing markets, […]

THE MAINSTREAM MORTGAGE APP – MY MORTGAGE TOOLBOX – Mortgage Comparison Tool We have the best mortgage app in the country.   Our clients and REALTOR partners love it.  However, some of you are asking for some tutorials to help with some of its features. The Compare Side By Side Tool Is a very powerful to […]