The Bank Said No — Is a Private Mortgage a Bad Idea? | The Mortgage Den скачать в хорошем качестве

The Bank Said No — Is a Private Mortgage a Bad Idea? | The Mortgage Den

The Bank Said No — Is a Private Mortgage a Bad Idea? | The Mortgage Den The bank said no — now what? If you’ve been declined by a bank or traditional lender, a private mortgage might be the option you’re hearing about next. But is private lending a smart solution… or a costly mistake? In this episode of The Mortgage Den, host Nick Da Silva, Principal Broker at Northwood Mortgage, breaks down private mortgages in Canada in clear, practical terms. Joined by Lisa in Mortgages for Lisa, Nick explains who private lenders are, how private mortgages work, and when they make sense — and when they don’t. Nick covers private mortgage rates, fees, risks, and exit strategies, and explains why private lending should be viewed as a temporary solution, not a long-term mortgage strategy. In this episode, you’ll learn: What a private mortgage is and how private lenders operate in Canada Why banks decline borrowers — and what happens next How private mortgage interest rates and lender fees are set The pros and cons of private lending Which properties qualify for private mortgages Why demand for private lending is rising in Canada What borrowers must understand before signing a private lending agreement How to plan a proper exit strategy back to a bank or traditional lender If you’re considering a private mortgage — or simply want to understand your options after a bank rejection — this episode will help you make a more informed, confident decision. CHAPTERS: 00:00 – What Is a Private Mortgage in Canada? 00:24 – Who Uses Private Lenders (You Might Be Surprised) 01:36 – Why Banks Reject Borrowers 02:37 – How Private Mortgages Actually Work 03:07 – How Private Mortgage Rates & Fees Are Set 03:45 – Are Private Mortgages Short-Term or Long-Term? 04:24 – What Types of Properties Qualify? 04:48 – Pros of Private Lending (Speed & Flexibility) 05:17 – The Real Downsides & Hidden Costs 05:53 – Can Private Lending Help You Fix Bank Rejection? 06:26 – Why Demand for Private Mortgages Is Rising 07:57 – Nick’s Advice Before Taking a Private Mortgage 08:24 – What to Watch for in Private Lending Contracts 08:44 – Will More Canadians Need Private Mortgages? 09:55 – Final Thoughts & Key Takeaways #PrivateMortgageCanada #PrivateLendersCanada #MortgageRejected #AlternativeLending #CanadianMortgage #MortgageBrokerCanada #BadCreditMortgage #DebtConsolidationCanada #MortgageAdvice #NorthwoodMortgage #TheMortgageDen #MortgagesForLisa