Best Mortgage Lenders In Canada For December 2024

nesto was named Lender of the Year by the Canadian Lenders’ Association for 2023, despite only having been around for five years. nesto, which has just switched from an online mortgage broker to becoming exclusively a mortgage lender, says over 400,000 Canadians have trusted it with their mortgage.

Its innovations include the first 150-day rate hold in Canada and a low-rate guarantee that pays its customers $500 if they find a better rate.

To get the offer, you’ll need to submit a mortgage application and receive a rate commitment. Then you’ll have five days to get a better offer from a limited selection of big banks and give nesto a chance to beat it.

Available in Most Provinces and/or Territories

nesto is available from BC to Quebec, as well as in Nova Scotia and PEI.

How To Apply

nesto’s application process is handled entirely online, making it easy to apply for a mortgage. A mortgage expert is there to help you every step of the way and you can get help by phone or email any time.

Speed

nesto promises “a streamlined financing experience backed by best-in-class technology” but doesn’t make any promises about how fast you can be approved or close a mortgage. Allow at least 10 days for closing.

Credit Requirements

To qualify for nesto’s best mortgage rates you will need a credit score of at least 650. You’ll also need to meet other mortgage affordability criteria, including an acceptable debt service ratio and down payment.

Loan Types Offered

nesto offers a wide range of mortgages including three- and five-year terms for both fixed and variable rates. All its products are available for new purchases, renewals and refinances, and come with an option to receive 1% as cash on eligible transactions, up to $13,754.

At this time, nesto only finances owner-occupied rental properties and residential properties with up to four doors where at least one unit is owner-occupied. It does not offer mortgages for investment properties, self-built properties, auto-constructed properties or land purchases.

Learn more: Read our nesto Review

BMO is one of Canada’s biggest banks and also one of its biggest mortgage lenders.

BMO offers the longest rate hold of any major bank, promising to secure its best rate for 130 days while you shop for a home.

 “Although this is only 10 days more than the majority of lenders, it can make a difference in a rate-increasing environment,” notes Julia Bernier, a licensed independent mortgage agent (level two) with JC Mortgagesin Kitchener, Ont.

Available in Most Provinces and/or Territories

BMO offers its mortgage products all across Canada, from coast to coast.

How To Apply

You can start the mortgage application process with BMO online, over the phone, or in person at one of its 850 branches. You can also request a meeting with a mobile mortgage specialist who can meet with you at a location of your choosing. “BMO also recently entered the broker channel with a number of selected high-producing brokers,” notes Bernier.

Speed

BMO says the mortgage approval process can take anywhere from 18 to 40 days, depending on the complexity of your situation.

Credit Requirements

BMO requires a minimum credit score of 600 to qualify for its mortgage products. You’ll also need a satisfactory debt service ratio and enough money for a down payment.

Loan Types Offered

BMO offers a wide range of mortgage products. In addition to regular residential mortgages, BMO extends financing to rental and investment properties and land purchases. You can also get a home equity line of credit called Homeowner ReadiLine^® to borrow money when you need it.

Learn more: BMO Mortgage Rates 2024

Equitable Bank is one of Canada’s largest banks, and the country’s largest so-called “B lender,” making mortgages available to many who don’t qualify for a loan from the big banks.

When other banks aren’t satisfied with your credit history or income, Equitable Bank may look more favourably on your situation. The bank also offers mortgage products to investors, new Canadians and others who may have difficulty qualifying elsewhere.

In addition to conventional mortgages, Equitable Bank also offers reverse mortgages, which generate a source of income in retirement using your home as collateral.

Available in Most Provinces and/or Territories

Equitable Bank offers mortgages to Canadians in all 13 provinces and territories. Its head office is in Toronto and there are regional offices in Vancouver, Calgary, Montreal and Halifax.

Depending on your location, however, accessibility may be limited: “If you need alternative or B lending, your lending areas will be restricted to bigger centres,” says Bernier. “Rural lending can be tough in the B space.”

How To Apply

To apply for a mortgage with Equitable Bank, you’ll need to enlist the services of a local mortgage broker. Your broker will help you through the process.

Speed

Depending on the mortgage and your situation, Equitable Bank can offer you conditional approval in as little as two days, and funding in as little as 30 days.

Credit Requirements

Equitable Bank has more relaxed credit requirements than other big banks in Canada. You may be able to get a mortgage if you’re self-employed, have a past bankruptcy or have bad credit, as long as you meet other eligibility criteria. Keep in mind that you’ll qualify for the bank’s best rates only if you have good credit.

Loan Types Offered

Learn more: Read our Equitable Bank Mortgage Review

Haventree Bank is an alternative mortgage lender specializing in helping people buy homes with bad credit, shaky income and other problems that would exclude them from getting a mortgage with one of the big banks.

Haventree offers first and second (and third) mortgages with relaxed qualification criteria. As long as you have a 20% down payment and verifiable income, you can get a mortgage even if you have a past bankruptcy. The bank also makes it easier to afford a mortgage by allowing debt service ratios up to 50% and amortizations up to 35 years.

The bank also offers some great programs for its customers that help make owning a home more affordable. Every Haventree mortgage comes with a complimentary home warranty program that covers up to $10,000 per year in repairs to heating, cooling, plumbing and electrical systems. Customers may also qualify for Haventree’s NextJob program, which provides career counselling and payment relief following a job loss.

Available in Most Provinces and/or Territories

As a federally regulated Schedule I bank, Haventree’s mortgage products are available to all Canadians in every province and territory.

How To Apply

Haventree Bank doesn’t have branches or offer mortgages directly to consumers. Instead, contact a local mortgage broker to apply for a mortgage.

Speed

The bank doesn’t make any promises about how long it will take to be approved for, or fund, a mortgage. Because Haventree specializes in alternative lending, it may take longer to be approved, especially if your financial situation is both unique and complex. Allow 30 to 45 days at minimum.

Credit Requirements
Haventree Financial specializes in alternative lending for Canadians with poor credit who may not otherwise qualify for a mortgage. It requires a minimum credit score of 550 for stated income (such as self-employment income) but no minimum credit score for confirmable income (such as employment income).

Loan Types Offered

TD Bank is the second most popular mortgage lender in Canada, thanks to its good customer service, competitive mortgage rates and flexible repayment options.

The bank registers its mortgages as a collateral charge, which makes it easier to refinance or take out a home equity line of credit later on. While this feature allows you to borrow more money without visiting a real estate lawyer, it also makes it harder to take your business elsewhere. ”A lot of non-bank lenders have created programs to make it easier to move a collateral mortgage over to them and still best rates like you would for a switch, with capped-in legal costs as well,” notes Bernier.

TD Bank is also offering a limited time cash-back offer when you apply for a new mortgage or TD Home Equity FlexLine by October 31, 2024. Depending on the size of the mortgage, you could get up to $4,100 cash back.

Available in Most Provinces and/or Territories

TD Bank offers mortgages to Canadians in every province and territory and has branches in major centres across the country.

How To Apply

To apply for a mortgage with TD Bank, you can work with the bank directly or through a mortgage broker.

If you choose to apply through the bank, you can meet with a mortgage specialist over the phone or at one of TD’s 1,100 branches.

Speed

Like most banks, TD doesn’t make any specific promises about how quickly it can fund a mortgage. For most situations, allow at least 30 days.

Credit Requirements

You may be able to get a mortgage with TD Bank with a minimum credit score of 600, but you may qualify for a bigger loan with a score of 680 or higher.

Loan Types Offered (in chart form)

Related: TD Mortgage Rates 2024

The Bank of China (Canada) is a federally regulated Schedule II bank, and required to follow all Canadian regulations including capital and risk management, deposit insurance, consumer protections and anti-money laundering rules. As such, the bank was considered by Forbes Advisor Canada’s researchers and scored well in a number of categories, which earned it a spot on this list.

However, its mortgage products lack diversity and have strict qualification criteria compared with most banks. The bank is majority-owned by the government of the People’s Republic of China, which may also be a deterrent for some.

Available in Most Provinces and/or Territories

The Bank of China (Canada) provides residential mortgages in BC, Alberta, Ontario and Quebec, and has offices in the Greater Toronto Area, Vancouver, Calgary and Montreal.

How To Apply

To apply for a mortgage with the Bank of China (Canada), you will need to visit a branch in person.

Speed

The Bank of China (Canada) doesn’t make any promises about how quickly it can fund a mortgage. Allow a minimum of 30 days for the best results.

Credit Requirements

The Bank of China (Canada) doesn’t provide specifics about its credit requirements, but borrowers are likely to qualify with a minimum credit score of 650. Because the bank does not offer insured mortgages, a minimum down payment of 20% is required.

Loan Types Offered

As a wealth management firm, IG can help you get the best home loan to work with your overall financial strategy.

IG Wealth Management has a full suite of mortgage products and rates in line with national averages.

Available in Most Provinces and/or Territories

IG offers mortgages in every province and territory in Canada and has offices in most major centres across the country.

How To Apply

To apply for a mortgage with IG Wealth Management, connect with an advisor at your local IG office.

Speed

IG doesn’t specify how long it takes them to approve or fund your mortgage. Allow a minimum of 30 days.

Credit Requirements

To qualify for a mortgage with IG Wealth Management, you’ll need good credit, with a score of at least 650, and meet minimum income requirements.

Loan Types Offered

THINK Financial is the lending arm of mortgage brokerage True North Mortgage.

While THINK Financial offers some of the best mortgage rates and terms in Canada, it also offers a short-term “Rate Relief” product that offers a fixed 3% rate for a term of six months when you switch a qualifying mortgage from another lender. This deal is good for short-term financing, but watch out for the 1% penalty if you choose not to renew your mortgage – effectively adding 2% to the rate.

For its regular mortgages, THINK Financial also has generous prepayment terms and calculates its penalties based on current market rates, which can take some of the sting out of breaking your mortgage should the need arise.

Available in Most Provinces and/or Territories

THINK Financial sells mortgages to Canadians in all 13 provinces and territories.

How To Apply

To apply for a mortgage with THINK Financial, you can apply online or in person at a True North Mortgage location.

Speed

THINK Financial can approve and fund a mortgage in as little as 20 days.

Credit Requirements

The credit requirements for THINK Financial are similar to most prime lenders. You will need a minimum credit score of about 650 alongside a down payment and income requirements.

Loan Types Offered

First Nations Bank of Canada provides invaluable service in 20 First Nations communities across Canada and is a leader in mortgages and First Nations home financing.

As a member of the First Nations Housing Market Fund, First Nations Bank of Canada has access to credit enhancement programs that make it easier for Indigenous Canadians to access home financing.

The bank also has its own On Reserve Settlement Land Housing Loan Program and says its staff understand the unique challenges of buying a home both on- and off-reserve.

Available in Most Provinces and/or Territories

First Nations Bank of Canada offers mortgages across Canada, and has branches in Yukon, Northwest Territories and Nunavut, as well as south of the Territories from Alberta to Quebec.

How To Apply

To get a mortgage with First Nations Bank of Canada, you can start an application online or in-person at one of the bank’s 20 branches.

Speed

First Nations Bank of Canada hasn’t published timelines when it comes to approval or closing. Apply a minimum of 30 days before you need your mortgage to fund.

Credit Requirements

To get a mortgage with First Nations Bank of Canada, you’ll need to meet the typical requirements of a minimum 650 credit score and sufficient income and down payment.

Indigenous people may qualify for programs to help meet mortgage underwriting criteria. First Nations Bank of Canada and your Band Council can help you navigate the mortgage approval process.

Loan Types Offered

Mortgages are all MCAP does, unlike banks. MCAP’s posted rates are some of the most competitive rates and terms in the industry.

The company offers a full line of mortgages and solutions for just about every need as long as you have good credit.

Available in Most Provinces and/or Territories

MCAP has 10 offices across Canada and offers its mortgage products in every province and territory.

How To Apply

To apply for a mortgage with MCAP, you’ll need to enlist the services of a licensed mortgage broker who will guide you through the process.

Speed

MCAP is a “monoline” lender, meaning it specializes in mortgages only. As a result, it can approve and fund a mortgage in as little as 21 days.

Credit Requirements

MCAP requires a minimum credit score of 650 to qualify for its best rates and terms, but may accept credit as low as 600. Minimum down payment and other qualification criteria apply.

Loan Types Offered