Whenever you make a big investment, you want to feel secure in the fact that you properly weighed all your options and made the best choice for you. After all, this is your livelihood we are talking about!

Many people give up on their dreams as soon as they have been rejected by a few banks, not aware that there are other avenues available to them. Even if you have been approved for a loan by a bank or other financial institution, it doesn’t necessarily mean that it’s the best you can do in your specific situation.
After all, mortgages usually have very long terms, are rigid and inflexible, and can take a very long time (and a lot of effort) to secure. That’s if you even pass the rigid requirements that banks impose when evaluating someone for a loan.
A private mortgage is one option that’s regularly overlooked by new investors or the average layman looking for a loan on a family home. Many people are also turned off because they see them as inherently risky. However, private mortgages are a valid alternative to traditional financing and may even be better under your specific circumstances.

What is a private mortgage lender?

A private mortgage lender can come in many shapes, forms, and sizes. It can be made up of either an individual or group of people. Technically, any financing from a private source fits the description but the popularity (currently 40% of mortgages are private in Canada) has seen it grow into a real industry with real professionals.
As they are not tied down as much to other national and state regulations, they are a lot more varied and flexible in their offerings. Typically, these are businessmen and investors who are in it to make as big a profit as possible.

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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%

A side by side comparison of private mortgage lenders and banks

Traditional Financial InstitutionPrivate mortgage lender
RequirementsTypically, private mortgage lenders are investors looking to make a profit, just like you. This means they tend to focus more on the potential payoff and success of the investment.Banks base their loan or mortgage decisions on the reputation of the borrower. One very important factor is your credit score. Other things include your current debt to income ratio.
Limits or regulationsThe sky’s the limit when it comes to private mortgages. It’s one of their main benefits that they aren’t tied down by state or national regulations. Although they are still regulated by some agency, such as the FSCO for Ontario.Loans and mortgages have limits and minimum amounts set by the CMHC and OSFI. Things such as a minimum down payment, a maximum loan amount, etc. are prescribed. Some of the borrower requirements are also imposed.
Geographical limitationsPrivate mortgage lenders tend to have a scope of operations in which they are willing to consider a loan.Banks or other traditional financial institutions offer the same packages nationwide wherever they have branches.
TermsThese loans are generally given for a shorter term of 1 month to 2 years. Interest-only is sometimes available.Loans can be anywhere from 5 to 30 years. Interest-only is sometimes available.
Interest ratesInterest rates are on average higher at 8-12% which is more than double what banks offer.Interest rates are low at between 2 and 4% for Canadians.

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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