Are you living in Ontario Canada or plan on making an investment in this beautiful city? You’re not alone. As the Canada’s second largest and most populous state, as well as the home to the capital Ottawa, there are always opportunities to be had.

However, just like the rest of Canada (and most of the world), Ontario’s banks and traditional financing institutions have strict requirements when it comes to lenders and giving out mortgages. If you have a dent in your credit score, don’t make a stable income or don’t otherwise fit the cookie cutter idea of a decent lender according to the bank, you might have a tough time securing a loan.

There are also restrictions on the type of mortgage that you can get. For example, down payments are a minimum of 5% and there are also upper maximums to the amount you can loan. You are also “stress-tested” on a standard interest rate that is much higher than your actual one.

How is private mortgage lending regulated in Ontario?

All mortgage lenders in Ontario are regulated and have to be approved by the FSCO. It’s short for the Financial Services Commission of Ontario. It was established in 1997 under the Financial Services Commission of Ontario act and is directly accountable to the minister of finance.
Their legislative mandate is to protect consumers as well as the reputation of the industry that they are involved in. This includes insurance, credit unions, invoicers for auto insurance claims, pensions, and of interest to us, the mortgage brokeraging sector.
Just because private mortgage lenders aren’t as closely regulated and standardized as banks and other traditional financial institutions, doesn’t mean they can do whatever they want. It’s both for the good of consumers and the industry as a whole that they are regulated to at least some extent.
Mortgage brokerages, agents, and administrators also need to be licensed and registered by the FSCO. So, a good place to start when searching for any private mortgage firm or broker in Ontario is to establish whether they are compliant.

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Featured Rates

FIXED

LenderRateTerm
Mortgage Lendwise RateLendwise

3.40%

5-Year
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3.19%

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3.19%

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TermRate
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2.75%

3-Year Variable

3.35%

OTHER

TypeRate
Line of CreditStarting at

3.00%

Equity LoansStarting at

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Private MortgagesStarting at

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Best private mortgage brokers and lenders in Ontario

This guide wouldn’t be complete without us giving you some concrete next steps. To help you get started, here are two great services you can contact to see what they have to offer you.

Mortgage Central Canada

This is actually a nationwide private mortgage lender, but hey, who are we to discriminate? If you own a home and want to get a mortgage on it, you can have it approved in under 24 hours which is impressive even by private mortgage lender’s standards.

Mortgage Captain

Mortgage captain provides a service similar to a broker where they will assess your information and help pair you with a private mortgage broker and plan that’s perfect for you. Brokers are a good idea because they can open your eyes to good opportunities and save you a lot of time.

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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