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Nesto saves you time and money by:

• Offering the lowest mortgage rate for your situation from the start of your application process.
• We provide a 100% digital mortgage application process.
• Our mortgage experts are accredited mortgage professionals across Canada.
• We offer a 1% cashback option on all our mortgage solutions.
• We offer a 150-day rate hold option on the most popular mortgage solutions.

Other lenders may:

• Only offer a maximum of 120-day rate hold option.
• Require you to negotiate or take on additional products to get the lowest rate.
• Require a visit to their branch or location.
• Are not required to have accredited mortgage professionals.
• Not offer cashback options throughout the year.

Did you know that mortgage rates are sold at a premium? Simply put, all brokers and bank mortgage specialists have wiggle room regarding the mortgage rates they offer you. For the same mortgage product from any institution, there are usually 3 tiers for rates:

• A floor rate: the absolute minimum rate the bank can offer a given client.
• A middle rate: the rate you will likely be offered first, which is not great, but not too bad either. Brokers and mortgage specialists usually offer this first, and hope you’ll accept it without much thought.
• A high rate: this is the posted rate on most big banks’ websites. Lenders offer you this rate if they see you as a risky borrower, but their posted rate will always be used to calculate your penalty if you break your mortgage.

In order to offer you the floor rate, a broker or mortgage specialist would have to give away a portion or all of their commission. Few lenders, banks or brokers are willing to go there; hence why you normally have to go bank-to-bank, broker-to-broker to finally get close to the floor rate.

At nesto, we believe in offering you the best rate from the start.

Great news, if you’re looking for a pre-qualification or mortgage approval, our online mortgage platform will allow you to complete the entire process virtually, meaning you can get prequalified or approved quickly without sitting on hold on the phone.

Of course, if you’ve found the perfect property and are shopping for a rate, the next step once you’ve completed your online application would be to speak with one of our mortgage experts to lock in the best rate that aligns with your unique mortgage needs.

A renewal normally occurs once your mortgage term ends and you have not fully paid off the mortgage loan. Sometimes a borrower would renew early in favour of lower rates. Renewing with your current lender means accepting new terms on the same borrowed money. Renewing with a new lender means paying off the existing balance with a new mortgage and no increase to your remaining balance and amortization.

A refinance typically occurs when you extend your mortgage balance or amortization, or change title holders on the property. You could use this extended balance to complete a debt consolidation or take out equity. The additional balance could be added to your mortgage as a HELOC, another mortgage or simply a larger mortgage. A refinance could also occur if you extend your mortgage remaining amortization (life) or add/remove someone from your property’s title. Refinance rates are often slightly higher than renewal rates.

Mortgage Renewal vs Refinance: Which To Choose?

Your current mortgage with Canada Life remains in force until your contractual maturity date. At maturity, nesto will contact you with a personalized mortgage offer.