Homeowner reviewing a mortgage commitment letter at a kitchen table

Second Opinion

Get a Second Opinion on Your Private Mortgage

You took a private mortgage because you had to, and now you're not sure it's a fair deal. Send us the paperwork. A licensed broker tells you within a business day whether it's in the normal range and whether you could be doing better. Sometimes the honest answer is stay put.

Get a Second Opinion Work Out the All-In Cost

Stonefield Capital offers Ontario homeowners a free second opinion on an existing private mortgage. A Stonefield-approved mortgage broker reviews the commitment letter or latest statement and answers within one business day: whether the rate and fees are in the normal range for the loan-to-value, position and property, whether a better private mortgage is realistic now or at renewal, and whether a bank or B-lender refinance is closer than the borrower thinks. The answer may be to stay where you are. No fee, no obligation, no rate quoted until a file is reviewed. Ontario only.

Why It's Hard to Tell If a Private Mortgage Is Fair

A private mortgage is priced for risk, so it always costs more than a bank mortgage. That is normal and is not, by itself, a sign of anything wrong. What sets the price is the loan-to-value, whether the mortgage is in first or second position, the property and where it is, the term, and how clear the exit is. A rate that is high for a 50% first on a city house can be perfectly ordinary for a 75% second on a rural property. Without that context, a homeowner comparing their rate to a bank rate, or to a friend's deal, has no way to know.

The fees are the other half. Lender fee, broker fee, legal, renewal, discharge: each has a normal purpose and a normal range, and each has to be disclosed in writing before you sign. A deal can carry a reasonable rate and still be expensive because of what sits around it. A second opinion puts the whole thing on one page, the all-in cost against what the same file would cost today, and tells you plainly which of three things is true: it's in range, it's worth re-shopping at renewal, or a better private mortgage is available now.

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The Play: Check the All-In Cost, Not the Rate

Two private mortgages with the same rate can differ by thousands of dollars once the lender fee, broker fee, renewal fee and discharge fee are counted over the months you'll actually hold it. Before you compare rates, work out the all-in annual cost of what you have now against the planned exit date. Our private mortgage cost calculator does the arithmetic in a minute, and it's the first thing the broker will look at too. Most deals that feel expensive turn out to be ordinary once the fees are laid out; the ones that are outside the range usually show it in the fees, not the rate.

Open the private mortgage cost calculator →

When a Second Opinion Is Worth Getting

Most of the people who ask us took the first private offer they were given, usually under time pressure, and have never had anyone else look at it.

Before You Sign

You have a commitment letter in hand and a closing date, and you want someone who isn't selling it to read it with you.

Renewal Is Coming

The term is ending, the lender has offered a renewal at a new rate or fee, and you don't know if that's reasonable.

Something Changed

A fee appeared you don't remember agreeing to, the payment changed, or the statement doesn't add up.

Your Situation Improved

Income is back, credit has healed, or the property is worth more. The deal that was right a year ago may not be right now.

The Lender Won't Renew

Maturity is close, the bank still says no, and you need to know your real options before the clock runs out.

You Just Want to Know

Nothing is wrong, exactly. You'd like a licensed broker to confirm the deal is normal so you can stop wondering.

If you're already behind on payments or have received a notice, start with our power-of-sale guides instead; the clock there is different. Stop a power of sale →

How the Review Works

What to Send

The commitment letter or your latest mortgage statement, the property address, the current balance and maturity date, and a line on what the money was for and how you plan to pay it out. No income documents needed for the review.

Who Reviews It

A Stonefield-approved mortgage broker, licensed in Ontario. Not a sales call. They tell you what's driving the price, whether it's in range, and what a better deal would need to look like.

What You Get Back

Within one business day: in range, re-shop at renewal, or a better private mortgage is realistic now. If it's the last one, the broker can structure it. If it's the first, you've lost nothing.

Frequently Asked Questions

Is a private mortgage second opinion free?

Yes. Stonefield Capital's review costs nothing and creates no obligation. A Stonefield-approved mortgage broker reads the commitment letter or statement and answers within one business day. If the answer is that a better private mortgage is realistic, the broker can structure it; if the answer is that the current deal is in range, that is the end of it.

How do I know if my private mortgage rate is too high?

Compare it to published private rates for the same loan-to-value band and position, not to a bank rate. Stonefield publishes its own rate tables by LTV and position at stonefieldcapital.ca/private-mortgage-rates. A rate inside that range for your LTV and position is normal; a rate well above it, or fees that aren't explained in writing, are what a second opinion looks at.

Can I switch private lenders before my term ends?

Often, yes, depending on the prepayment terms in the commitment letter. Leaving early can carry a penalty plus the new lender's fees and legal costs, so it only makes sense when the saving over the remaining need is larger than the cost to move, or when a bank or B-lender refinance is now possible. The review works that out before anything is signed.

What if my lender won't renew?

There are three real paths: refinance with another private lender while the exit catches up, refinance with a B lender if credit and income have recovered, or sell on your own timeline. Which paths are open depends on the equity left in the property and a credible exit. Start 60 to 90 days before maturity; the review tells you which path is realistic.

Will Stonefield tell me if my current deal is fine?

Yes, and it often is. A private mortgage priced for its risk is not a bad deal because it costs more than a bank. The review's job is to tell you which of three things is true: it's in range, it's worth re-shopping at renewal, or a better private mortgage is available now. Stonefield only structures a new file when it leaves you better off.

What if I think my lender has done something wrong?

A second opinion is about price and structure, not conduct. If you believe a licensed brokerage or lender has broken the rules, Ontario's regulator is FSRA, and every brokerage must publish a complaints process; Stonefield's is at stonefieldcapital.ca/complaints. If you're behind on payments or have received a notice of sale, the power-of-sale guides on this site explain what the lender can and can't do and how much time you have.

Common Questions

Plain answers for homeowners who already have a private mortgage.

Not Sure Your Private Mortgage Is a Fair Deal?

Send the commitment letter or your latest statement. A Stonefield-approved broker answers within one business day: in range, re-shop at renewal, or a better private is realistic now. Free, no obligation.