MIC (Mortgage Investment Corporation)
Quick Summary
A pool of investor capital that funds mortgages.
ELI5 Explanation
Click to expand
A MIC is a lender that uses money from many investors.
Detailed Explanation
MICs are common in Canada’s private mortgage market and can be more process-driven than individual lenders. Products and pricing vary widely by mandate.
Example
A MIC may offer standardized second-mortgage products in urban centres.
Why It Matters
Knowing lender type helps set expectations for rates and flexibility.