Home Trust Mortgage Reviews

With housing affordability continuing to be a major concern in Canada, finding the right lender to fit your unique financial situation is more important than ever. Beginning its journey in 1997, Home Trust has positioned itself as a strong B-lender for Canadians who might otherwise struggle to secure mortgage financing through traditional channels.

Whether you’re self-employed with fluctuating income, have bad credit, or are new to Canada with limited credit history, Home Trust offers mortgage solutions that traditional banks often don’t.

What is Home Trust Mortgage?

Its headquarters are in Toronto, with regional offices strategically located in Vancouver, Calgary, Montreal, and Halifax. This geographic distribution enables Home Trust to serve customers across Canada; however, they do not currently offer mortgage services in the Yukon or the territories.

The company specializes in offering mortgages, credit cards, and other financial services to clients with unique financial situations that may not qualify for traditional bank loans, and also offers competitive options for those with strong credit profiles.

Home Trust Mortgage is best for:

• Self-employed borrowers– Serve entrepreneurs and contract workers with non-traditional income streams.
• Newcomers to Canada – Offer mortgages to new immigrants or foreign workers with limited local credit history.
• Damaged credit scores – Provide financing for those with past bankruptcies or credit problems.
• First-time homebuyers – Flexible qualifying criteria help those entering the housing market.
• Investment property buyers – Alternative lending for residential real estate investors.

What Mortgage Products Does Home Trust Offer?

Home Trust offers the following mortgage options:

A review of Home Trust mortgages, an alternative Canadian lender specializing in financing for those with past credit issues or non-traditional income sources like self-employment.

Home Trust Classic Mortgage

Home Trust’s flagship mortgage product is the Classic mortgage. It is designed for alternative lending and requires a minimum down payment of 20%. It is well-suited for those unable to qualify with a traditional lender.

• Self-employed individuals who may have difficulty documenting consistent income
• Borrowers who have experienced previous financial difficulties
• People with limited or no established credit history
• Newcomers to Canada who haven’t yet built a substantial credit profile

Terms range from one to five years, with both fixed-rate and variable-rate options available. The maximum amortization period extends to 30 years, offering flexibility for borrowers who need lower monthly payments.

Home Trust Accelerator Program

Although Home Trust is primarily known for alternative lending, they also offer the Accelerator Program mortgage for clients with good credit and provable incomes. This high-ratio insured mortgage option comes with competitive rates more aligned with what major banks offer.

Key features of the Accelerator mortgage include:

• Minimum down payment of 5% (for homes under $500,000)
• Maximum amortization period of 25 years
• Maximum purchase price of $1 million
• Fixed-rate terms from one to five years

Other Mortgage Products

Besides the 2 main products, Home Trust offers a wide range of mortgage solutions:

• Mortgage renewals and refinancing – You can renew an existing Home Trust mortgage upon maturity or refinance your mortgage with them to access home equity or secure a better rate.
• Small commercial mortgages – In addition to residential mortgages, Home Trust provides financing for small mixed-use and commercial properties.
• Equityline Visa – Unlike a HELOC, this Home Trust product provides a revolving line of credit secured against your home equity via a Visa credit card. It gives approved property owners access to low-interest credit.

What Are the Current Home Trust Mortgage Rates?

Home Trust’s rates are generally higher than the major banks’ rates but lower than subprime mortgages.

Home Trust Fixed Mortgage Rate

The company offers fixed-rate mortgages with terms ranging from one to five years.

For context, let’s compare some sample rates (note that these are illustrative based on data from the reference documents and may not reflect current rates):

Term	Home Trust Rate	Lowest in Canada
1-Year Fixed	6.09%	4.79%
2-Year Fixed	5.39%	4.19%
3-Year Fixed	6.05%	3.79%
4-Year Fixed	5.99%	4.24%
5-Year Fixed	6.09%	3.79%

Home Trust Variable Mortgage Rate

Home Trust’s variable rate mortgage is only available with their Classic (alternative) mortgage product. These variable rates are based on the Home Trust prime rate, which currently stands at 4.95%.

Key Features and Benefits of Home Trust Mortgages

Now that we’ve covered the basics of Home Trust’s offerings and rates, let’s explore the key features and benefits of their products.

Payment Flexibility

You can customize your mortgage payments for faster debt repayment. Options include:

• Increase the standard payment up to 20%
• Make lump sum payments up to 20% of the principal annually
• Select from bi-weekly or accelerated bi-weekly payments

Mortgage transfers

This allows you to transfer or port an existing mortgage from another lender to Home Trust. Some conditions may apply.

Access Home Equity

The Home Trust Equityline Visa provides approved homeowners a line of credit secured against their property value, offering access to equity without refinancing.

What Property Types Can You Finance With Home Trust?

Home Trust provides mortgage financing for a variety of residential and mixed-use property types, giving borrowers flexibility in their real estate investments. Properties eligible for Home Trust mortgage financing include:

• Single-family homes
• Condominiums
• Duplexes/Triplexes
• Residential rental properties
• Mixed-use residential/commercial buildings

Home Trust does not finance mortgages for co-op housing, mobile homes, or student housing. These may come with unique ownership structures or higher turnover rates that don’t align with Home Trust’s lending model.

How to Apply for a Home Trust Mortgage?

You have three options to submit a mortgage application with Home Trust:

• Online application – Fastest method, available on their website
• Phone application – Speak with a mortgage agent
• Through a broker – Use an independent mortgage broker

While Home Trust does not offer pre-approvals, its direct channels and broker network provide specialized support.

Explore more prominent lenders in Canada to decide what is the best choice for your mortgages

• MCAP Mortgage
• RFA Mortgage
• Spring Financial
• RBC Mortgage
• TD Mortgage
• Scotiabank Mortgage
• Desjardins Mortgage

FAQs about Home Trust Mortgage

Closing Thoughts: Is Home Trust the Right Lender For You?

For Canadians with past financial problems or non-traditional employment, Home Trust represents a viable alternative for mortgage financing. While customer service ratings are mixed, they fill an important niche between mainstream banks and private lenders.

Consider Home Trust if you:

• Have a low credit score or past bankruptcy
• Are self-employed with commission or seasonal income
• Are new Canadians with limited local credit history

However, the major banks offer more mortgage diversity, competitive discounts, and streamlined pre-approvals. For strong credit applicants, larger lenders may provide better mortgage deals and service.

Compare multiple rate quotes and speak to a broker to determine if Home Trust is the optimal lender for your unique financial situation. While not for everyone, their alternative mortgages provide flexible options for underserved segments of the Canadian population.

Article Sources

1. Home Trust Mortgage Review – Forbes