As high inflation, rising interest rates and a slowing economy weighs on consumers looking to jump into the real estate market, more Ontario residents are likely to enter private mortgages instead of a traditional loan, according to the Financial…
In a poll released Monday, the FSRA said 10.6 per cent of mortgages brokered in 2021 were private . The organization said it thinks the number increased in 2022 and the trend will continue in 2023.
“It's critical that homeowners who enter into private mortgages fully appreciate how their loan works, the pros and cons of the arrangement, and the true cost of a private mortgage."While there’s a growing number of Ontarians opting for private mortgages, the poll found there’s a significant knowledge gap among homeowners when it comes to private versus traditional loans.
It found the top reasons why respondents are using a private lender are more flexible terms , an easier application process and the idea that they’re better for Canadians who don’t have a steady income stream .
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