Since the new “stress test” rules were introduced in January, many Canadians who fail to qualify for a bank mortgage are turning to alternative lenders. While these alternative lenders can help Canadians without other financing options, it’s important to read the fine print. These contracts will generally have terms with higher interest rates and a 1 percent lender’s fee for closing, which means a higher closing cost. You should ask a broker how tolerant a lender would be if you are late with one of your payments, and look for sale-only clauses, which can be a red flag. If you already have financial problems and you go to a lender who is not flexible, you might make the situation worse.

Read more: What to know about mortgages from alternative lenders