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Clancy’s Mortgage Solutions
  • Types of Mortgages
    • New to Canada Mortgage
    • Self-Employed Mortgages
    • Purchase Plus Mortgage
    • Refinance Mortgage
    • Construction Mortgages
    • Private Mortgage Financing
    • Commercial Mortgages
    • Reverse Mortgages
    • Mortgages over $1,000,000.00
  • Services
    • Why use a Mortgage Broker?
    • Residential Mortgages
    • Commercial Mortgages
    • Construction Mortgages
    • Life Insurance
    • For Realtors
  • Apply Now
  • Resources
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    • Tools
    • Toronto Mortgage Glossary
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Mortgage Agent > Resources > 2018 > May
By: Robert Clancy

Private and Second Mortgages

What is Private Mortgage Financing?

Private Mortgage Financing can occur when the borrower has to obtain financing outside of the traditional lending sources, i.e. Banks, credit unions, trust companies. The private lenders can be individuals who are searching for a better return on their money or, companies specifically, designed for these purposes.   Private financing is not shady as the bad criticism it may receive. It represents a large portion of the mortgage financing industry here in Canada and provides another option for Canadian borrowers.
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Today’s Interest Rates

In todays Mortgage Financing Market mortgage rates are changing constantly. Today mortgages rates are based on so many different variables, it is impossible for an adviser to give a true rate quote without actually reviewing the borrower’s application first.

Click Here to read more.

BANK RATESTERMOUR RATES
3.891-YEAR1.99
3.892-YEAR1.69
3.393-YEAR1.69
3.894-YEAR1.74
5.345-YEAR1.99
6.007-YEAR3.95
6.1010-YEAR3.95
5.34Variable (3yr-closed)3.2
5.34Variable (5yr-closed)1.8
5.34Variable(Open)2.95
WHY USE A MORTGAGE BROKER?
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