The lights may shine bright in the big cities, but there’s plenty more to Ontario than urban centres alone. In our vast rural landscape, diverse property types and intricate client needs mean you might encounter lending scenarios you wouldn’t otherwise in the city. At Pillar Financial, we pride ourselves on being focused on rural properties and possessing extensive knowledge about these scenarios and the intricacies of rural lending. Our expertise not only helps us serve our clients better but also helps build your reputation as a trusted mortgage broker. Let’s break down the diverse property ..read more

There’s no shortage of discussion about the state of the real estate market, but forecasts regarding Canada’s economic outlook are hard to pin down. It is still uncertain whether we are simply in a downturn, primed for a soft landing, or heading toward a recession, and that uncertainty has affected decisions households make with their finances, which in turn impacts all areas of the economy. But whether the landing is bumpy or smooth, there are strategies brokers can adopt to align themselves for success and help safeguard their reputation. A Season of Change The lack of market clarity has cer ..read more

In a commission-based business like rural and construction lending, the state of the market impacts your bottom line. And it’s no secret that the Bank of Canada’s interest hikes have had a tremendous impact across all markets, affecting the pace and capacity for growth in the short-term. With all the changes it can be difficult for brokers to provide advice to their clients on whether to buy, renovate, or refinance. But it’s not all doom and gloom. Here are 3 key factors that point towards optimism and opportunities in the future. Silver Lining #1: The real estate market is cyclical. Although ..read more

It’s no secret that there has been a lot of uncertainty in the real estate market in the last year. Over the past 12 months the policy interest rate has seen eight rate hikes and has moved up to 4.5% . But the tides are turning, and future projections are positive. On March 8th, the Bank of Canada decided to hold, signaling the first time in more than a year that they have decided not to raise rates. While this may yet change within the calendar year, commentary suggests we are seeing a temporarily halt to rate hikes while the BOC evaluates the complete effect of its increases on the economy ..read more

Rate hikes by the Bank of Canada have led to a slowdown in real estate markets across much of the country, but what does this mean for homebuyers and mortgage brokers in Ontario? With the big banks raising their mortgage rates, many prospective homebuyers have been hitting pause to assess the market. With this, we’re seeing a readjustment in residential resale prices, and home sales have slowed. However, there continues to be a housing shortage, and it’s not going to disappear overnight. As a result, we continue to see demand for flexible mortgages – especially in small-town Ontario. We also c ..read more

If you haven’t come across many clients seeking construction mortgage deals or if you want to refresh your understanding of the process, here’s what you need to know. Unlike typical residential deals, a construction deal requires an expanded set of information related to the property to assess and underwrite the mortgage, so having a good understanding of the process now will help you protect your reputation in the future. You can put your client in the best position to streamline their way to an approval and raise your standing by following these keys to success. Start with a solid foundation ..read more

Today we are excited to announce the three winners in our “Gearing Up With Pillar for 2022” promotion, which ran from January to March this year. We had an incredible response from our broker community, so thank you to everyone for your deal submissions. But no more delays – let’s reveal the winners! The winners are… The winner of our third prize, which is either a set of Apple Airpods or wireless headphones, is Darren Keck from Mortgage Brokers City Inc. The winner of our second prize, which is either an Apple or Android watch, is David Griffin from DLC Griffin Financial Group. And the winner ..read more

You might know the ins and outs of a bank’s underwriting process, but Pillar Financial’s underwriting process is much more than just risk mitigation. Whether you’re an experienced broker or agent, or you’re still building your business, you can benefit from understanding what we do different. Here’s 4 factors that set us apart and help keep your reputation secured. Reason #1: Transparency At Every Level One of the main factors in building a relationship of trust with brokers is transparency. At Pillar, we take pride in staying crystal clear throughout the entire underwriting process, because w ..read more

If there’s any indication that we’re entering a new chapter, it’s this. After cutting interest rates early on in the pandemic, the Bank of Canada has implemented another rate hike aimed at stemming inflation – and it’s a big one.  The sharpest single increase in over 20 years, the benchmark interest rate is now 3.25%.  How it impacts you and your clients Just two months ago, we told you about how recent rate hikes were impacting real estate across the country and the demand it would drive for more flexible lending options.  With this additional increase comes an even greater ne ..read more

Tight inventory in Ontario’s housing market is capping the traditional mortgage business for mortgage brokers, but it is also highlighting a different opportunity: construction financing. With fewer homes on the market, some prospective homeowners are looking to build their own house as an alternative pathway to homeownership. In this blog post, we explain how this trend presents an opportunity for mortgage brokers like you to grow your business by helping clients secure financing to build their dream home or vacation retreat. Why Mortgage Brokers Should Help Clients with Construction Financin ..read more