In 2008, the Canadian government, changed the laws pertaining to mortgages. This made it more difficult for applicants to qualify for mortgages from the large institutional banks, who were forced to apply more stringent financial regulations.

Tougher Regulations since 2008

Seventy five percent of mortgages are held by these large corporations, according to a survey conducted by the Bank of Canada, there are other alternatives for those who have difficulty obtaining a mortgage through conventional streams.

Dealing with Large Corporations

Banks are very often part of large multi-national organisation that by necessity have large corporate structures. They are unable to bend rules for those who have less than perfect credit scores or for those who earn commission or are self-employed and are therefore unable to prove that they have a regular income.
Dealing with large corporate organisations is difficult and impersonal. More often than not lenders cannot pitch their case to the person who will make the ultimate decision on whether to lend them the money. They simply fill in the many documents and they are scored according to corporate standards.

Private Lenders have Advantages

The growing non-bank lending sector offers people who are unable to obtain a mortgage through the banks, the opportunity to invest, by offering short term mortgages for approved investments. These institutions actually target those who find it difficult to obtain conventional loans.
They are less interested in the person seeking the mortgage than in the property itself as this is used as collateral for the loan. They will often finance properties that banks traditionally turn down.
Private lenders have several advantages over banks:

  • They are more flexible
  • There is no corporate bureaucracy
  • They have a higher tolerance for risk
  • The turn around time from application to approval takes less than half the time that it takes conventional lenders

Private lenders are more personal. You will have the opportunity to explain your individual set of circumstances to the person who will approve the funding. These companies are free from corporate headquarters and are therefore much more flexible when it comes to making decisions regarding your requirements and then matching your circumstances with a suitable funding plan.
The lean structures of these organisations and the lack of bureaucracy also means that they make decisions much more quickly, so lenders are able to take advantage of opportunities as they emerge.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
Mortgage First National Bank RateFirst National Financial

3.59%

4-Year
Mortgage RMG RateRMG Mortgages

3.29%

3-Year
Mortgage Street Capital RateStreet Capital Bank

3.19%

2-Year
Mortgage TD Bank RateTD Bank

3.19%

1-Year

VARIABLE

TermRate
5-Year Variable

2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

5.99%

Private MortgagesStarting at

5.99%

Private Mortgage Lender’s Interest Rates

The private mortgage lender will draw up customised loan plans that will match the risk with the cost. Because the private lenders are willing to take on higher risk the loan will attract a higher interest rate which can be anything from ten to eighteen per cent per annum.

Plan for a Conventional Mortgage within Three Years

Make sure that private loans do not have pre-payment penalties, as you should plan to replace the private mortgage with a conventional bank loan as soon as you are able to take advantage of the considerably lower interest rate offered by conventional banks. In any case you should plan to replace the private mortgage with a conventional one within three years.

OUR CUSTOMERS LOVE US

My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Linderman Beadles
Linderman Beadles
06:16 26 Feb 18
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Gina Carroll
Gina Carroll
05:06 28 Feb 18
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Deane Laflamme
Deane Laflamme
04:40 27 Feb 18
My wife and I recently purchased our first place, so we started to look for a mortgage broker. Neither of us really knew what we were doing, so it was important to us that we could find someone who could guide us through the whole process. After some searching we finally stumbled upon the guys at certified mortgage broker We worked with leon and his team, got a great rate and they took their time to explain and guide us through the whole process. Great rates and great service. Would absolutely recommend.
Stephnie Boyles
Stephnie Boyles
13:59 15 Nov 17
Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.
Billye Peralta
Billye Peralta
13:38 19 Nov 17
Was looking for a new mortgage broker, my old one moved so had to find someone else to work with. Didn't really know how to go about it so just started googling. After some searching and talking, decided to go with the guys at certified mortgage broker. No one could match their rates, plus their customer service is honestly some of the best i’ve seen.
Moore Hoover
Moore Hoover
02:25 16 Nov 17
We worked with Leon and he provided a thorough and a professional process in re-financing our mortgage. Communication was consistent, he was easy to reach and documents were processed quickly. Most importantly, we got a great rate that has us savings hundreds of dollars per month on our home. These guys really know what they're doing.
Melissa Brown
Melissa Brown
00:12 18 Jul 17
As third time home buyers we couldn't be happier with the service we got from Certified mortgage broker. The team did a great job working on our loan. Everything was fast, easy and transparent. Probably the best mortgage experience i’ve ever had.
Riley Clements
Riley Clements
15:27 20 Jul 17

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