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Mortgage videos: private mortgage costs, exits and stuck renewals
Short, unscripted answers recorded by a licensed Ontario mortgage agent. Every clip has English captions and a word-for-word transcript, so you can read it instead of watching.
Captions available on every video — turn them on with the CC button in the player.
3 questions to ask before you sign a private mortgage (it isn't the rate)
Total cost of borrowing, your 12-month exit plan, and what happens if you can't repay — the three things that decide whether a private mortgage in Ontario is safe for you.
- Ask for the total cost of borrowing, not the rate: legal, lender, broker and appraisal fees paid up front.
- Know exactly how the loan gets repaid at the end of the 12- or 24-month term before you sign.
- Confirm in writing whether the lender will renew, what renewal costs, and whether those costs are paid up front or added to the mortgage.
Why private mortgage renewals are getting stuck in Ontario right now
When values fall, refinancing and selling both stop working — which is why some 2021-2022 private mortgages keep renewing, and why lenders end up in litigation instead of power of sale.
- Falling values close both exits at once: you can't refinance without equity and you can't clear the loan on a sale.
- Lenders often keep renewing instead of forcing a power of sale, because the sale wouldn't recover the balance either.
- Loans written in 2021-2022 are the most exposed — plan the exit long before the maturity date.
Keep reading
Rates, fees and the full breakdown behind these answers.
Educational information only — subject to approval
This website provides general educational information only and does not constitute financial, mortgage, legal, or tax advice. All rates, products, scenarios, and calculator results are illustrative and subject to lender approval, credit qualification, property valuation, and current market conditions. Mortgages are arranged by Saminder Juneja, Mortgage Broker — Mortgage Centre Canada / Get A Better Mortgage Inc. (FSRA #10874). Nothing on this site constitutes an offer to lend.