Toronto Second Mortgage Broker

PRIVATE MORTGAGE LENDER ONTARIO

If you require a Private Mortgage Lenders In Ontario, look no further, as Expert Mortgage has one of Ontario’s largest Private Mortgage Lenders network in Canada with over 400+ lenders to assist with your financing needs. Many reputable individuals do not qualify under the government’s recent implementation of the stress test that in some cases can be punitive against qualifying for a mortgage at a banking institution. We are experts at finding solutions for hard to place second mortgages and any assistance in finding a Private Lender. In any event, we will go over all of your options to ensure we find you the most suitable solution in meeting your private mortgage needs.

What does the term "private mortgage lender" entail?

To define what Private mortgage lenders do, we would have to start by stating these are essentially businesses and people who lend their own funds to individuals needing mortgage financing. This category contains Mortgage Investment Corporations, which pool capital from private individual investors to finance syndicated mortgages. Because private lenders typically will not and do not take public deposits, they  are independent of any control by the federal or provincial governments.

Private mortgages, in most cases are often shorter in duration and carry higher interest rates and costs than conventional mortgages. They are intended to be a short term solution before returning to conventional mortgage lenders.

WE WILL FIND YOU THE LOWEST RATE!
… AND WE PUT IT IN WRITING!

WHAT OUR CUSTOMERS SAY

Google Reviews
Harriet MorenoHarriet Moreno
01:04 10 Jun 24
From start to finish, this was the best experience we had with a private mortgage refinance. We are now with a bank and could not be happier. I recommend you to everyone.
Colin MillerColin Miller
16:24 09 Jun 24
Very happy with the professionalism and service provided. In my opinion, this is the best mortgage refinance outfit I have found.
Ian BrownIan Brown
15:57 09 Jun 24
Best mortgage broker I have spoken with. I needed assistance with a complicated mortgage refinance and he got it done. Keep on Keeping on Victor.
Rhonda CrawfordRhonda Crawford
05:43 09 Jun 24
Victor is perhaps the easier mortgage broker I have worked with. I always got a call back in an hour, or an email response. He is a one stop shop for everything mortgage. Call him if you need mortgages assistance.
Gyles GilmourGyles Gilmour
04:01 09 Jun 24
Victor, thank you for everything. You got us the best terms on our private mortgage and we called around. Cheers.
FR SiyamFR Siyam
03:15 26 Mar 24
Thank you for not making us suffer through the paperwork lol, Working with Victor & Michael was a pleasure
Diego PeraltaDiego Peralta
03:05 26 Mar 24
A big thanks to Michael for his knowledge and commitment. Completely five stars!
SoyFurJuanSoyFurJuan
02:50 26 Mar 24
Victor's commitment to locating the greatest mortgage choice was clear. I heartily endorse Bestrefinance.ca for their first-rate assistance.
Dogan ÖztürkDogan Öztürk
02:02 26 Mar 24
Michael and his colleagues are great professionals. They went above and above by taking the time to comprehend my demands. Strongly recommended!
Endys TelemensagemEndys Telemensagem
01:51 26 Mar 24
Victor, we got the other private lender paid and things are well.Thanks again.
I will recommend for sure.This Mississauga-based mortgage brokers was professional, responsive, and truly cared about finding the best solution for me.
ehtasham meharehtasham mehar
00:34 26 Mar 24
Bravo to Victor for taking a customized strategy. The first place to go for anyone looking for a mortgage in Mississauga is Bestrefinance.ca.
Dominik Antonio SajkoDominik Antonio Sajko
13:56 23 Mar 24
Totally delighted with Bestrefinance.ca's service! The procedure was easy and stress-free thanks to Victor.I heartily suggest these Mississauga mortgage brokers!
marcus benedictomarcus benedicto
13:45 23 Mar 24
Victor treated me like a valued client because of his individualized approach. My first choice for mortgage solutions in Mississauga is Bestrefinance.ca.I appreciate your wonderful service.
Daniel BelockinDaniel Belockin
13:40 23 Mar 24
Very impressed. The service was very personable and worked around my schedule.Grear broker
Outstanding assistance from Bestrefinance.ca! Michael made the entire procedure simple and uncomplicated.I'm overjoyed with the result!
ABEL JEREMY BRAVO MEZAABEL JEREMY BRAVO MEZA
03:25 22 Mar 24
Michael's proficiency and meticulousness far beyond all anticipations.The greatest option for mortgage solutions in Mississauga is Bestrefinance.ca!
Suraj KumarSuraj Kumar
03:07 22 Mar 24
Excellent assistance provided by Bestrefinance.ca. In order to get me the best mortgage rate, Victor went above and beyond.I am pleased with how everything turned out!
nl aynl ay
03:01 22 Mar 24
very helpful. We did not understand our options and now we have our payments manageable on our mortgage. Thanks
francky mouckoumbifrancky mouckoumbi
02:45 22 Mar 24
Many thanks to Michael for his wonderful assistance. The mortgage refinance process was made simple by Bestrefinance.ca. Strongly Recommended!
Franz AvelinoFranz Avelino
01:39 22 Mar 24
5 stars! Their mortgage brokers went above and beyond to secure me a fantastic rate on our private mortgage. Thanks
Mario ViniciosMario Vinicios
00:20 21 Mar 24
Totally delighted with Bestrefinance.ca's service! The procedure was easy and stress-free thanks to Victor.I heartily suggest these Mississauga mortgage brokers!
ScottScott
00:09 21 Mar 24
Victor's knowledge and attentive manner really made a difference. The greatest option for mortgage solutions in Mississauga is bestrefinance.ca.Strongly advised!
Maribel PulgarMaribel Pulgar
23:45 20 Mar 24
Excellent and seamless assistance from Bestrefinance.ca. The mortgage procedure was a breeze thanks to Michael and the team. Extremely happy with their level of professionalism!
Dayli habit csDayli habit cs
23:32 20 Mar 24
I heartily endorse Bestrefinance.ca for their exceptional assistance. Victor's commitment and knowledge made the mortgage application process easy.I appreciate your help.
I can't thank Michael one of the mortgage brokers at Bestrefinance.ca enough for his exceptional service.
Ram PratapRam Pratap
19:47 25 Nov 23
Very happy with the home equity loan they arranged for our condo. If you need a broker, this is the one.
Sean DasilvaSean Dasilva
19:25 25 Nov 23
Thank you. Victor. You got me a great rate on our mortgage refinance. Beth wants to know when you are coming over for dinner.
Absolutely the best broker I have dealt with in the GTA. I needed a second mortgage to bridge the refinance of my home and they got it done. I'm going to use your service again.
James ArmanoJames Armano
22:11 24 Nov 23
One of the best mortgage brokers hands down! We needed financing and they arranged for it in 2 days! Highly recommend.
Mississauga LenderMississauga Lender
19:08 24 Nov 23
Best mississauga mortgage broker we have worked with.
Vivian VoxxVivian Voxx
20:20 23 Nov 23
Victor is the best mortgage broker I've come across. He was very open with me, like a friend. He has saved me thousands of dollars in mortgage interest.
Ronald ButlerRonald Butler
01:43 08 Nov 23
Very knowledgeable assistance for our farm refinance. We needed an equipment loan, but they did better and got the home and acreage assessed and got us the money we needed. Highly recommend.
Investing 4 AllInvesting 4 All
17:20 12 Aug 23
Awesome service. This mortgage broker mississauga does what he says he will do. Top guy in my books.
Juana PamelaJuana Pamela
09:41 28 Apr 23
I was getting nowhere with my bank and needed to get things in order to sell my home. Bestrefinance arranged a renovation loan for me that was approved in one day! Best broker I have come across, very transparent.
Milena SouzaMilena Souza
13:48 26 Apr 23
Having dealt with other mortgage brokers, I was happy to work with Victor. He is like speaking to an old friend. Open and not pushy. Great people to work with.
I work odd hours, shift work and they were able to get me approved and funded for my mortgage without me having to step into an office. Awesome mortgage broker!
Gavin RoyGavin Roy
03:49 29 Mar 23
Great mortgage broker to work with. If you are in Mississauga or GTA, give them a call. Speak with Victor.
Adalyn JohnsonAdalyn Johnson
18:13 01 Dec 22
Thank you once again. The bridge mortgage was timely and helped us purchase our new home. Pleased to have spoken with you over the month. I will not hesitate to call you in the future for any mortgage assistance.
Albert DawsonAlbert Dawson
17:08 21 Nov 22
From my first call with you I felt assured we were on the same page regarding my mortgage renewal. Great mortgage broker you are. Much success going forward.
Miguel AlveMiguel Alve
01:29 19 Nov 22
Thank you again for speaking with me about private mortgage refinancing and lenders we may be able to work with in Mississauga. The banks here have no ability to compete with your services. Thanks for the explanation and call.
Michelle GomezMichelle Gomez
06:45 15 Nov 22
I arranged to call them on a Monday and they had us approved within 48 hours. I have yet to hear back from my banker, go figure. I would recommend this mortgage broker in Mississauga.
Francisco RoseFrancisco Rose
13:33 12 Nov 22
Better mortgage rate than I anticipated, I know the rates are going through the roof. I would recommend you as a mortgage broker near me in Mississauga, it was a fairly pain-free process getting everything together.
Louis RobertsonLouis Robertson
19:25 06 Nov 22
100% recommend to friends and anyone looking for mortgage refinancing in Mississauga. You made it very easy to deal with our mortgage renewal.
David BowieDavid Bowie
01:45 05 Nov 22
Thank you for your assistance. We did not want to renew our second mortgage with a private lender and your assistance was very helpful again. I recommend you for sure.
Vincent GordonVincent Gordon
07:58 16 Oct 22
I would work with this broker again. He has a very good understanding of home equity loans that did not require us to break our mortgage and refinance. We saved thousands for sure.
Juan WheelerJuan Wheeler
06:35 16 Oct 22
Bestrefinance mortgage brokers are the best in Mississauga! We were able to consolidate our debt into one payment. Very satisfied with their work.“The mortgage brokers at bestrefinance are the best in Mississauga, they helped us with our mortgage refinancing and gave us a better rate than the bank. High recommendation!
Eric GordonEric Gordon
04:58 16 Oct 22
Top mortgage broker in Mississauga! The reviews are a testament to this. Great job guys.“When calling around, I found that this mortgage broker was the most open to answering questions. We are in Mississauga and give him top marks”
Mirosław WiśniewskiMirosław Wiśniewski
04:20 16 Oct 22
This company is the best online mortgage broker we have found. Easy to deal with and good communication through email also. Thanks
Miguel TaylorMiguel Taylor
04:11 16 Oct 22
A better mortgage broker in Mississauga, you can call and find out more as they are very professional. Good job.
Willam JohnWillam John
04:06 16 Oct 22
I just put down $50k on my mortgage and needed funds for a bathroom renovation. My branch said no – what a joke! I called this mortgage broker and they got us a home equity loan the same day.
Joseph AlexJoseph Alex
04:04 16 Oct 22
Very happy we found this mortgage broker in Mississauga; they have been helpful from the start and took a lot of stress off our shoulders from what we encountered with the bank m. I do recommend wholeheartedly.
Bill GuestBill Guest
17:28 05 Oct 22
Bestrefinance mortgage brokers are the best in Mississauga! We were able to consolidate our debt into one payment. Very satisfied with their work.
Norman BondNorman Bond
04:35 30 Aug 22
I was referred to your mortgage broker by a friend and am very happy with the mortgage advice on my refinance. Looking forward to working with you again in the future. Best wishes to you.
Frank MeyersFrank Meyers
09:43 27 Aug 22
You were available at all times and returned my calls within an hour, I appreciate very much. I was very concerned about paying off our heloc, but you gave best advice. You are top mortgage broker in Mississauga for sure. We will call you again in the near future.
Joseph DelpJoseph Delp
11:13 26 Aug 22
We needed second mortgage financing and the appraiser had undervalued our property significantly. We spoke with Victor who arranged to speak with them and straighten out the misunderstanding. This was the breaking point between being in a private mortgage and dealing with all sorts of lenders, or dealing with a bank. Very much appreciate your help in this matter.
Marine RobbinsMarine Robbins
16:58 25 Aug 22
My partner and I needed to pay out a private mortgage and needed some alternate options. Best refinance got us a better mortgage rate and product. We are located in Oakville, Ontario,
Tony FloodTony Flood
13:39 25 Aug 22
I did extensive research for my mother’s property, where she needed a private mortgage lender. Best refinance was by far the top mortgage broker in Mississauga that assisted me in getting the best mortgage rate. Will recommend.
HUZAIFAHUZAIFA
02:29 20 Aug 22
Awesome mortgage broker for all in Mississauga! The second mortgage specialists we relied on to sell our house after renovations. Thank you, Victor.
Alex WilkinsAlex Wilkins
06:18 19 Aug 22
I was dealing with a mortgage broker in Toronto who had no clue about where I lived. Victor the broker knew my street well and the community I am a part of in Mississauga. It was very heart warming to speak with them, they are just wonderful to talk with also.
James RaynJames Rayn
15:19 18 Aug 22
I will vote for this mortgage broker as the best online. They got us out of our second mortgage and referred us into a credit union. THEY ARE THE BEST!
Robert StewardRobert Steward
06:11 18 Aug 22
No nonsense brokers. We got our second refinancing for our mortgage in under a week without having to provide a dossier expected from the bank. Do yourself a favour and let these guys worry about getting the mortgage funding. Great job overall.
A Google User
A Google User
01:55 18 Aug 22
Bravo to Victor for taking a customized strategy. The first place to go for anyone looking for a mortgage in Mississauga is Bestrefinance.ca. Outstanding assistance!
Rose WangRose Wang
12:10 10 Aug 22
I went to Victor about my mortgage renewal with my bank and asked him to do better. He effectively coached me on what to say to my bank about cutting my renewal rate by over half a percentage point. I will give 5 stars but a 100 more for integrity. Thanks again.
Richard LillyRichard Lilly
11:23 09 Aug 22
Thanks, will refer your brokerage to my family in Toronto. Our experience with your office was positive and professional. I am in Mississauga and will call you again if I need mortgage assistance.
Howard DelgadilloHoward Delgadillo
06:54 09 Aug 22
Having called the bank for the 10th time and not getting anywhere, I googled second mortgage in Mississauga and came across Bestrefinance. They did a great job. Call them for yourself if you need mortgage assistance.
Lou JohnsonLou Johnson
06:10 08 Aug 22
We needed renovation mortgage and they arranged a second mortgage within days to get our project done. It was seamless and we didn’t have to provide a million documents. The house is now looking great- thanks expert mortgage broker.
Eulah DonnellyEulah Donnelly
22:01 05 Aug 22
This mortgage broker was recommended to me when I was given no answers by my blue bank, much better interaction and professional where mortgage refinancing is concerned. More options than one single bank. I recommend them and live near square one, Mississauga.
Jonathan DinwiddieJonathan Dinwiddie
19:41 05 Aug 22
We were searching online for a mortgage broker in Mississauga and found Victor at Bestrefinance. We have had the best experience with him regarding our mortgage refinance and recommend him to anyone seeking mortgage related advice.
Eleanor BirchEleanor Birch
08:29 26 Jul 22
Very happy with mortgage broker who gave us better rate. I give five stars for this help.
Alfie BrowneAlfie Browne
09:09 25 Jul 22
Thank you for your mortgage assistance. You are a great mortgage broker in Mississauga city. I will call you again.
Kerry MorfordKerry Morford
16:18 23 Jul 22
Strong 5 stars guys! You did what you said you would and my mothers property is now sold due to your second mortgage funding! The renos went smoothly and the lawyer you recommended was awesome, very pleased.
Dildy LesleyDildy Lesley
16:08 23 Jul 22
One of the better mortgage brokers I have found in Mississauga. I was not getting anywhere with my bank and called Victor. Great insights and professional. Cheers from Clarkson/
Peterson JuliusPeterson Julius
18:22 21 Jul 22
Victor was great to deal with. His mannerism and understanding of mortgages is very sound. We are in Lorne Park, Mississauga and recommend him wholeheartedly.
Wyatt GoudyWyatt Goudy
13:48 18 Jul 22
After searching on google for a mortgage broker in Mississauga, we came across this business that has been wonderful to deal with. I would recommend anyone seeking mortgage financing to contact them.
karry martinkarry martin
04:20 01 May 22
The mortgage approval was quick,but more importantly they gave me options and a crash course on what to expect.I called and emailed and always got a hold of someone to speak with. I was nervous about private mortgage lenders in general as I have never heard of the names or what they did. I am confident we are in a better place than last year.Will deal with these brokers again.
Joshua BassettJoshua Bassett
11:56 27 Apr 22
These brokers have the best rates by far.We needed a private lender for renovations.We were funded very fast.We are in Mississauga, Clarkson.
William FordWilliam Ford
22:02 26 Apr 22
I first spoke with Victor and then Michael about my condo refinance near square one, Mississauga.They did a great job on getting me a good rate at the bank.Good service indeed.
Megan CumminsMegan Cummins
16:01 18 Apr 22
Excellent service - make sure to deal with Victor. Very personable and honest.
Stella StStella St
06:34 18 Apr 22
They are very knowledgeable and honest,based on my many conversations with the mortgage broker at this company.I asked many questions and got the same answer which was a green light for me.Our home equity loan was processed in a professional manner.Being an academic, I appreciated the intelligent banter with the staff at this company.
Louis VuittonLouis Vuitton
06:44 16 Apr 22
Our family needed to move from our current home in Mississauga and these mortgage brokers dida great job on getting us money for our renovations. Do recommend.
Devid muralyDevid muraly
05:40 25 Mar 22
Superior service! Victor,l am referring you to all my friends and family. You took care of everything to the point where the lawyer was only a zoom call away.Top mortgage broker services inMississauga hands down.
Harold MurphyHarold Murphy
14:29 22 Mar 22
100% do and will recommend this mortgage broker to everyone. The service is very personal and transparent. Our family is in PortCredit Ontario.
Jordi RamírezJordi Ramírez
01:01 22 Mar 22
Our debt consolidation went very smoothly with this company. I would refer this mortgage broker to all. I am in Toronto, ON.
Walter GuzmanWalter Guzman
02:05 20 Mar 22
We moved to Erin Mills a year ago and needed a Mississauga mortgage broker to assist us with refinance.They made it very easy for us. We do recommend their services. Thank you.
Derriel CostaDerriel Costa
04:56 06 Mar 22
From google search I got your mortgage broker information. We needed 2nd mortgage. We are good. Thank you. We are in the Mississauga, Canada.
Pawlo DybalaPawlo Dybala
09:36 05 Mar 22
Victor and Michael are the best. I am at square one, and they gave me excellent advice on my condo refinance. Call them first or last, but do call.
Wanda CadyWanda Cady
05:02 02 Mar 22
We are very happy with our interaction with Bestrefinance mortgage in Mississauga. We do recommend.
John WeberJohn Weber
17:17 27 Feb 22
The best options where second mortgages are concerned. I called around and this brokers rate was the best I found.
Tina MooreyTina Moorey
13:32 26 Feb 22
I recommend this mortgage broker! We found his transparency to be very refreshing – we are in Streetsville.
Alexis PaquetteAlexis Paquette
17:10 24 Feb 22
Our mortgage refinance went smoothly. Great advice from this broker in Mississauga. We are in Port credit.
Erik ValverdeErik Valverde
12:22 25 Jan 22
Very pleased with your assistance. Our mortgage refinance on our condo in Toronto went smoothly, better than our banks previous attempt. Professional service all the way.
Jackson HewittJackson Hewitt
16:28 24 Jan 22
I deal with a previous mortgage broker at a bank and I never got a straight answer. Victor on the other hand was very transparent. He talked to me like a friend and was always willing to put things in writing – this spoke volumes to me. I do and will recommend him in Mississauga.
Liam DunbarLiam Dunbar
16:23 23 Jan 22
Thank you for your assistance and follow up through the process. Mortgage broker Victor always returned my calls same day and explained the mortgage process in easy-to-understand terms. I must say I am more knowledgeable about mortgages than perhaps my bank ha!
Jackson HewittJackson Hewitt
05:11 21 Jan 22
Very pleased with your assistance. Our mortgage refinance on our condo in Toronto went smoothly, better than our banks previous attempt. Professional service all the way.
trevor burontrevor buron
13:35 05 Jan 22
best advice and solutions when anybody need solution for their debt consolidation and 2nd mortgage needs. Victor resoved our second mortgage needs with very effective and low rate solution. thanks for your help
Violet ChanViolet Chan
01:56 01 Jan 22
When the bank failed to get back to me. I called Bestrefinance mortgage broker and found out why. Thanks for being honest about your second mortgage options. I appreciate your professionalism.
Tom BantonTom Banton
22:18 29 Dec 21
After shopping around. I found your service on google. You are the best option for our mortgage and we are pleased to deal with you. Thank you again to you and your staff.
Felicity PaquetteFelicity Paquette
20:25 24 Dec 21
We live in Mississauga and recommend this mortgage broker. Very detailed and helpful in explaining all options. Excellent customer service for sure.
NoahNoah
13:57 21 Dec 21
I would like to thank victor for helping me with the refinancing of my mortgage. He went above and beyond. he was very helpful and knowledgeable and I appreciate all the hard work
Kelvin DaveyKelvin Davey
14:59 17 Dec 21
I had a great experience with victor! He did not display any pushy sales tactics. After reviewing my renewal situation he actually advised me to keep my mortgage with my current lender as it would be the best outcome. This kind of honesty was greatly appreciated and hard to find!
Kayla HuntKayla Hunt
14:44 27 Nov 21
I found your broker services very helpful and knowledgeable. I spoke with the bank on a number of occasions and they could not answer any of my questions. I am grateful for your honesty and the options provided for refinancing my mortgage.
Isabel OwnerIsabel Owner
08:22 17 Nov 21
Very happy with the results with the home line of credit approval. The rate was better than what we were quoted from other brokers. We are in Port Credit.
Anila powellAnila powell
14:30 16 Nov 21
Great mortgage broker service in Mississauga. We are located near square one and had better luck with them then our own bank.
James WrightJames Wright
09:17 26 Aug 21
We had an urgent request to help refinance our home and help correct some debt we had. He was very quick with responses and offered a deal that was easy and worked out great. Everything happened very quickly and without issues. We would recommend his services!
James MarteJames Marte
11:15 24 Aug 21
I want to thank you for taking the time to review my mortgage and give me the right advice on how to refinance my mortgage. I never knew there were other options of borrowing on our home and we very much needed the line of credit you mentioned. I know you have banking background, but the bank representatives never gave us all our options. You are very honest. God bless.
Denise CassenDenise Cassen
15:04 20 May 21
We called around and spoke with multiple brokers and could not get a reasonable explanation on rates for our mortgage refinance. So last week, we called Vic and had a half hour conference call with him where he laid out our options in detail. I was surprised how simple it was! In fact he even gave us tips on how to re-negotiate our mortgage with our current bank! Wowy! I rate this guy as one of the top mortgage broker outfits in Toronto.
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Advantages of A Private Mortgage

Top Private Mortgage Lenders in Canada

In the event your credit score is lower than 650, you will almost certainly require the assistance of a private lender. Mortgage lenders can examine your credit score to determine your financial health, which can affect whether you are approved for a mortgage. Making on-time payments, maintaining a low credit use rate, carrying a low (or no) balance on credit/debit cards, and maintaining a long credit history all contribute to an increase in your credit score. It is imperative to work with a private mortgage broker who understands your situation in its entirety to make suitable recommendations. The top private mortgage lenders in Canada do exist in the GTA and can be accessed with the help of your broker.

*We can assist* – where CMHC mortgage insurance requires a minimum credit score. Due to the fact that the majority of subprime Lenders deal with insured mortgages, being unable to qualify for a CMHC insured mortgage automatically disqualifies you from many B Lenders. Additionally, lenders may ask that you acquire mortgage insurance even if your down payment exceeds 20%.

The Best Private Mortgage Lenders In Ontario

We have been in the private mortgage lending arena for decades and have had the good fortune of knowing the best private lenders in on Ontario, and what makes them a good choice for our client base. Over the years, we have seen multiple lenders come and go and a few have stood the test of time where great rates and fair terms are applicable. Relax and let us analyze your unique circumstance and find  you the best private mortgage lenders Ontario has to offer.

Who can benefit from private mortgage lenders?

Private mortgage lenders assist traditional lenders in filling the void left in the marketplace where folks are unable to qualify for a conventional mortgage. Individuals with a limited credit history in Canada, such as new citizens, may encounter obstacles when seeking mortgage approval from banks.

Newcomers to Canada
Due to the fact that Equifax and TransUnion collect credit information only in Canada, individuals with non-Canadian credit history may have to start over. Certain lenders may make exceptions. Additionally, newcomers to Canada may have a limited employment history in Canada. For new Canadians without at least 2 consecutive years of employment history, most banks requires a minimum 35% down payment. Additionally, the bank would ask for written confirmation from the mortgage applicant’s primary bank.

Individuals with Self-Employed/Inconsistent Income
Banks frequently require applicants to provide 2 to three years of employment history to demonstrate a stable source of income. Obtaining a self-employed mortgage can be difficult, particularly if your income is inconsistent and fluctuates significantly. This is especially true for those who earn their living through commission and/or tips, which in many cases are not declared.

Individuals with Foreign Earnings Foreign income might make qualifying for a mortgage more difficult, particularly if it is not easily verifiable or recognized. However, there are exceptions. Some bank allow foreign clients to make a down payment of about thirty five percent to qualify for a mortgage, according to a report issued a few years back. Certain smaller banks have voiced in and it was discovered to require verification of foreign income sources for loans with a down payment of less than fifty percent on the mortgage being taken out – ridiculous to say the least.

Banks in comparison to Private Mortgage Lenders

Private mortgage lenders are a viable alternative to common A lenders, like Canada’s chartered banks, and some credit unions. In Canada, banks are regulated by the federal government and are required to conduct a mortgage stress test to determine whether you can afford your mortgage payments if interest rates rise.

While not required, certain provincially regulated institutions, like credit unions, perform a mortgage stress test as well. What happens if you do not qualify under the stress test guidelines? The lender will refuse to lend to you even if you meet all other stipulations, such as credit score. Most Private mortgage lenders will not make use of a mortgage stress test and may be a viable option if you need no hassle financing.

Private Mortgage Lenders Compared to B Rated Banks

Certain Subprime Lenders,  are semi-regulated lenders that are not directly regulated by the federal government but are subject to regulations indirectly as a result of the nature of their business. Private mortgage lenders and B Lenders are not required to conduct a mortgage stress test and are subject to fewer lending restrictions than A Lenders.

Subprime B Lenders, who are typically larger financial institutions, specialize in insured mortgages. This means that the loan-to-value (LTV) ratio would be greater than eight percent, as the down payment would be less than twenty percent. CMHC mortgage insurance has specific eligibility requirements, including a minimum credit score, a maximum purchase price, and a maximum amortization period. There are other options than CMHC mortgage insurance that include private mortgage insurance providers such as Canada Guaranty and Sagen.

The Types of Private Mortgage Lenders in Ontario:

The three most common types of private lenders are as follows:

Individual lenders:  are those who invest their own money in private lending.
Syndicate investors: A syndicate mortgage is one in which a group of investors pool their personal funds to invest in a single mortgage.
Mortgage investment corporation (MIC): When a group of investors pool their personal funds and make them available to invest in multiple mortgages concurrently, provided the borrowers meet specific loan qualification criteria, this is referred to as a Mortgage Investment Corporation.

Consider: What Are The Private Mortgage Lenders Rates?

Interest rates on a private mortgage are determined by a variety of factors, including the loan amount, the property’s value, and its location. Private mortgage interest rates range from 3.99 percent and up for a private first mortgage and from 5.99 percent  and up for a private second mortgage, depending on the lender’s underwriting criteria.

One would think that Individual private investors are typically able to offer better interest rates than a MIC, as a MIC must earn a higher rate of return on their investments while also paying themselves interest. But this not always the case. There are many MICs in the marketplace that are comparable to some B lenders where mortgage interest rates are concerned. Do call us to discuss your personal circumstances in further detail to see if you qualify.

Due to the fact that private lenders typically charge higher interest rates than conventional mortgage lenders, borrowers will seek out private lenders only after being denied by banks and other alternative lenders such as Credit Unions and smaller financial services companies.

Victor Kaushal at Expert Mortgage will ensure that Lenders are vetted for best practices and the fair treatment of our client base with clear terms put in writing in the mortgage funding process. These include:

Expert Mortgage extends a helping hand to homeowners who may be seeking a private mortgage and lenders to address any of the above concerns and other not so common expenditures.

We stand out as one of the very few brokerages that commits to finding you the best rate and terms – and we put it in writing, when no one else will. For a mortgage application – click here

To get more details on Private Mortgage Lenders In Ontario please contact:

Victor Kaushal
Private Lender Ontario – Expert Mortgage
85 E Liberty St
Toronto, ON M6K 3R4
victor@bestrefinance.ca
(289) 203-7282

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    As heard on

    Driving Directions from Toronto Pearson International Airport to Toronto Private Mortgage Lenders – Expert Mortgage : Head northwest toward Britannia Rd E, Turn left onto Britannia Rd E, Turn left onto Convair D, Turn right onto Renforth Dr, Turn left onto the ON-427 ramp and Continue onto ON-427 S, ON-427 S turns slightly right and becomes ON-427 S, Keep left to stay on ON-427 S, Take the Gardiner Expressway exit on the left toward Toronto and Merge onto Gardiner Expy E then Take exit 149 for Lake Shore Blvd/Jameson Av and Keep right and merge onto Lake Shore Blvd WParts of this road may be closed at certain times or day, Turn left onto Strachan AveParts of this road may be closed at certain times or days and Turn left onto E Liberty StDestination will be on the left

    Directions from Casa Loma to Toronto Private Mortgage Lenders – Expert Mortgage :  Head west toward Austin Terrace, Turn right toward Austin Terrace, Turn left onto Austin Terrace, Austin Terrace turns slightly left and becomes Walmer Rd, Continue onto Kendal Ave, Turn right onto Bridgman Ave, Turn left onto Bathurst St, Turn right onto Queen St W, Turn left onto Strachan Ave, Turn right onto E Liberty St

    Directions from Toronto Zoo to Toronto Private Mortgage Lenders – Expert Mortgage : Head south on Zoo Rd, Turn right onto Meadowvale Rd, Take the ramp onto ON-401 W, Keep left to stay on ON-401 W, Take the exit on the left onto Ontario 401 ExpressParts of this road may be closed at certain times or days, Take exit 375 to merge onto Don Valley Pkwy S, Take the Gardiner Expressway West exit, Continue onto Gardiner Expy W, Keep left to stay on Gardiner Expy W, Take exit 153 for Lake Shore Blvd, Merge onto Lake Shore Blvd W, Slight right toward Strachan Ave, Turn right onto Strachan Ave, Turn left onto E Liberty St.

    Directions from Distillery District to Toronto Private Mortgage Lenders – Expert Mortgage : Head north toward Mill St, Turn left onto Mill St, Turn left onto Parliament St, Turn right onto Lake Shore Blvd W, Continue straight to stay on Lake Shore Blvd W, Turn right to merge onto Gardiner Expy W, Take exit 153 for Lake Shore Blvd, Merge onto Lake Shore Blvd W, Slight right toward Strachan Ave, Turn right onto Strachan Ave, Turn left onto E Liberty St