Private mortgages in Alberta
Private mortgage in Alberta when the bank says no
Private lenders look mostly at your home’s equity, so they can say yes when banks say no because of credit, income or timing. They’re usually short, 12-month loans, meant to bridge you to a better option.
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The short answer
A private mortgage is a home loan from a private lender or lending company instead of a bank. It costs more than a bank mortgage, so the plan for the end of the term matters as much as the approval. We always look for a bank option first. The review is free, with no obligation.
- Approval based mainly on your equity
- We check bank options first
- Every cost in writing before you sign
Is it right for you?
A private mortgage is a bridge, not a destination.
A good fit if you…
- were turned down by your bank at renewal or for a refinance
- have credit that isn’t perfect, a consumer proposal, or tax owing to the CRA
- are self-employed and your tax returns don’t show your real income
- need money quickly, for example to stop arrears or pay a large bill
- have solid equity and a realistic plan to move to a bank mortgage later
Not a good fit if…
- a bank or credit union would approve you. Then a private loan just costs you more.
- you have no way to exit. If nothing about your credit or income will change in a year, you may be renewing at private rates again and again.
- the payment is a stretch. The loan is secured on your home.
- you’d be borrowing close to your home’s full value. Less equity leaves less room if prices change.
- you’re being rushed. Take the time to read the written disclosure. We never pressure anyone to sign.
How it works, step by step
1
Free review
Tell us about your home, your mortgage and what you owe. It’s free, with no obligation and no judgment.
2
Quick approval
We compare 50+ banks, credit unions and private lenders. Approval answers typically come back in 12–24 hours, with every cost in writing.
3
Start saving
Your lawyer handles the paperwork and pays off what needs paying from the advance. During the term you rebuild your credit or sort out your income records, and we plan your move to a bank mortgage.
A real example
The bank said no. A private lender said yes, and three payments became one.
Illustrative example
Turned down by the bank · $90,000 of debts
Today: 3 payments
$2,400/mo
2 credit cards · tax owing
After: 1 payment
$1,000/mo
Back in your pocket
$1,400/mo
What changed
- Debts paid off
- $90,000
- Payments each month
- 3 → 1
- Monthly total
- $2,400 → $1,000
- Saved each month
- $1,400
- Saved each year
- $16,800
Interest-only, short term. The payment covers interest only, so the loan itself is still owed when the 12-month term ends. We agree on the plan for that day before you sign: usually renewing, or moving to a bank mortgage once your credit or income allows.
Example only: a $100,000 private second mortgage at 11.99%, interest-only, for a 12-month term. Lender fee $2,000 and brokerage fee $1,500 are deducted from the advance; legal and appraisal are extra. Payment $999.17 a month. Total cost of borrowing $15,490, APR 15.80%. The $100,000 is still owed at the end of the term and is usually renewed or refinanced. Subject to lender approval (O.A.C.).
Banks, alternative lenders and private lenders
We work with all three, so we can tell you honestly which kind of lender fits your situation.
| Banks and credit unions | Alternative lenders | Private lenders | |
|---|---|---|---|
| What they look at most | Credit score, income, debt ratios | Credit and income, with more flexibility | Your home’s equity and your exit plan |
| Cost | Lowest | In between | Highest, built for flexibility |
| Typical term | Up to 5 years, amortized up to 30 years | Varies by lender | Usually 12 months, interest-only |
| Fees | Varies by lender, disclosed in writing | Varies by lender, disclosed in writing | Lender fee plus brokerage fee, disclosed in writing |
How much could you borrow?
Most lenders lend up to 80% of your home’s value, minus what you already owe on it.
What it costs
Your rate depends on your situation, not a sticker price. You’ll see every cost in writing before you sign anything.
Your review
$0
- Free, with no obligation
- We look at your mortgage, your debts and your home’s value
- Approval answers typically in 12–24 hours
Bank refinance
Lowest rates available
- For steady income and good credit
- Borrow up to 80% of your home’s value, minus what you owe
- Paid off over up to 30 years, with terms up to 5 years
Second or private mortgage
Higher rate, built for flexibility
- For consumer proposals, CRA debt or when the banks say no
- Usually a 12-month, interest-only term, then renewed or refinanced
- Lender and brokerage fees apply. We show you the exact amounts upfront.
What sets your rate: how much equity you have, your credit, your income, and your property. Before you commit, we give you your exact rate, every fee, your monthly payment and your total cost of borrowing in writing. All mortgages are subject to lender approval (O.A.C.). Licensing and disclosures.
Get your real numbers. Free review, answer in 12–24 hours.
Why homeowners choose MortgageSolvers
6,132
Rates lowered
Homeowners whose mortgage rate we have brought down.
50+
Lenders compared
Banks, credit unions and private lenders, so you don’t have to tell your story ten times.
12–24 hrs
Fast answers
Approval answers typically come back in 12–24 hours, with every cost in writing.
$300–$700
Typical monthly savings
What clients typically save each month on a refinance. Your own numbers come in writing first.
Real homeowners. Real monthly relief.
From 180+ Google reviews by Alberta homeowners.
★★★★★
Great service always available to give you updates look for and willing to give you the best rates which saves you thousands Thanks for your hard work I am grateful for The support,help and savings
Branson · Airdrie, ABRead Branson’s review on Google (opens in a new tab)
★★★★★
We were in a very stressful financial situation before working with MortgageSolvers. Our private mortgage rate was high, credit card balances were building up, and the banks were not giving us any real solutions. From the very first call, everything was handled professionally and transparently. They took the time to review our entire situation, explained all fees upfront, and clearly outlined what was possible and what wasn’t.What really stood out was the honesty. There were no hidden charges, no last-minute surprises, and no unrealistic promises. In the end, our monthly payments were reduced significantly and we finally feel back in control of our finances. If you’re feeling stuck, I highly recommend speaking with MortgageSolvers.
Bibek · AlbertaRead Bibek’s review on Google (opens in a new tab)
★★★★★
I was treated with care and dignity. The staff were outstanding! Not only did they get me a lower interest rate, but saw a flaw in my past financial mess and made me aware of a serious issue that was not my fault. The team and my lawyer attacked the situation with pure dedication and got me a pay out that was much more than expected. It seems this company cares and will go to the mat for you. They did for me! Thank you, so, so much!!!
Nicole · Camrose, ABSent to us by Nicole
★★★★★
Smooth steps during process. Communication and professional.
Chad · Grande Prairie, ABRead Chad’s review on Google (opens in a new tab)
★★★★★
Amazing experience! Got a mortgage to payoff my property tax bill in 48 hours!
Ethan · AlbertaRead Ethan’s review on Google (opens in a new tab)
★★★★★
They helped me get the lowest interest rate so quickly
Julian · AlbertaRead Julian’s review on Google (opens in a new tab)
★★★★★
I was overwhelmed with debt and high payments. MortgageSolvers walked me through everything clearly and reduced my monthly payments more than I expected. No hidden fees, no pressure. Just honest advice and real results.
Wanda · AlbertaRead Wanda’s review on Google (opens in a new tab)
★★★★★
Fast, organized, and responsive. MortgageSolvers kept us updated throughout the entire process and closed on time.
Rahul · AlbertaRead Rahul’s review on Google (opens in a new tab)
★★★★★
MortgageSolvers helped me get a mortgage last year and it was the best decision I made 🙏
Craig · AlbertaRead Craig’s review on Google (opens in a new tab)
Questions people ask
Are private mortgages safe?
They’re legal and common, but they cost more and the terms are short. Always read the written cost disclosure, and make sure you have a plan for the end of the term before you sign.
Why would a private lender approve me when my bank won’t?
Private lenders focus on your home’s equity rather than strict bank rules on credit and income. That flexibility is why they charge more.
What happens when my 12-month term ends?
You renew with the same lender, refinance with a new one, or pay it off, for example by selling. We start planning the exit when you sign, not when the term ends.
Can I get a private mortgage if I’m self-employed?
Often, yes. Private lenders can be more flexible about how you show income.
How much can I borrow?
Most lenders lend up to 80% of your home’s value on a refinance, minus what you already owe.
How fast can I get an answer?
Approval answers typically come back in 12–24 hours.
Related options
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