Whether it’s your first home or you’re looking to invest in a property, we make sure your rate is great. We don’t work on commission. We work to find the best loan for your needs, not ours. For these reasons and more Lower is Canadians’ go-to place for their mortgage.
Lower is Canada’s premium mortgage broker offering mortgages for every type of new home, whether it's to live in or an investment.
We’ll check 40+ lenders and 10,000 products in the market.
Speak with your trusted Lower advisors anytime.
Lower advisors will do all the application admin.
Rated 4.9 / 5 on Google, Facebook, Trustpilot, Comparewise and others.
Buying a home for your family is so important. Ammar made us feel comfortable with at ease with this process. He took his time to understand our needs but was very quick with the process.
Comparewise
I bought my first home a few years back and used @lowerdotca. It was a great experience so I called them when I was ready to purchase my second house. Ammar and his team go above and beyond.
Comparewise
We had a great experience with Ammar and his team. He explained us all of our options without us feeling the pressure or rushed. I highly recommend.
Comparewise
I was extremely nervous being a first time home buyer in Toronto. With prices skyrocketing I wasn't sure this was the right move but after speaking to Ammar, he made me feel confident.
Ammar went above and beyond our expectations, answering all of our questions and securing us an even better rate that we'd hoped for! The entire process was very smooth and we will be recommending his mortgage services.
Comparewise
I was working with a broker before and it was a nightmare. Thank goodness I found Ammar. He was always quick to respond to help us. We will definitely be using Ammar when it’s time to renew our home.
I was anxious being a first-time home buyer in the Toronto market. Ammar was referred to me by a friend of the family and he definitely made the process much easier to work through!
Comparewise
We really appreciated Damien’s patience and compassion through this entire process. We are very happy with our rate and how easy he made our experience.
Comparewise
Ammar was amazing to work with from start to finish. Found us such an excellent rate. He went above and beyond for us.
@lowerdotca helped me with my purchase of my third business property. He found us the best rates. I would recommend Shawn if you need to speak to anyone.
My family member recommend @lowerdotca and to speak to Ammar. He doesn't disappoint. I was very satisfied with his service.
Comparewise
My previous mortgage broker retired so I had to find a new one. When I contacted Lower. The whole team is amazing. I was impressed right off the bat. Very professional.
@lowerdotca was recommended to me by a fellow business owner who used their services to refinance their property. I found Ammar to be knowledgeable and efficient in helping us to reduce our rate and liquidate the capital we needed to expand our business.
So glad I found Damien and Lower. The last time I had to renew my mortgage was a headache. Damine is familar with the challenges of applying as a self-employed individual and got our re-financing done without any trouble.
Lower gave us confidence in our purchase. I won’t even hesitate calling because they are just that great! Very easy to understand and work with.
Comparewise
I've worked with Lower many times. I highly recommend them to my clients who are in need. They work hard to get the best rates.
Comparewise
I was referred to Damien because I wanted to purchase the building my business is in when my landlord decided to sell. We went over all of my options and I ended up not only managing to purchase the building but also get extra funds to
Very reliable team. They are straight forward which I liked. They are honest but they also work very hard to find the best rates for you.
I had the pleasure of speaking to Shawn about a few things. Including purchasing property for my business and we got approved very quick. I will be using his services for my business in the future.
I used @lowerdotca to help with the purchase of my second investment property. Damien made the process quick and straightforward, which I appreciated as I have a hectic schedule.
Have a different question? Contact us today.
Private mortgage insurance (PMI) costs vary depending on the size of your down payment, loan amount, and credit score. They also differ from lender to lender. Typically, PMI rates range from 0.3% to 1.5% of the original loan amount per year.
Private mortgage lenders can be a safe and legitimate financing option. But it’s essential to conduct thorough research to ensure the lender has a strong reputation and a history of ethical business practices.
Yes. Refinancing involves replacing your current loan with a new one, typically with more favorable terms. These may include a lower interest rate or a more extended repayment period. Bear in mind that refinancing a private mortgage may come with additional fees. So, it's essential to weigh the costs and benefits before proceeding.
In the complex world of home financing, the private mortgage option has emerged as an alternative to traditional lending options. These unconventional loans can be a lifeline for borrowers facing challenges securing funding through traditional banks and mortgage institutions. But what does this type of mortgage entail?
Private mortgages offer a flexible financing alternative, providing quicker approvals and accommodating unique financial situations. However, they typically come with higher interest rates and fees than conventional mortgages.
To find the best private mortgage lender, consider various factors such as fees and terms. And explore reliable options like Lower, which can provide tailored solutions and help borrowers build credit over time through consistent reporting to credit bureaus.
This blog post will delve into the ins and outs of private mortgages. We’ll explore their advantages and disadvantages, rates and fees, and the types of borrowers who can benefit from them. We’ll also guide you in finding the best private mortgage lender.
A private mortgage is a short-term loan provided by non-traditional lenders such as individuals, Mortgage Investment Corporations (MICs), or private lending groups. These loans are often used for home purchases, refinancing, or short-term financing needs.
Private mortgages cater to borrowers with unique income sources, property types, or credit challenges that may not qualify for traditional bank financing. Compared to institutional lenders, private lenders generally place more emphasis on the value of the property and exit strategy rather than strict income verification.
Following ongoing regulatory tightening in Canada’s mortgage market, including stress testing rules and stricter underwriting standards for traditional lenders, some borrowers have turned to private mortgages as an alternative financing option despite higher costs.
Private mortgage lenders in Canada can include individuals, Mortgage Investment Corporations (MICs), and private lending syndicates. They provide alternative financing options for borrowers who may not qualify for traditional bank mortgages.
It’s important to distinguish between lender types:
Private lending is generally less restrictive than traditional bank lending, but it still operates within provincial lending and mortgage brokerage regulations.
According to the Canada Mortgage and Housing Corporation (CMHC), non-bank lenders accounted for a significant portion of mortgage originations in Canada in recent years, highlighting the growing role of alternative lending channels in the housing market.
Private mortgage lenders offer a variety of loan products, many of which parallel those provided by traditional banks. Some common types include:
First Mortgages: These loans are used to finance the purchase of a property and are secured against the home. In Canada, insured mortgages may allow down payments as low as 5% for eligible properties, while higher-priced homes require larger down payments. Loan terms and amortization periods vary depending on the lender and borrower profile.
Second Mortgages: A second mortgage is an additional loan taken out on a property that already has a primary mortgage. Since it ranks behind the first mortgage in priority, it typically carries higher interest rates due to increased lender risk.
Bad Credit Mortgages: Designed for borrowers with lower credit scores or recent credit challenges, these mortgages focus more on property equity and repayment ability than traditional credit requirements. They often come with higher interest rates.
Refinancing: Replacing an existing mortgage with a new loan, refinancing is typically used to access equity, adjust loan terms, or consolidate debt.
Private lenders may also specialize in specific areas, including:
When evaluating your options, it’s important to account for the full cost of borrowing, not just the interest rate. Private mortgage costs may include:
Private lenders are not bound by standardized national pricing structures, so rates and fees can vary widely between lenders and depend on factors such as loan-to-value ratio, property type, and borrower risk.
Because of this, comparing lenders based solely on interest rates may not reflect the true cost of borrowing. A private mortgage calculator can help determine the potential costs.
Private mortgages can be suitable for a range of borrowers, including:
Working with a mortgage brokerage can simplify the process of finding the best private mortgage lender. An experienced broker can help compare options, negotiate terms, and manage the application process.
Alternatively, direct lenders like Lower offer private mortgage solutions tailored to a range of credit profiles. Lower provides fast approval timelines in certain cases and reports payment activity to credit bureaus, which may help borrowers build credit over time depending on individual circumstances.
Choosing the right private mortgage partner in Canada comes down to comparing transparency, fees, flexibility, and overall borrowing costs.
Private mortgages are a useful financing option for borrowers who may not qualify for traditional lending or who need faster, more flexible approval processes. While they typically come with higher rates and fees, they can provide valuable short-term solutions in the right circumstances.
When selecting a private mortgage lender, it’s important to evaluate all costs, terms, and risks carefully. Working with a reputable and experienced provider like Lower can help simplify the process and provide more tailored financing options.
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