The Best Canadian Home Loans

Sunday, February 9th

2025 Canadian Home Loan Reviews

Homewise

In just a few short years of brokering mortgages online in Canada, Homewise has ascended to the pinnacle of the industry, helping fund over $16 billion in home loans. The referral platform simplifies the process of understanding, pre-qualifying, and securing approval for a home mortgage - a big plus for newcomers and experienced homeowners alike. Working with Homewise provides you with a streamlined experience, offering comprehensive access to over 30 lenders nationwide. Supported by a team of dedicated home advisors, Homewise diligently works to negotiate the best rates on a mortgage that will fit your needs. With its user-friendly approach and extensive network, Homewise once again claims our top spot among mortgage providers in Canada, earning our most enthusiastic recommendation.

Nesto

Nesto is a digital mortgage platform in Canada, evolving over the last few years from a broker to an end-to-end mortgage platform, and saving Canadians thousands on their mortgages. With over 300 advisors nationwide and features like securing rates for up to 150 days, a low-rate guarantee, and a 1% cashback option, it's easy to see why Nesto has brought in over 1,000 5-star reviews and lots of praise for its customer service. This lender has emerged as a newcomer with huge potential for continued success in the Canadian mortgage industry, thanks to its innovative approach and commitment to transparency. Nesto has earned a very high rating and our enthusiastic recommendation.

RatesDotCA

RatesDotCA, with over 20 years of experience, is a trusted resource for making informed financial decisions. Partnering with over a dozen well-known lenders and many smaller ones, they provide competitive home loan rates, with upfront quotes on their main mortgage page. While you may not always be able to directly click through to apply for the home loan quotes you're shown, RatesDotCA's transparency, "A+” rating from the BBB, and positive customer reviews make it a strong starting point for your mortgage search in Canada.

Tangerine

As a subsidiary of The Bank of Nova Scotia and formerly known as ING, Tangerine positions itself as a reliable home loan option. Tangerine offers competitive upfront interest rates, guaranteed for 120 days, but to see your loan offers, you'll need to become a Tangerine client, a process that involves thorough identity verification. While Tangerine has some perks like dedicated support, flexible prepayment options, and portable mortgages with no penalties, it faces criticism, reflected in its BBB rating of "F" and 1-star reviews that mention communication challenges and disputes. While Tangerine is competitive, customer feedback suggests an opportunity for improvement in the overall mortgage experience. We'd call Tangerine a little better than average, especially as a bigger bank, but encourage you to check out the competition too.

BMO

Considering a home loan in Canada? BMO, one of the nation's largest financial institutions, founded in 1817, is ready to assist you. Whether you're purchasing, refinancing, switching, or renewing your mortgage, BMO offers a variety of options. With over 900 in-person branches and an accessible online platform, BMO provides a convenient hybrid approach. You can take advantage of features like a 130-day mortgage rate guarantee and accelerated payment options. Keep in mind that BMO's reputation is mixed, with customer feedback sometimes highlighting issues such as poor service and unresponsiveness in mortgage-related matters. If you value the all-in-one convenience of having your finances in a single place, BMO might be a suitable option; otherwise, we'd recommend exploring higher-rated services for Canadian home loans.

Breezeful

Breezeful, established in 2019 with the backing of Y Combinator, is an online mortgage broker available throughout Canada, aiming to secure the best rates and terms for your home loan. The platform connects you with a network of 30+ lenders, offering services for various mortgage needs, from new purchases to refinancing and renewals. But, you won't get an idea of your mortgage options until speaking with a Breezeful representative, making it less "online" than competitors. Despite the platform's potential, it lacks recent customer reviews and a BBB listing, raising questions about its market presence compared to rival services offering both online quotes and advisor assistance.

Mogo

Mogo, a Vancouver-based fintech company, acts as your intermediary, connecting you with financial partners for services like mortgages. Operating exclusively online since 2003, they offer various financial products, including free credit score monitoring. To qualify for a home loan here, you need a credit score of at least 640 and a minimum 5% down payment, and MogoMortgage only serves BC, AB, MB, ON, NB, NS, PE, or NL residents. Despite being rated with an "A-” by the BBB, mixed reviews hint at Mogo's limitations. Mogo doesn't rank as a top choice for extensive mortgage offerings, considering the established alternatives available nationwide.

Loans Canada

Loans Canada, a nationwide referral platform operational since 2012, serves as an educational resource for those new to the Canadian home loan scene. Offering valuable insights into mortgage-related topics and with an "A+" rating and accreditation from the Better Business Bureau, Loans Canada aims to provide a clear understanding of various loans, including home, personal, and car loans. While Loans Canada theoretically connects users with lenders, the lack of transparency soon becomes evident, with matches to unfamiliar companies and no details on rates, terms, or background information on lenders provided in advance. Use this site to get a feel for mortgages in general, but Loans Canada doesn't really keep up with its better-ranked rivals as an efficient loan-finding experience.

Scotiabank

Scotiabank, in operation for nearly 200 years, offers its online mortgage experience through its eHOME platform. Despite Scotiabank's enticing perks like waived fees, our evaluation encountered hurdles, and the bank's "F" rating from the BBB comes from an unreasonable number of unanswered complaints including account mismanagement and delays in document transfers during mortgage switches. We wish we could recommend Scotiabank on name alone, but the bank continues to be outranked by most Canadian home loan alternatives out there.

Meridian Credit Union

Meridian, Ontario's largest credit union, offers various mortgage products, including unique options like the "Friends and Family" home loan that allows up to four individuals to share a mortgage. With diverse payment frequencies, the ability to skip payments once a year, and a cash advance option of up to 5%, Meridian provides attractive perks. However, despite Meridian's "A-” rating from the BBB, client reviews indicate issues with payments, property taxes, and inadequate customer service, particularly in the mortgage application process. Additionally, Meridian is limited to Ontario residents, unavailable for those in other provinces. While offering some appealing features, the credit union's customer service concerns and regional constraints lead to a give them a lower rating.