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Self-Employed Increasingly Turning To Private Lenders For Mortgages

CTV News ~ April 29th, 2019

TORONTO -- The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage.

While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income.

"There's more and more people seeking private loans than ever before and that's a direct result of government making it more and more difficult to qualify," says Dan Caird, a mortgage agent with Dominion Lending Centres.

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Term Our Rate Bank Rate
2 YEAR 2.24% 3.74%
3 YEAR 2.19%* 3.89%
4 YEAR 2.24%* 3.94%
5 YEAR 2.19%* 5.59%
5 YEAR variable 1.95%* %
08 Jul 2020

*Special conditions apply. Interest rates are provided for information purposes only and are subject to change without notice.

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