Comparing Mortgage Brokerages in Canada
Top 5 Big
Bank Rates
The top 5 Big Bank rates all in one easy-to-view table. See their rates, then beat their rates (or get $500) with nesto’s low rate guarantee.
*Toronto rates
nesto’s lowest vs Big Bank insured mortgage rates
Results
For today, {date}, nesto’s {term}-year {type} mortgage rate is {bps} bps ({bps_percent}) lower than the similar average at Canada’s Big 6 Banks. On a {mortgage_ammount} mortgage over a {amortization_period}-year amortization, with nesto your monthly payment would be {nesto_monthly_payment}, saving you up to {monthly_savings} on your monthly payment. This equals {savings_interest} in interest saved while allowing you to pay down {extra_payment} extra on principal over your term.
Average Posted Mortgage
Rate History
Let’s time travel. Below is the history of posted mortgage rates and where they’ve stood over the years.
| Year | Mortgage 5 Year | Mortgage 3 Year | Mortgage 1 Year | Prime Rate |
|---|---|---|---|---|
| 2022 | 5.24% | 5.39% | 5.44% | |
| 2021 | 4.79% | 3.49% | 2.79% | 2.45% |
| 2020 | 4.94% | 3.89% | 3.19% | 2.45% |
| 2019 | 5.34% | 4.29% | 3.64% | 3.95% |
| 2018 | 5.34% | 4.29% | 3.49% | 3.95% |
| 2017 | 4.64% | 3.39% | 3.14% | 3.20% |
| 2016 | 4.64% | 3.39% | 3.14% | 2.70% |
| 2015 | 4.64% | 3.39% | 2.89% | 2.70% |
| 2014 | 4.79% | 3.75% | 3.14% | 3.00% |
| 2013 | 5.24% | 3.73% | 3.14% | 3.00% |
| 2012 | 5.24% | 3.95% | 3.20% | 3.00% |
| 2011 | 5.39% | 4.35% | 3.50% | 3.00% |
| 2010 | 5.42% | 4.15% | 3.55% | 3.00% |
| 2009 | 5.79% | 4.45% | 3.80% | 2.25% |
| 2008 | 7.15% | 7.00% | 6.95% | 3.50% |
| 2007 | 7.19% | 7.30% | 7.05% | 6.00% |
Canada’s mortgage market has seen a surge in the number of lenders offering a wide variety of mortgage products. From traditional banks to credit unions, mortgage finance companies, monoline and online lenders, potential homeowners have many options. However, given the vast array of choices, finding the right lender can require a lot of homework. This Canadian mortgage lenders guide has been designed to help you find the best mortgage lenders who offer the most suitable mortgage solution for your needs.
What is a Mortgage Lender?
A mortgage lender is a financial institution, mortgage company or corporation that extends credit as mortgage loans to individuals and businesses to purchase real estate. These institutions lend money to borrowers, who then use the funds to buy a property. The property is collateral against the loan, ensuring the lender can recoup their money should the borrower default on their payments.
A Lenders
A lenders are characterized by their stringent lending policies. They have strict requirements for borrowers’ credit scores, income, and debt levels. While the terms and rates from A lenders can be attractive, not all borrowers will meet their high standards. Sometimes, A lenders may offer a suite of financial products and services beyond personal loans and mortgages. An A lender will offer customized pricing on their lender mortgage rates based on the borrower’s relationship with the lender and may offer alternative financing and lending options for private and corporate clients. Although all A lenders may be interchangeably known as prime lenders, the reverse is only sometimes true.
B Lenders
B lenders, alternative or subprime lenders, offer more flexibility in their lending policies. Subprime lenders are often the go-to option for those who cannot meet A lenders’ strict requirements. Their prospective clients may include individuals with lower credit scores, high debt levels, or unconventional income sources. Some A lenders may offer non-income qualified (NIQ) products, which are technically non-prime lending to their private banking, corporate, or commercial clients.
Private Lenders
Private lenders offering mortgages are an alternative form of financing provided by private individuals, a group of investors or companies. They are often used as a last resort by borrowers who may have been rejected by both A and B lenders. Private lenders are often the go-to for borrowers who qualify for an A lender but require exceptional creativity, speed to funding, or special consideration for their property type/project. While private mortgage loans can provide quick access to funds, they usually come with higher interest rates and fees due to the increased risk involved.
How to Choose a Mortgage Broker
Choosing a mortgage broker involves considering several factors beyond the interest rate. Here are some key aspects to consider:
- Interest Rates: Compare the interest rates offered by different lenders. Remember, the lowest rate may only sometimes be the best option if it comes with unfavourable terms.
- Fees: Be aware of any additional fees the lender might charge. Though only sometimes optional, additional fees could include application fees, appraisal fees, and closing costs.
- Customer Service: Consider the lender’s reputation for customer service. This could include their response time, availability, and willingness to answer your questions.
- Loan Terms: Look at the terms of the loan, including the length of the loan, the type of interest rate (fixed or variable), and any penalties for early repayment (past your annual prepayment privileges).
- Flexibility: If you foresee needing some flexibility in your repayment plan, look for a lender that offers options such as double-up prepayments, match-a-payment, miss-a-payment, deferred payments, capitalization, longer early renewal period, blend and extend, mortgage porting, mortgage conversion or loan modification options.
Mortgage Brokerages in Canada
Canadian mortgage brokerages offer a variety of mortgage solutions. We have illustrated some small but important details for each brokerage beneath each table.
Comparing Brokerages in Canada
| Brokerages | Description |
|---|---|
| Ratehub | Canada’s largest brokerage and original financial products comparison website |
| True North Mortgage | Mortgage brokerage serves Canada with physical locations in the largest cities |
| nesto | Mortgage brokerage was the first to pioneer a 100% virtual application process |
| Dominion Lending Centres | Extensive broker network serving Canadians with physical locations in all provinces. |
| Mortgage Architects (DLC) | A brokerage which is part of the DLC network, serving Canadians with physical locations in all provinces. |
| The Mortgage Centre (DLC) | A brokerage of the DLC network serves Canadians in physical locations in all provinces. |
| Mortgage Alliance (M3) | A brokerage which is part of the M3 network, serving Canadians with physical locations in all provinces. |
| Multi-Prêts Hypothèque (M3) | A brokerage which is part of the M3 network, serving Canadians with physical locations in all provinces. |
| Mortgage Intelligence (M3) | A brokerage which is part of the M3 network, serving Canadians with physical locations in all provinces. |
| Verico Mortgage (M3) | A brokerage which is part of the M3 network, serving Canadians with physical locations in all provinces. |
| Invis (M3) | A brokerage which is part of the M3 network, serving Canadians with physical locations in most provinces. |
| Pineapple | A brokerage network serving Canadians with physical locations in in Ontario, Québec, BC, Alberta and Saskatchewan. |
| Rocket Mortgage Canada | A brokerage network serving Canadians with physical locations in Ontario, Québec, BC, Alberta and Saskatchewan. |
| Super Brokers | A brokerage which is part of the DLC network, serving Canadians with physical locations in all provinces. |
| Perch | Brokerage, part of the Pineapple network, serving all provinces in Canada. |
Ratehub
Ratehub is an online mortgage brokerage and fintech aggregator in Canada. Its brokers provide its mortgage brokering services nationally. Ratehub has two locations in Toronto and one in Kingston.
Best for: borrowers seeking flexibility on residential prime and subprime pricing.
Special rate offerings: Ratehub provides a variety of discounts based on lender volume pricing.
Rate terms offered: Ratehub provides a full suite of real estate-secured lending solutions for residential clients.
Limitations: Ratehub provides lenders with options for Standard and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
True North Mortgage
True North Mortgage is an online mortgage brokerage providing mortgage solutions throughout Canada. It has locations in Calgary, Edmonton, Toronto, Montréal, Vancouver, Ottawa, and Halifax.
Best for: borrowers seeking flexibility on residential prime and alternative lending with subprime pricing.
Special rate offerings: True North provides a variety of discounts based on lender volume pricing.
Rate terms offered: True North provides a full suite of residential real estate-secured lending solutions.
Limitations: True North provides lenders with options that offer both Standard Charge and Collateral Charge mortgages. Additional fees may be charged for non-prime lending solutions.
nesto
nesto is a 100% digital full-service mortgage brokerage and lender throughout Canada. They provide transparent mortgage lending services through their brokers. They are the first mortgage broker to offer lending with level pricing in all 10 provinces.
Best for: borrowers seeking flexibility on prime residential lending with Canada’s lowest insured and insurable rates.
Special rate offering: nesto doesn’t offer special pricing, but further discounts may apply for higher mortgage balances.
Rate terms offered: nesto provides standard discounted pricing for all prime lending residential clients.
Limitations: nesto doesn’t offer HELOCs yet. They provide mortgages only on Standard Charge registrations, keeping mortgage transfer and switch costs low for both borrower and lender.
Dominion Lending Centre (DLC)
Dominion Lending Centre (DLC) is a full-service mortgage brokerage with lending and locations throughout Canada. It provides its mortgage lending services through broker channel operations nationally, with physical locations in all provinces.
Best for: borrowers seeking flexibility on prime residential and subprime lending, including boutique, alternative, commercial or agricultural borrowing solutions.
Special rate offerings: DLC offers a variety of discounts based on their lender volume pricing.
Rate terms offered: DLC provides a full suite of real estate-secured lending solutions for residential, agricultural and commercial clients.
Limitations: DLC provides options with lenders offering Standard and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Mortgage Architects (DLC)
Mortgage Architects is a full-service mortgage brokerage that is part of DLC Group. They provide their mortgage lending services through broker channel operations nationally, with physical locations in most provinces.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offerings: Mortgage Architects has various discounts based on lender volume pricing.
Rate terms offered: Mortgage Architects provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Mortgage Architects provides options with lenders offering both Standard Charge and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
The Mortgage Centre (DLC)
The Mortgage Centre is a full-service mortgage brokerage of DLC Group. It provides its mortgage lending services through broker channel operations nationally, with physical locations in most provinces.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offering: The Mortgage Centre has various discounts based on lender volume pricing.
Rate terms offered: The Mortgage Centre provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: The Mortgage Centre provides lenders with Standard and Collateral Charge mortgage options. Additional fees may be charged on non-prime lending solutions.
Mortgage Alliance (M3)
Mortgage Alliance is a full-service mortgage brokerage part of M3 Group. It provides its mortgage lending services through broker channel operations nationally, with physical locations in all provinces.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offerings: Mortgage Alliance offers various discounts based on lender volume pricing.
Rate terms offered: Mortgage Alliance provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Mortgage Alliance provides options with lenders that offer both Standard Charge and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Multi-Prêts Hypothèque (M3)
Multi-Prêts Hypothèque is a full-service mortgage broker on the M3 network exclusively serving the Québec market. Provincially, they provide their mortgage lending services through broker channels and physical locations.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offerings: Multi-Prêts offers various discounts based on lender volume pricing.
Rate terms offered: Multi-Prêts provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Multi-Prêts provides options with lenders offering both Standard Charge and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Mortgage Intelligence (M3)
Mortgage Intelligence is a full-service mortgage brokerage part of M3 Group. It provides its mortgage lending services through broker channel operations nationally, with physical locations in all provinces.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offerings: Mortgage Intelligence offers various discounts based on lender volume pricing.
Rate terms offered: Mortgage Intelligence provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Mortgage Intelligence provides options for lenders that offer both Standard Charge and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Verico Mortgage (M3)
Verico Mortgage is a full-service mortgage brokerage part of M3 Group. It provides its mortgage lending services through broker channel operations nationally, with physical locations in all provinces.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offerings: Verico offers various discounts based on lender volume pricing.
Rate terms offered: Verico provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Verico offers lenders options that offer both Standard Charge and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Invis Mortgage (M3)
Invis Mortgage is a full-service mortgage brokerage that is part of M3 Group. They provide their mortgage lending services through broker channel operations nationally, with physical locations in most provinces.
Best for: borrowers seeking flexibility on prime residential or commercial lending.
Special rate offerings: Invis offers various discounts based on lender volume pricing.
Rate terms offered: Invis provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Invis provides lenders with options for Standard and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Pineapple
Pineapple is a mortgage brokerage network throughout Canada. It provides mortgage lending services through broker channel operations in Ontario, Québec, BC, Alberta, and Saskatchewan, with various brokerage locations working as a network.Best for: borrowers seeking flexibility on prime residential lending, as well as boutique, alternative, commercial, or agricultural lending with subprime pricing.
Special rate offerings: Pineapple has a variety of discounts with lender volume pricing.
Rate terms offered: Pineapple provides a full suite of real estate-secured lending solutions for residential, agricultural and commercial clients.
Limitations: Pineapple provides options for lenders offering Standard and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Rocket Mortgage
Rocket is a full-service mortgage brokerage providing mortgage solutions throughout Canada. It has one physical location in Windsor and offers a 100% digital mortgage experience.
Best for: borrowers seeking flexibility on prime residential lending.
Special rate offerings: Rocket has various discounts with lender volume pricing.
Rate term offered: Rocket provides a full suite of real estate-secured lending solutions for residential clients.
Limitations: Rocket offers lenders options for Standard and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Super Brokers
Super Brokers is a full-service mortgage brokerage on the Mortgage Architects (DLC) Brokerage Network. They provide lending options in all 10 provinces but do not have any physical locations.
Best for: borrowers seeking flexibility on prime residential and commercial lending.
Special rate offerings: Super Brokers has various discounts with lender volume pricing.
Rate term offered: Super Brokers provides a full suite of real estate-secured lending solutions for residential and commercial clients.
Limitations: Super Brokers offer lenders options for both Standard and Collateral Charge mortgages. Additional fees may be charged for non-prime lending solutions.
Perch
Perch is a full-service mortgage brokerage on the Pineapple Brokerage Newtwork. It provides its mortgage lending services through broker channel operations nationally.
Best for: borrowers seeking flexibility on prime residential lending.
Special rate offerings: Perch has various discounts and broker volume pricing.
Rate term offered: Perch provides a full suite of real estate-secured lending solutions for residential clients.
Limitations: Perch provides lenders with options for Standard and Collateral Charge mortgages. Additional fees may be charged on non-prime lending solutions.
Frequently Asked Questions
What is a mortgage brokerage?
A mortgage brokerage is a financial agency that connects borrowers with lenders to obtain a mortgage loan. It acts as a middleman between the borrower and the lender, helping individuals or businesses secure financing for purchasing a property.
Borrowers can benefit from better rates, terms, and conditions as brokerages negotiate with the lender to secure the most favourable terms for the borrower. To compete for their business, mortgage brokerages often get volume discounts with the lenders they work with the most. Throughout the process, the mortgage brokerage acts as a team of expert guides, providing expert advice and support to ensure a smooth and successful mortgage transaction.
What is a mortgage broker?
A mortgage broker is a professional who acts as an intermediary between borrowers and lenders in obtaining a mortgage. They work with multiple lenders to find the most suitable mortgage options for their clients based on their financial circumstances and needs. Mortgage brokers are licensed and regulated provincially and must adhere to specific ethical and professional standards set by their provincial regulators through legislation, regulations and rules.
A mortgage broker assists with the application process and ensures all necessary documentation is submitted to the lender to underwrite the loan. The lender pays mortgage brokers a commission for their services, but this does not always affect the cost of the loan for the borrower. Working with a mortgage broker can often save borrowers money by finding the most suitable rates and terms.
What is a mortgage agent?
A mortgage agent is a professional who acts as an intermediary between a borrower and a lender in obtaining a mortgage loan. They assist borrowers in finding the most suitable mortgage options that align with their financial circumstances and goals. Mortgage agents are licensed professionals who have completed the necessary education and training in their province to provide mortgage advice and services to clients.
Mortgage agents work with various lenders and financial institutions to offer their clients multiple mortgage options. They help clients understand the different types of mortgages available, such as fixed-rate, variable-rate and adjustable-rate mortgages, and guide them through the application process.
Titles such as mortgage broker, mortgage agent, submortgage broker, mortgage salesperson, or principal broker are provincially regulated licensing terms with educational requirements specific to each province. Although they may all commonly be referred to as mortgage brokers, in Ontario, where mortgage agents are used as a designation, mortgage brokers or principal brokers have additional responsibility for compliance and training mortgage agents.
How can you confirm if your mortgage broker is provincially licensed?
Every province provides an online registry of mortgage brokerages, brokers, agents, sub-brokers, or salespersons who are authorized and licensed to conduct mortgage business. Check out our blog on mortgage brokers and brokerage regulators throughout Canada.
Licensed mortgage professionals often use the industry norm of “mortgage broker,” “broker,” or “advisor” to refer to themselves. However, disclosure requirements for licensed mortgage professionals’ titles vary across each province in Canada. These disclosures require mortgage brokers to adhere to specific rules when using titles to represent their qualifications and expertise. The provinces have regulations and guidelines that govern the use of titles by mortgage brokers. These regulations aim to ensure transparency and protect consumers in the mortgage industry.
British Columbia (BCFSA) has two distinct roles within the mortgage industry: the Submortgage Broker and the Mortgage Broker. These positions have specific responsibilities and functions that contribute to the overall process of securing mortgages for clients. The Submortgage Broker works under the supervision of a licensed Mortgage Broker and assists in various tasks, such as gathering client information, completing paperwork, and liaising with lenders. The Mortgage Broker oversees the entire mortgage application process, including assessing client needs, finding suitable mortgage options, negotiating terms, and ensuring compliance with regulations.
In Alberta (RECA) and New Brunswick (FCNB), the distinction between a Mortgage Associate and a Mortgage Broker lies in their roles and responsibilities within the mortgage industry. A Mortgage Associate typically works under the supervision of a Mortgage Broker and assists in the mortgage application process gathering necessary documentation, and providing support to clients. A Mortgage Broker is licensed to independently negotiate and arrange mortgage loans on behalf of clients, offering a more comprehensive range of mortgage options and expertise in the field.
In Saskatchewan (FCAA) and Nova Scotia (Government of Nova Scotia, Business Licensing), there are distinct roles for both Associate Mortgage Brokers and Mortgage Brokers. The critical difference lies in their level of experience and licensing requirements. Associate Mortgage Brokers work under the supervision of a licensed Mortgage Broker and are in the early stages of their career. They may assist with gathering client information and preparing mortgage applications. Mortgage Brokers have obtained the necessary qualifications and licences to operate independently and provide mortgage services directly to clients. They have the authority to negotiate mortgage terms, advise clients, and facilitate the mortgage process from start to finish.
In Manitoba (MSC), a Salesperson is primarily responsible for promoting and selling products or services, while an Authorised Official holds the authority to make legally binding decisions on behalf of the organization. These roles have different levels of authority and expertise, with the Salesperson focusing on sales and the Authorised Official having broader decision-making powers and acting as the liaison between the brokerage and the regulator.
In Ontario (FSRA), mortgage brokers and agents serve as the middle person between borrowers and lenders, helping clients find the most suitable mortgage options for their financing situation. A Mortgage Agent works under the supervision of a Mortgage Broker and assists in the mortgage application process. A Mortgage Broker may also be responsible for compliance requirements for their brokerage or a team.
The provinces of Quebec (AMF) and Newfoundland (Digital & Government Service NL) both exclusively utilize the designation of Mortgage Broker as a licensing designation.
For a complete list of licensing terms in Canada, please see the published list by the Mortgage Broker Regulators’ Council of Canada (MBRCC).
What does a mortgage lender do?
A mortgage lender loans the funds for a borrower to purchase a property. The property itself serves as collateral for the loan. The borrower then pays back the loan, with interest, over a set period.
How can I find a local mortgage lender in my neighbourhood?
The easiest way to find a local lender is to search online or ask for recommendations from friends or family. Consider working with the best mortgage brokers who can help you find suitable lenders in your area.
What is the between lenders and banks?
The main difference lies in the services they offer and their lending criteria. Banks are deposit-taking financial institutions that provide a wide range of products, including investments, guaranteed deposits, chequing and savings accounts, credit cards, lines of credit, mortgages, self-directed investments and loans. Banks typically have more stringent lending criteria. On the other hand, lenders primarily focus on credit and lending, such as mortgages and loans, and may have more flexible lending criteria.
What is prime lending?
Prime lending refers to mortgage rates priced using the Bank of Canada prime rate. Although fixed mortgage rates are independent of the central bank’s prime rate, they are directly linked to Government of Canada bonds, priced using the expectations and fluctuation in prime rates.
What is a federally registered financial institution (FRFI)?
Federally regulated financial institutions (FRFI) in Canada include banks, trusts, loan companies, insurance companies, and cooperative credit associations. They are regulated by the Bank Act and supervised by the Office of the Superintendent of Financial Institutions (OSFI). They are expected to have strong risk management to ensure their ongoing financial and operational resilience.
What is a chartered bank?
A chartered bank is a federally regulated commercial bank offering nationwide personal and business banking services. A charter bank is regulated by the Canada Bank Act and supervised by the Office of the Superintendent for Financial Services (OSFI).
What is a credit union?
Credit unions or caisses populaires in Canada, are provincially regulated financial cooperative corporations that provide traditional banking services. They are collectively owned by people who use their services. Credit union owners are referred to as members and, as such, share in its profits and decision-making process.
What is a monoline lender?
A monoline lender only provides mortgage financing, which is its only business. It may also service its mortgage loans or purchase a portfolio of mortgages from another lender to service those loans.
What is a mortgage investment corporation (MIC)?
A mortgage investment corporation (MIC) is a pooled investment fund specializing in private mortgage lending. MICs are an asset class comprising corporate or individual investors who pool their money to lend out to individual borrowers in the form of syndicated mortgages.
What is a mortgage finance company (MFC)?
A mortgage finance company primarily aims to provide or service mortgage loans. It is a monoline lender solely providing mortgage loans to individuals. In addition, Canadian mortgage finance companies may purchase mortgages from another mortgage lender to service the mortgage loan. MFCs are non-deposit-taking financial institutions with cooperative and competitive relationships with chartered banks. They typically work through licensed brokers and provide access to prime and alternative lending solutions.
What is a mortgage company?
Mortgage companies in Canada primarily aim to provide or service mortgage loans. They may be a variety of provincial lenders, federal lenders, credit unions, or registered private lending syndicates. In addition, Canadian mortgage companies may purchase mortgages from the original mortgage lender to service the mortgage loan.
What is a mortgage corporation?
A mortgage corporation is a lender typically affiliated with a bank, with the primary objective of providing mortgage loans. A mortgage corporation may also be a subsidiary of a lender providing mortgage loans. In addition, Canadian mortgage corporations may purchase mortgages from another lender to service the mortgage loan.
What is a mortgage trust?
A mortgage trust can be a variety of mortgage products and service providers. A mortgage trust may also be a lender’s subsidiary providing mortgage loans. In addition, Canadian mortgage trusts can buy or sell mortgages, repackaging mortgages to reissue them as pooled investments.
What is a mortgage investment entity (MIE)?
A mortgage investment entity can be a mortgage pool or investment corporation. These entities typically pool Canadian diversified residential mortgages to repackage them as investments. The interest they receive from borrowers is paid out to unitholders as dividends, creating a tax advantage for Canadians who hold them.
What is an NHA-approved lender?
An NHA-approved lender refers to a lending institution designated as an approved lender by the Canada Mortgage and Housing Corporation (CMHC) under the National Housing Act (NHA). Only NHA-approved lenders may qualify for CMHC mortgage default loan Insurance. These institutions are approved to lend, underwrite, and administer CMHC-insured housing loans.
What is a mortgage syndicate?
A mortgage syndicate, also known as a syndicated mortgage, is a form of real estate secured lending (RESL) that involves multiple lenders, usually as separate or a group of individuals. In this type of mortgage, the risk is shared among the lenders, each exposed to risk proportional to their ownership.
What is a real estate investment trust (REIT)?
A real estate investment trust (REIT) is a company that owns a pool of residential, commercial or industrial income-generating real estate. They are publicly traded companies or private investments that allow you to invest in real estate without needing to manage properties. They pass their net income from collected rents as dividends to their unitholders, which is tax advantageous for the Canadian investor.
Why Choose nesto
At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.
nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.
Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.