Private Mortgage Lending Toronto

At Approved Mortgage Broker, we get clients with different risk profiles. While banks had mortgage interest rates at between 3.3% and 5.4% and private mortgage lenders had interest rates between 7.3% and 11% in 2018.
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Private Mortgage Lending Toronto

According to statistics from the 2019 Q1 Teranet Market Insights Report, in 2018, the big 5 banks in Canada lost 2.7% of mortgages market share in Ontario. There are several reasons why big banks and other major institutional lenders like Scotiabank, First National, MCAP/RMG, TD Canada Trust and Merix Financial are losing market share to private lenders.
  • The federal government initiated several strict lending rules to govern government-backed insured mortgages. Key among these are an increase in the minimum down payment from 0% to 5% and the reduction of the maximum amortization period.
  • For houses worth over $500,000, the restrictions are even greater. Not only do you have to put up a 5% down payment on the first half a million, but you also need to put down 10% or more on the amount exceeding $500,000. Homes worth over 1 million dollars require a 20% down payment.
  • In 2014, CMHC (Canada Mortgage and Housing Corporation) discontinued mortgage self-employed individuals who do not have third-party income validation. In Canada, 15% of the workforce is self-employed, meaning this CMHC policy impacted a large number of potential home buyers.
Mortgage Offers
pick the one thats right for you.
  • get
    $ 2,000
    on purchase over
    $500, 000
  • Receive
    $ 1,400
    when you transfer
    your mortgage of over $500,000
  • complimentary
    12 months
    Home service plan
    fint out more


When you have a poor credit score, you are self-employed, you carry more than 1 property, or you need short-term cash for debt consolidation, emergencies, or other reason, most banks will reject your application. We have a working relationship with many private mortgage lenders whom we will approach on your behalf for a mortgage. You also need a private lender if you are a foreign investor or a non-resident of Canada looking to own property. You could always visit different lenders to look for a good deal, but there are hundreds of private lenders and getting the lender with the right package for you is not easy. Hiring the Approved Mortgage Broker team is convenient and it increases your chances of getting exactly what you need. Given that private mortgage lenders are not as established as big lenders, there is always a risk of getting an unscrupulous lender. We know all credible and reliable private mortgage lenders in Toronto so that you don’t have to worry about such things as hidden charges or even worse.


Featured Rates
Fixed
  • Lender
  • Rate
  • Term
  • Toronto-Dominion
    2.74%
    5 years
  • Scotiabank
    2.64%
    2 years
  • CMLS
    2.84%
    3 years
  • RFA
    2.84%
    5 years
  • First National Bank
    2.84%
    5 years
  • DUCA
    3.64%
    1 year
  • B2B
    2.94%
    2 years
  • Meridian
    2.89%
    5 years
  • RMG Mortgage
    2.89%
    5 years
Variable
  • Lender
  • Rate
  • Manulife Bank
    2.45%
    5 years
  • Home Trust
    4.49%
    5 years
  • Mcap
    2.45%
    5 years
Other
  • Type
  • Rate
  • Secured line of credit
    2.95%
  • Private mortgages
    5.99%
Questions?
We Are Here to Help

If you would like to learn more about private mortgage lending in Ontario, contact the Approved Mortgage Broker team. We will help you get a mortgage with the best possible rates. From fixed-rate private mortgages to variable-rate mortgages, we will find the mortgage that best suits your particular needs.

Purchase or Refinance
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What our CLients Say
Approved Mortgage Brokers
  • Avatar Hirad Asnafi ★★★★★
    I'm writing this review based on my personal experience with Approved Mortgage Brokers North York, and specifically Masoud. He responded quickly to my inquiry and was very helpful during the process. He provides great advice and maintains a high level of professionalism. Thank you Masoud for all your hard work.
    I highly recommend this business for your mortgage needs. Give Masoud a call. You won't be disappointed.
  • Avatar Amir Abbasfar ★★★★★
    Approved mortgage helped me through both a new purchase and refinance process, finding me great rates in both situations. Really great team of guys.
  • Avatar bardia ` shojaei ★★★★★
    Thank you so much for helping us get our home refinanced. You were professional, friendly and very helpful. I will recommend to all my friends
  • Avatar Gregory Chen ★★★★★
    Masoud gave me great advice and fair rates to process my mortgage. His assistant, was quick getting back to me and explained any questions about documents. Would highly recommend these guys..
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