Private Mortgages in Milton have taken a spike in the recent times as competition has taken over the credit industry. Private mortgages have a scope to cut into other mortgages as they do not require 20% down payment on a compulsory basis, where it is mandatory for the financial lending institutions to receive at least 20% as down payment.

Private mortgages are mortgages given out by private lenders, basically who are not registered as financial institutions. Private mortgages account for almost about 8% to 10% of the mortgage industry of Canada. Apart from the down payment benefit, private lenders are preferred also because of their quick mortgage sanctioning process as there is not a long and formal procedure involved.