With more and more homebuyers getting mortgages with private lenders, Ontario's Financial Services Regulatory Authority (FSRA) says you should make sure to know
With more and more homebuyers getting mortgages with private lenders, Ontario’s Financial Services Regulatory Authority says you should make sure to know what you’re signing up for.payments go towards both the interest and principal payment, when in reality, many private“FSRA’s polling demonstrates the importance of understanding what you are getting into,” said Huston Loke, FSRA’s Executive Vice-President of Market Conduct.
“When a consumer is being reccomended a private mortgage, they should really ask their brokers why this is suitable for me [and] why other options are not available for me,” said Leung.“A lot of consumers are not appreciating that private mortgages are intended to be very short term so a lot of lenders may not renew a mortgage or they may charge a high fee for renewals.
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