Best Private Mortgage Lenders in Ontario


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However, just like the rest of Canada (and most of the world), Ontario’s banks and traditional financing institutions have strict requirements when it comes to lenders and giving out mortgages. If you have a dent in your credit score, don’t make a stable income or don’t otherwise fit the cookie cutter idea of a decent lender according to the bank, you might have a tough time securing a loan.

There are also restrictions on the type of mortgage that you can get. For example, down payments are a minimum of 5% and there are also upper maximums to the amount you can loan. You are also “stress-tested” on a standard interest rate that is much higher than your actual one.

How is private mortgage lending regulated in Ontario?

All mortgage lenders in Ontario are regulated and have to be approved by the FSCO. It’s short for the Financial Services Commission of Ontario. It was established in 1997 under the Financial Services Commission of Ontario act and is directly accountable to the minister of finance.
Their legislative mandate is to protect consumers as well as the reputation of the industry that they are involved in. This includes insurance, credit unions, invoicers for auto insurance claims, pensions, and of interest to us, the mortgage brokeraging sector.
Just because private mortgage lenders aren’t as closely regulated and standardized as banks and other traditional financial institutions, doesn’t mean they can do whatever they want. It’s both for the good of consumers and the industry as a whole that they are regulated to at least some extent.
Mortgage brokerages, agents, and administrators also need to be licensed and registered by the FSCO. So, a good place to start when searching for any private mortgage firm or broker in Ontario is to establish whether they are compliant.

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Best private mortgage brokers and lenders in Ontario

This guide wouldn’t be complete without us giving you some concrete next steps. To help you get started, here are two great services you can contact to see what they have to offer you.

Mortgage Central Canada

This is actually a nationwide private mortgage lender, but hey, who are we to discriminate? If you own a home and want to get a mortgage on it, you can have it approved in under 24 hours which is impressive even by private mortgage lender’s standards.

Mortgage Captain

Mortgage captain provides a service similar to a broker where they will assess your information and help pair you with a private mortgage broker and plan that’s perfect for you. Brokers are a good idea because they can open your eyes to good opportunities and save you a lot of time.

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Henry Wright

Was looking for a mortgage broker in Toronto. Heard about Leon and his team from a co worker and decided to give them a call. after some time on the phone talking about mortgages and what would work best for me I was VERY impressed. They were polite and most importantly they knew what they were talking about. We then scheduled an appointment and I got my mortgage with a great rate. Definitely recommend.

Gina Carroll

Got tired of sow service and mediocre rates from my bank, so I started looking for a mortgage broker. Had some family friends recommended Leon and his team, so decided to check them out. Was very impressed with Leon, he guided me through step by step, recommended a mortgage and I ended up switching to him. My rate is better and he always answers call and emails right away.

Wilton Marble

A little while back my wife and I finally decided to stop renting and get a place of our own. After some searching we found a condo we both liked and that was in our price range. The next step was a mortgage, but honestly, neither of us knew too much of what we were getting into. We found Leon and his team after a quick search on google and have had a wonderful experience. Leon and his team of mortgage brokers are VERY knowledgable, polite, work fast and just all around very professional. They answered all our questions and we got a great rate.

Afton Jaskolski

Getting a private mortgage was not easy to be honest, but at least with Mr. Leon it was doable. Thank you for your help!

Wendy Langdon

Going through with this company was my best decision. These Burlington mortgage brokers are real professionals. They helped me to save thousands of dollars, I'm not sure I'd find such a good offer myself.

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