As economic conditions make it harder to qualify for a mortgage, Canadians are increasingly looking to alternative lenders, particularly amid interest rates. CTVNews.ca looks at why Canadians are seeking private lenders and the potential benefits and risks attached to them.
CTVNews.ca looks at why Canadians are seeking private lenders and the potential benefits and risks attached to them.Those who aren't able to qualify for a traditional mortgage, such as through a bank or credit union, may look at aPrivate mortgages are considered to be a short-term solution, ranging for as long as a year or two, the Financial Services Regulatory Authority of Ontario says.
"They are smaller lenders, but many are still national," Grant Powell, a mortgage expert from British Columbia,These lenders tend to have lower standards to qualify for a mortgage, which could be attractive for those with inconsistent credit, debt or employment, Powell said. "However, there are risks that homeowners need to be aware of when taking out a mortgage with alternative lenders. There are significant differences between taking a mortgage from a traditional lender and taking one from an alternative lender, and these differences can cost consumers more than they might think.
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