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:
- Individuals
When the time comes to sell your home, there are a variety of basic improvements that can help your property sell for more money. DIY projects that improve the appearance and value of the property can help make your home more desirable to buyers. These projects can easily be completed by a homeowner without help from a contractor, and most can be completed over the course of a weekend.