Do you know about private mortgages?
One of the greater-kept secrets in the Canadian lending sector is the private mortgages market. Private mortgages account for billions of dollars in alternative sources of mortgage financing in Canada, yet the hold that traditional banks and lenders have on this sector is so tight that few people know about it. Until now. That’s why you’re here.
A safe alternative
We’re not talking about overly-risky or shady sources of financing here. In fact, back in 1972, the Canadian government passed federal legislation that established the pillar of private mortgage financing in Canada, which is the mortgage investment corporation (MIC).
The reason the government did this, and why MICs are becoming increasingly popular, even today, is because, simply stated, traditional banks and lenders are not meeting the demand that’s out there today for secure and available sources of mortgage financing.
That’s where MICs come in. They use their specific expertise in the mortgages industry to better match mortgage financing with mortgage borrowers in need. MICs such as ASCEND Mortgage Investment Corp. focus on the property to be used as collateral, and not on the personal information of the borrower, in order to secure long-term relationships with clients.
With MICs, the process is open, the terms are fair, and it’s a win-win situation for both mortgage borrower and mortgage lender. It’s just another part of the crucial difference that makes mortgage investment corporations such as ASCEND MIC such an attractive source of alternative but stable mortgage financing.
Visit a mortgage investment corporation today to find out more about getting the private mortgage to suit your specific financing meets.
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