Navigating the housing market in Ontario can be quite a challenge, even for the most seasoned residents. This makes it even more important for you, as a newcomer to the province, to understand what goes into funding your home. More and more prospective home buyers are turning to private mortgages because of the economic times we are in.
To get the right home mortgage as a newcomer, understand the difference between traditional mortgages and private mortgages.
Private mortgages are used by those who cannot qualify for traditional ones from banks and/or credit unions. In comparison, private mortgages normally have different terms and conditions, higher interest rates, shorter terms, and different lender fees. They are a temporary solution and require you to develop an exit strategy and a clear plan on how to return to the traditional mortgage market at a later date.
Watch the video for insights and advice from Stuart Wilkinson, Chief Consumer Officer at the Financial Services Regulatory Authority (FSRA) of Ontario. To know more, visit www.fsrao.ca.
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