What Are the Current Private Mortgage Lenders Rates in Ontario?
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If you’re exploring private mortgage options in Ontario, understanding the current rates is crucial. Private mortgage lenders offer alternatives to traditional banks, especially for those with unique financial situations. Current Rates Overview As of 2025, private mortgage lenders rates in Ontario typically range: First Mortgages : Approximately 5.29% to 8% . Second Mortgages : Approximately 6.99% to 13.99% . These rates can vary based on several factors, including the loan-to-value (LTV) ratio, creditworthiness, and income. Factors Influencing Rates Several elements can influence the rates offered by private mortgage lenders: Loan-to-Value (LTV) Ratio : Lower LTV ratios often result in better rates. Property Location : Urban properties may secure lower rates than rural ones. Borrower’s Credit Profile : While less critical than with traditional lenders, it still plays a role. Loan Purpose : First mortgages often have lower rates than second mortgages. Term Length : Shorter terms m...