When a Canadian homeowner has difficulty qualifying for a traditional mortgage loan, a private mortgage may be one of the available options which can get them the funds necessary to purchase a home. According to Teranet, in 2015 approximately 4 to 5 percent of the overall mortgage market was attributed to private mortgage lenders. When new B-20 guidelines are implemented, this percentage may rise considerably. How can prospective buyers benefit from a private mortgage?
What is private mortgage insurance? Understand more about the private mortgage product today.
What Is a Private Mortgage?
A private mortgage is a mortgage product for homes to help borrowers achieve specific goals. This type of mortgage solution can help: