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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CURRENT RATES
| Term | Our Rate | Bank Rate |
| 2 YEAR | 4.19% | 7.35% |
| 3 YEAR | 3.79% | 7.14% |
| 4 YEAR | 4.49% | 6.99% |
| 5 YEAR | 3.89%* | 6.79% |
| 5 YEAR variable | 4.05%* | 5.20% |
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