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The Best Canadian Home Loans

Where Can You Get the Best Home Loans in Canada?

Have you ever wondered if you can apply for a mortgage online? The answer is a resounding yes! In fact, applying for a mortgage online in Canada is not only possible, but also a hassle-free, efficient way to get the best rates and terms.

In the past, only half of Canadians had ever even comparison-shopped for their mortgage online. In recent years, however, those numbers have surged. The days of filling out extensive mortgage application paperwork at a bank are a thing of the past. When it comes to applying for a mortgage online, the process is straightforward and user-friendly.

Saturday, May 25th

2024 Canadian Home Loan Reviews

Homewise Review Top Consumer Reviews Best-In-Class Blue Ribbon Award 5 Star Rating

Homewise

5 Star Rating Top Consumer Reviews Best-In-Class Blue Ribbon Award

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 Review 4.5 Star Rating

Nesto

4.5 Star Rating

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 Review 4 Star Rating

RatesDotCA

4 Star Rating

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 Review 3.5 Star Rating

Tangerine

3.5 Star Rating

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 Review 3 Star Rating

BMO

3 Star Rating

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 Review 3 Star Rating

Breezeful

3 Star Rating

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 Review 2.5 Star Rating

Mogo

2.5 Star Rating

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 Review 2.5 Star Rating

Loans Canada

2.5 Star Rating

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 Review 2 Star Rating

Scotiabank

2 Star Rating

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 Review 2 Star Rating

Meridian Credit Union

2 Star Rating

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.

Compare the Best Reviews

Continued from above...

Today, most big banks and even smaller credit unions allow you to apply and be approved for a home loan without setting foot in a local branch. There are also online-only platforms that can match you with even more competitive rates and terms than their big-name rivals, by matching you with vetted financial institutions in their network.

The journey of applying for a mortgage online begins with choosing a lender and submitting an initial application. Next, the lender may request additional documents to support your application prior to preapproval (or final approval). These could include such things as your ID, a credit report, proof of income, latest Notice of Assessment, and proof of assets. Having these documents handy will help to make sure there are no delays in the approval process.

But let's backtrack a bit. How do you know which lender to use for your mortgage? There are a lot to choose from. Here are a few tips for narrowing down the options:

  • Website functionality. How easy is it to find the information you need, complete your application online, and submit any required documents? Can you see some initial rate quotes and mortgage terms before creating an account? The online experience should leave you feeling like you're working with a knowledgeable, trusted advisor, not having to fend for yourself and hope you get it right.
  • Referral platform or directly funded. Are you looking to do a comparison of mortgage options across a wide variety of lenders? Or do you prefer to go directly to a well-known financial institution? There are pros and cons to either approach, but you may already have a preference for one over the other.
  • Reputation. What do other homeowners say about their experience with the referral service or the bank? Has it been evaluated favorably by the Better Business Bureau? Trustworthiness is of the utmost importance when making such a huge financial decision, so take the time to make sure you feel confident in the lender you ultimately select.

Applying for a mortgage online is the modern and efficient way to navigate the homebuying process, and the experts at Top Consumer Reviews have done the work to analyze today's most popular options for home loans in Canada. With 24/7 access to lenders, quick approval times, and the ability to skip bank trips, taking this process online offers unparalleled convenience. If you've got a decent credit score and the essential documentation at the ready, it's time to start your journey towards homeownership!

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Canadian Home Loan FAQ

You may feel unsure about applying for a mortgage online. The majority of Canadians still go the traditional route: going to their local bank for a home loan. But, there are many reasons you should consider being part of the newest trend and getting your home loan through an online lender. Your local bank will rarely give you multiple options for your mortgage, and they have little motivation to compete for your business. On the other hand, online mortgage providers in Canada can match you with multiple lenders who are very eager to work with you - and who will offer better rates and terms to earn your commitment. While it may seem unfamiliar or even a little scary, you can rest assured that there are many reputable, established Canadian lenders who can help you get the right mortgage for your home purchase - online!
It's not a requirement, but it gives you a big advantage when you're ready to make an offer. Getting pre-approval means that a lender has said that they'd be willing to give you a home loan, based on the information you gave them about your income and other particulars. Pre-approval helps you know how much house you can afford, and it communicates to the sellers that you're serious and qualified when you make an offer.
Most Canadians -80% to 84% - go with fixed-rate mortgages. Why are they so popular? They're stable, predictable, and you never get surprised with a higher interest rate (and higher payments). With variable-rate home loans, your rates could go up (or down) at any time. If you know you're not going to stay in your home for a long time, a variable-rate mortgage may save you money - if you're willing to take the risk that it could cost you more, too.
Closed mortgages can't be repaid in full before the end of the loan term without incurring a penalty. Open mortgages can. Why would anyone choose a closed home loan, then? Simple: they have much lower interest rates. You would probably choose an open mortgage only if you're planning on flipping a house or if you know you're going to be able to pay it off in full in the near future (e.g. you're getting an inheritance or other influx of cash).
Canadian law says that you have to put down at least 5% when taking out a mortgage. Also, if your down payment is below 20%, you'll have to pay for mortgage insurance: a monthly fee added to your mortgage payment. Those payments can be removed in the future once you've built up enough equity in your home.
If you have a portable home loan, it allows you to transfer it to a different home in the future with no penalties. Unless you plan on staying in your home for the entire length of your loan (10, 15, 20 years), it's a good idea to look for a lender offering portable mortgages. Just be aware that some lenders don't allow you to move your mortgage across provinces.
Your pre-approval can usually be completed in 24-72 hours, but that's just the first step. Once you've made an offer on a home and been accepted by the seller, most of the timing depends on a variety of factors. How quickly is the seller trying to close? Are you selling another home and making your purchase contingent on that sale? How fast can the required inspections and appraisals be completed? Work closely with your realtor and your lender to keep things progressing, and don't hesitate to ask for updates if you're feeling anxious about how fast (or slow) your process seems to be moving.
That's a smart question to ask. Buying a home costs more than just your down payment and the mortgage itself. Your purchase could also include an appraisal fee, home inspection, land transfer taxes, property insurance (paid monthly or annually), title insurance, and fees for real estate lawyers. Ask your realtor about typical closing costs for homes in the price range you're considering, and make sure to factor that estimate in when you're calculating how much you can afford.
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