More Canadians Are Now Turning to Private Mortgage Lenders
The Canadian housing market has been at an all time high over the past few years. There were extremely low interest rates as well. While things have settled down a bit, the market is still hot. Mortgage rules at the big banks have become more conservative despite the fact there’s never been a better time to buy a home.
For Canadians that feel it’s time to buy, a private mortgage lender can be what’s necessary to get into your home. For those who have been denied a mortgage, they are now turning to private lenders so they can get into a home. Private mortgage lenders are now accounting for up to 5 percent of the mortgage market.
A private mortgage works for Canadians that don’t qualify for the constrictive rules by big banks. You don’t have to put a lot of money down and you’re under less scrutiny. There have been changes in who can qualify for a mortgage from big banks including: