Canada’s mortgage industry isn’t as black and white as many people are led to believe. This fact is even more apparent in today’s financial landscape, given the fact that both mortgage borrowers and mortgage investors are looking for more alternatives than ever.
So, in a sea of choices in Canada’s modern mortgage industry, mortgage investment corporations (MICs) provide a kind of safe alternative form of mortgage borrowing and investing that you can’t find elsewhere.
For example, on the one hand, the traditional banks and lenders often offer strict terms for borrowing while providing very little choice for potential mortgage investors. That’s why alternative mortgage companies have sprung up in recent years: to meet a demand for more flexible mortgage borrowing as well as greater returns for investors.
MICs: A safe alternative
Therefore, on the other hand, there does exist a range of alternative mortgage lenders that can sometimes serve as a source of confusion for the average Canadian. For example, there’s the case of the cash-for-jewelry dealer who also happens to sell mortgages at the back of his store. This kind of mortgage borrowing and/or investing might not necessarily inspire the most confidence.
However, this is where institutions such as mortgage investment corporations come into play. In fact, here at ASCEND MIC, we qualify as a MIC, which means we are governed by various federal and provincial regulations. We are also a licensed mortgage institution, and abide by all applicable best practices — for both investors and borrowers.
In other words, MICs offer some of what’s best of both worlds in the mortgage industry. We offer some of the safety and regulatory compliance people often associate with the banks and traditional lenders, while being more institutionally grounded than, say, the jeweler who also happens to deal with mortgages in his back office.
For mortgage investors, borrowers and brokers alike
At ASCEND MIC, we’re an experienced and safe mortgage institution, while also providing flexibility to mortgage investors and borrowers looking or needing alternatives.
And it’s not just mortgage investors and borrowers we cater to. In fact, all our lending products are offered strictly through mortgage brokers. According to Gay Andrews, COO of Caplink Financial Corporation, MICs offer mortgage brokers a quick one-stop option for finding the specific mortgage products needed for valued clients.
So, in a world of growing mortgage alternatives, mortgage investment corporations can often be the safe but rewarding option for investors, borrowers and brokers alike.
ASCEND MIC is a mortgage investment corporation (MIC) that specializes in alternative mortgage borrowing and investing in the Greater Toronto Area and beyond. Please contact us to learn more.
