Looking for the Best Private Mortgage Rates in British Columbia?
If your bank has declined your mortgage application or you're self-employed, a private mortgage may be the solution. The good news is that private mortgage rates in British Columbia have become increasingly competitive, especially for homeowners with significant equity.
First Private Mortgages (No Income Verification)
Current rates for qualified borrowers are:
Option 1:
| Loan-to-Value | Interest Rate |
|---|---|
| Up to 50% LTV | 5.25% |
| Up to 60% LTV | 5.49% |
| Up to 65% LTV | 5.75% |
- Lender Fee: 1%
- Renewal Fee: 1%
Option 2:
| Loan-to-Value | Interest Rate |
| Up to 50% LTV | 5.80% |
| Up to 60% LTV | 5.90% |
| Up to 65% LTV | 5.99% |
- Lender Fee: 1%
- Renewal Fee: $300
Although the interest rate is slightly higher, the low renewal fee can make this lender a better long-term choice for borrowers planning to keep their mortgage for several years.
Best Second Mortgage Rates
Option 1:
- Rate: 9.25%
- Up to 75% Loan-to-Value
- Open Mortgage: 1% lender fee
- Closed Mortgage: $750 lender fee
- Renewal Fee: $300
Option 2:
| Loan-to-Value | Interest Rate |
| Up to 50% LTV | 8.95% |
| Up to 65% LTV | 9.95% |
| Up to 75% LTV | 10.95% |
- Lender Fee: 2%
- Renewal Fee: 0.25%
Option 3:
| Loan-to-Value | Interest Rate |
| Up to 50% LTV | 7.99% |
| Up to 60% LTV | 8.39% |
| Up to 65% LTV | 8.79% |
- Lender Fee: 2%
- Renewal Fee: $500
Who Qualifies for the Lowest Rates?
The best private mortgage rates are generally available to borrowers who have:
- Good credit
- Location approved by the lender
Borrowers with bruised credit, recent collections, tax arrears, consumer proposals, or more complex situations can still qualify for private financing, although rates and fees may be slightly higher.
Which Private Mortgage Is Right for You?
The lowest interest rate isn't always the least expensive mortgage. Renewal fees, lender fees, prepayment flexibility, and the length of time you expect to keep the mortgage all play an important role in determining the overall cost.
More inforamtion on private mortggaes here:
https://www.ipotekacanada.com/index.php/private-mortgages
Disclaimer: Rates shown are current as of July 2026 and are subject to change without notice. Final approval depends on the borrower's credit profile, loan-to-value ratio, property, and lender guidelines.
