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
| Lender | Rate | Term | |
 | Lendwise | 2.59% | 5-Year |
 | First National Financial | 2.95% | 4-Year |
 | RMG Mortgages | 2.69% | 3-Year |
 | Street Capital Bank | 2.99% | 2-Year |
 | TD Bank | 2.79% | 1-Year |
VARIABLE
| Term | Rate |
| 5-Year variable | 2.9%(prime - 1.05%) |
| 3-Year variable | 2.9%(prime - 1.05%) |
HELOC
| Type | Rate |
| HELOC | 4.2%(prime +0.25%) |
OTHER
| Type | Rate |
| Line of Credit | Starting at 3.00% |
| Equity Loans | Starting at 5.99% |
| Private Mortgages | Starting at 5.99% |
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.
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Certified Mortgage Brokers Across Canada
…by providing award winning customer service to each and every single client.