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Best Mortgage Rates In BC For Private Loans

1st 2nd, And 3rd Home Equity Loan Rates

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What Are Private Mortgage Rates?

Private mortgage rates in BC come from mortgage lenders in the alternative, home equity or non-conforming mortgage market. Mortgage loan rates from these types of private mortgage lenders in BC are higher than conventional mortgage rates due to the degree of risk in the borrower’s application.

What Are Today’s Private Mortgage Rates

In BC there are no fixed mortgage rates, so these will change depending on your financials, property and borrower.

Give us a call. With less than a 5 min conversation, we can assess your situation and give you an idea right over the phone before even filling out an application. There is no obligation, and you’ll find we offer some of the best private mortgage rates in BC.

What Are Private Mortgages In BC Best Used For?

You can borrow money for things like debt consolidation, home buying or renovations, pre-sales, business capital, self-employed, outstanding taxes, education, and much more. It’s a good idea when borrowing money at a higher interest rate, to make sure you are using the funds to better your credit score. This will help you go back to the banks in a few years.

mortgage rates for homes

Mortgage Rates In BC For 2nd Mortgage

Private mortgage rates on 2nd mortgage loans vary depending on the amount of home equity you have and your real estate location. 

These alternative mortgage options in BC have higher rates than conventional 1st mortgage interest rates. Still, you can use them to consolidate high-interest credit card debt, do a home renovation, or for anything you want. And since these are usually interest-only or amortized over 25 years or more, they can considerably lower your monthly mortgage payment. 

Before you make any financial decisions, it’s a good idea to deal with a Mortgage Specialist who has access to the top private mortgage lenders and various mortgage loans. This way, you can be confident that you’ve sourced competitive loan products and services at the lowest mortgage rates in BC

Head on over to this page, which highlights our best mortgage rates in BC for different mortgage terms (and how they compare to bank rates!)

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Regional Private Mortgage Rates in BC

Private lenders adjust mortgage rates in BC based on property location, loan-to-value (LTV) ratios, and borrower risk profiles. Urban centers like Vancouver, Victoria, and Kelowna typically secure lower rates due to higher property liquidity, while rural areas face stricter terms.

Vancouver

Average Home Value (2025): $1,185,000

  • 1st Mortgage Rates (Urban):
  • LTV ≤50%: Starts at Prime + 1.6% Subject to change
  • LTV 65%–75%: Starts at Prime + 2.5% to 3.5% Subject to change
  • 2nd Mortgage Rates: Starts at P + 4.5% Subject to change

You must also consider the fees that are associated with this type of lending and can increased APR by several points. 

Vancouver’s competitive real estate market incentivizes private lenders to offer competitive interest rates for properties in the Greater Vancouver Regional District (GVRD). Borrowers with low income but substantial equity (e.g., 65% LTV) may secure some of the lowest private 1st mortgages.

Victoria and Kelowna

  • LTV ≤50%: Starts at Prime + 1.6% (similar to Vancouver) Subject to change
  • 2nd Mortgage Rates: Starts at P + 4.5% Subject to change
  • Monthly Payments: Call us for estimates

 You must also consider the fees that are associated with this type of lending and can increase the APR by several points. 

These markets benefit from stable demand, though rates rise sharply for rural properties (e.g., Small Acreages, Rural Properties, Cabins etc). Mortgage investment corporations often pool funds to serve these regions, offering diversified portfolios for investors.

Rural and Non-Traditional Properties

  • Raw Land Loans: Maximum 55% LTV Rates are case by case
  • Mobile Homes on Leased Land: Rates are case by case

Lenders mitigate risk by limiting LTV and charging higher fees starting at (e.g., 1.5%–2% origination fees). For example, a $500,000 rural property with 50% LTV might incur a 1.5% lender fee ($7,500) alongside interest costs.

What To Consider | Private Mortgage Rates In BC 

When looking for a private mortgage rate in BC, consider all the costs involved. Some lenders in BC offer low introductory mortgage rates but then yield it up with a lender fee. Some lenders have high payout penalties, whereas others provide a percentage of the mortgage’s total amount to renew. All these can affect your actual cost to borrow when looking for First & Second monthly mortgage rates.

Another example; a payout penalty of 4 months for early payout. This could add another 4% annually to your cost of borrowing.

And again, look at your renewal fee. Some private lenders have a one-time fixed fee, yet others charge 1% or 2% of the loan amount to renew. These can effectively change the rate of borrowing in the next year of your term.

Learn tips on how to improve your credit, and check out our blog for some examples of the best mortgage rates in BC.

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Frequently Asked Questions

Mortgage rates in BC depend on several elements, including:

  • Property value and location (urban areas like Vancouver often secure lower rates).
  • Loan-to-value (LTV) ratios, with lower LTV ratios receiving better rates.
  • Borrower risk profiles, such as bruised credit, poor credit, or lack of income verification.
  • The type of loan (e.g., first mortgages, second mortgages, or bridge financing).

For example, borrowers with an LTV below 65% may secure rates starting at 6.99%, while those with higher LTVs or rural properties face rates exceeding 10%.

  • First Mortgages: Rates typically range from 6.99%–9.49%, depending on LTV and borrower profile.
  • Second Mortgages: Rates are higher, usually between 8.99%–12%+, reflecting the increased risk for lenders.

Borrowers using private loans as a short-term solution, such as consolidating debt or funding renovations, often opt for interest-only payments to reduce monthly costs temporarily.

Private mortgages rarely have fixed rates like the popular 5-year fixed options offered by traditional banks or credit unions. Instead, private lenders provide customized terms based on the borrower’s needs and risk level, resulting in variable or semi-fixed rates that adjust annually.

Borrowers should carefully review their mortgage agreement to understand how interest rates might change during the loan term.

Private mortgage lenders operate outside the strict guidelines of traditional financing, taking on borrowers with bruised credit, unconventional income sources, or properties that don’t meet standard appraisal criteria. This creates an environment of increased risk, which is reflected in higher interest rates and additional fees, such as broker fees and closing costs.

For example, a borrower with poor credit seeking a $300,000 loan at an LTV of 75% might pay an annual percentage rate (APR) of 9%+, compared to 5% for a conventional mortgage.

To secure competitive rates, borrowers should:

  • Improve their credit profile by addressing outstanding debts or consolidating loans.
  • Provide detailed property details, including appraisals that demonstrate high equity or potential value growth.
  • Work with experienced mortgage brokers who have access to networks of many private lenders offering tailored solutions for unique financial situations.

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