| 5-YR FIXED | 5-YR VAR | HELOC | B-LENDERS | 2ND MTG | PRIVATE |
|---|---|---|---|---|---|
| 4.84% | 5.95% | 7.7% | 8.99% | 10.49% | 13.99% |
You deserve a great rate.
We help you search for Canada’s home loans by answering a few simple questions. Our process eliminates inflated interest rates, fees, and unnecessary time-wasting. A home loan doesn’t have to be so complicated.
Your rate will be different depending on your credit score and other factors. To get personalized rates and a mortgage recommendation designed for you, select Find Me A Deal and we’ll do the rest.
We are the best home loan search provider.
We’re not just one of Canada’s first truly digital home loan comparison providers. We’re also a platform that actually makes sense – a simple process with no nonsense, no jargon, and no asterisks. It’s about time.
| Excellent |  | 4.5 out of 5 | 617 Reviews |
Save time
We put you in touch with real lenders based on your situation, not a bunch of bait-and-switch low rate offers so your home loan approval comes faster.
Save cash
There are no fees for most home loans and borrowers, if any fees are involved, our panel of lenders has the lowest fees in the home loan marketplace.
Choice of Lenders
Get your loan on your own terms with a vested selection of consultants, a fast and convenient process with expert advice when you want help.
CREATIVE FINANCING
Wondering what-ifs, have the confidence knowing that you can borrow what you need based on your unique credit situation. Yes! We can find lenders for you.
Ditch paperwork
By evaluating your information and connecting you with several lenders, we can help match you with the best lenders as uniquely as your finances.
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So how much does it cost for a $500k mortgage with a 25-year amortization?
Brokers Best Rates
| Term | Fixed | Est. Payment | Variable | Est. Payment | |
|---|---|---|---|---|---|
| 1-yr | 3.38% | $2465 | Inquire | ||
| 2-yr | 3.68% | $2544 | Inquire | ||
| 3-yr | 4.99% | $2905 | 6.30% | $3289 | Inquire |
| 5-yr | 4.84% | $2862 | 5.95% | $3184 | Inquire |
PAYMENT SHOWN IS BASED ON 500K MORTGAGE AND 25-YEAR AMORTIZATION
Last updated: Friday, February 2, 2024 5:45 AM EDT
ABOUT HIGH RATIO RATES
A high ratio mortgage is a type of mortgage in which a borrower places a down payment of less than 20% of the purchase price on a home. Another way of phrasing a high ratio mortgage is one with a loan to value ratio of more than 80%. A mortgage with more than a 20% down payment is called a conventional mortgage. A high ratio mortgage will require mortgage insurance. Mortgage insurance is usually purchased by the lender through one of Canada’s three default insurers.
Banks Best Rates
| Term | Fixed | Est. Payment | Variable | Est. Payment | |
|---|---|---|---|---|---|
| 1-yr | Inquire | ||||
| 2-yr | Inquire | ||||
| 3-yr | 4.99% | $2905 | Inquire | ||
| 5-yr | 4.84% | $2862 | 5.95% | $3184 | Inquire |
PAYMENT SHOWN IS BASED ON 500K MORTGAGE AND 25-YEAR AMORTIZATION
Last updated: Friday, February 2, 2024 5:45 AM EDT
WHY HIGH RATIO RATES ARE OFTEN LOWER THAN CONVENTIONAL MORTGAGE RATES
With mortgage default insurance, a high ratio mortgage can be obtained with a down payment of as little as 5% of the purchase price. The ability to use mortgage insurance as a replacement for a higher down payment opens the housing market to a great many people.
Here’s the monthly payment for a $100k private mortgage.
| Type | Term | Rate | Fees | Est. Payment | |
|---|---|---|---|---|---|
| HELOC | Revolving | 7.7% | Varies | $744 | Inquire |
| Monoline Lender | 1-yr | 8.99% | Yes | $827 | Inquire |
| Second Mortgage | 1-yr | 10.49% | Yes | $928 | Inquire |
| Private Lender | 1-yr | 13.99% | Yes | $1173 | Inquire |
PAYMENT SHOWN IS BASED ON 100K MORTGAGE AND 25-YEAR AMORTIZATION
Last updated: Friday, February 2, 2024 5:45 AM EDT
What is a PRIVATE mortgage?
A private mortgage is a home loan with risk factors and terms that differ from conventional, fixed-rate mortgages and may come with higher interest rates and placement fees. In addition, there are several types of these alternatives available to home-buyers who can’t meet the requirements of a traditional mortgage.
Disclaimer: Mortgage rates shown are collected from several online and offline sources. Rates are for illustration purposes only. All mortgages are subject to credit approval. Rates are subject to change daily and without notice. The rates shown are indicative of market conditions and individual qualifications. Rates will vary upon the term, loan type, credit score, purpose, and loan-to-value. Rates and payments are based on the following assumptions: high-ratio 95% LTV, 700+ beacon or credit score, single-family dwelling based in Toronto, ON, owner-occupied, purchase mortgage transaction, $500k+ mortgage amount, and a 25-year amortization. This is not an offer for a mortgage. Best Mortgage Online does not represent any lender and is not authorized to originate home loans.
YES! WE CAN HELP YOU.
We connect thousands of Canadians each month with the right mortgage experts.
We are helping thousands of qualified customers and first-time homebuyers connect with some of the best home loan consultants to find awesome mortgage solutions at the lowest possible rates.
If you don’t fit the conventional requirements, mortgage brokers are matchmaking professionals whose aim is to connect homebuyers and homeowners with these unique home loan solutions.
Have a question? We have answers.
If you can’t find what you’re looking for. Please get in touch
Are you a bank or a mortgage broker?
Neither! We are actually the best of both services. We’re a broker-backed financial technology provider. In other words, a comparison website with access to a panel of lenders. Our panel of mortgage brokers provides you access to many lenders, while our bank mortgage specialists provide you access to products available through a single bank. The products and services available through our lender panel will vary by region, terms, rates, and conditions.
What happens after I’ve completed the search for lenders?
When you’re done with the search (either for refinancing or purchasing), you’ll receive an email from us with the next steps, along with our list of recommended consultants. After which one or several home loan consultants will contact you to make their recommendations and offers. The next step is for you to decide which lender or offer you would like to proceed with further. Our lending panel consists of qualified, licensed, and experienced lenders, bankers, and mortgage brokers that can offer you the best deals in the marketplace.
Is entering my personal details safe?
It’s really safe. We think our way of evaluating your basic information is by far safer and more convenient than completing a typical full mortgage application without knowing your options upfront.
Am I eligible for a home loan?
- To be refinancing or purchasing a property (not bare land or farmland).
- To be purchasing a home in a major city or major regional centre with a population of 5000 people or more.
- At least a 5% deposit or equity, plus savings to cover fees and charges, such as the land transfer tax. If you have less than a 20% deposit, you’ll need to pay Lenders’ Mortgage Insurance (CMHC or equivalent).
- To be borrowing at least $10K for refinancing or $50K for purchasing but no more than $2M; amounts greater than $2M available for commercial mortgages.
- To be purchasing a property, currently employed, either with a paystub or self-employment to get started. For refinancing, while unemployed or under-employed, you may be able to get a home loan through a private lender.
- At least one form of government ID, such as a passport, driver’s licence and/or a supporting secondary ID.
- To be a Canadian citizen or permanent resident, and live in Canada.
What our customers are saying
Jan 19, 2021
Ms. Beverly A., BC
Smooth process, excellent customer service
The initial process of seeking a home loan online was very simple and smooth. Although they were a little slow getting back to us, as they were extremely busy, once we sent them an email following up on the status our consultant was extremely prompt and helpful.
Once we were ready to go ahead with the submission, they got back to us with the approval straight away and have been very helpful throughout the remainder of the process. Not only have we gotten a great rate, but they also made the whole thing as painless as possible. I would highly recommend it.
Nov 29, 2020
Mr. Robert M., BC
Our mortgage refinancE process has been easy…
We’ve been contemplating refinancing my loan for a while but found it was too hard as my wife was self-employed so experience generally was very painful with never-ending requests for information. We found our consultant knowledgeable, organized and transparent with a quick turnaround to a decision.
Update: I applied for the loan with one of the recommended consultants on July 30 and settlement has now been set for September 2, 5 weeks. One of those weeks was my “fault” as I took that long to look over the documents and so it is really 4 weeks on their end.
Apr 17, 2019
Mrs. Leslie K., AB
Careful research revealed mortgage broker of choice
I had looked closely at my various options to take out a mortgage hoping that I would receive the best deal with my current and long-term bank. However, despite decades of proven banking performance and responsibility, my current bank failed to even get close to what the consultant was able to offer and deliver.
Ultimately, I selected one of the recommended consultants to work with. It’s a two-way street. A straightforward and logical process was conducted online or by phone presented and delivered to ensure the business was ethical and practical for both sides.
Sep 5, 2019
Mr. James S., ON
Simple, easy for first-time homebuyers
I am a first home buyer that’s pretty busy with life who wanted a quick and easy mortgage process. After speaking with friends and family, I was told it didn’t exist but “Best Mortgage” was exactly that. They put me in touch with several consultants before I selected the one that I liked.
Positives:
• Easy to understand offers from several providers
• Picked who to work with while still getting the best rates.
• Friendly home loan consultant to assist whenever needed
Negatives:
• Nil
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