Pine Mortgage is a relatively new digital mortgage lender that aims to streamline and modernize the home financing process for Canadian borrowers.
In this review, we will cover Pine’s key strengths as a B lender in Canada, including its mortgage offerings, rates, qualifications, and overall value proposition for 2025. With home prices on the rise, finding an affordable lender in Canada can make homeownership more accessible.
About Pine Canada Financial Corporation
Pine is a Canadian digital-first direct lender and mortgage broker founded in 2021. The company leverages technology to disrupt the traditional mortgage industry in Canada. Pine’s headquarters are in Toronto, specifically at 1 University Avenue, and the company functions primarily as a digital mortgage provider without physical branch locations.
The company positions itself as a “mortgage disruptor” with a mission to improve the ease, speed, and accessibility of the mortgage application process. Unlike traditional financial institutions that trade publicly, Pine remains privately owned and is not listed on stock exchanges. [Source]
What Mortgage Products Does Pine Offer?
Pine provides a focused selection of mortgage products designed to meet the needs of Canadian homebuyers and existing homeowners.
Pine New Purchase Mortgages
Pin Mortgages offers new mortgages for homebuyers with competitive rates across multiple term options. Pine’s purchase mortgages feature a streamlined digital application process. These mortgages require a minimum amount of $100,000, though no maximum limit is publicly specified.
Pine’s mortgage offerings include both fixed-rate and variable-rate options. Their fixed rates remain constant throughout the term, whereas their variable rates fluctuate in response to changes in the prime rate. Notably, Pine utilizes an adjustable rate structure for variable mortgages, which means payments change immediately in response to rate fluctuations, rather than triggering negative amortization issues.
Pine Mortgage Renewal
For existing mortgage holders approaching the end of their term, Pine offers renewal options through a fully digital process. The renewal process enables borrowers to secure current rates, potentially saving money if rates have decreased since their original mortgage was issued.
Pine Mortgage Refinance
Pine’s refinancing options enable homeowners to access their equity, secure lower interest rates, or modify their mortgage terms. To qualify for refinancing with Pine, borrowers must maintain a loan-to-value ratio of 80% or less. The maximum cash disbursement currently available through refinancing is $200,000.
Pine Mortgage Transfers
For borrowers looking to move their existing mortgage from another lender, Pine offers transfer options. This can be advantageous for those seeking better rates or more favourable terms without waiting for their current mortgage term to expire.
Pine HELOC
Pine provides Home Equity Line of Credit options, allowing homeowners to access the equity in their property on an as-needed basis. This revolving credit line differs from traditional mortgages in its flexibility and repayment structure.
Pine Mortgage Rates for 2025
As a digital direct lender, Pine Mortgage offers competitive interest rates that are comparable to or lower than those of major banks. Here are the latest posted mortgage rates with Pine:
Pine Fixed Mortgage Rates
Fixed mortgage rates offer stability and predictability, as the interest rate remains constant throughout the loan term, regardless of market fluctuations. Pine offers fixed terms ranging from 2 to 5 years, with the 5-year term currently offering the most competitive rate at 3.94%.
| Term | Fixed Rate |
|---|---|
| 2-year fixed | 6.24% |
| 3-year fixed | 4.04% |
| 4-year fixed | 4.44% |
| 5-year fixed | 3.94% |
Pine Variable Mortgage Rates
Pine’s prime rate is currently 4.95%. This prime rate serves as the foundation for Pine’s variable mortgage products, with either positive or negative spreads applied depending on the client’s risk profile.
| Term | Variable Rate |
|---|---|
| 5-year variable | 4.00% |
What Mortgage Features Does Pine Offer?
Pine offers several mortgage features designed to provide borrowers with flexibility and control. Understanding these features enables potential clients to assess how well Pine’s offerings align with their financial needs and mortgage management preferences.
Pine Mortgage payment privileges
Pine mortgage prepayment privileges allow borrowers to pay up to 20% of their original mortgage amount each year without facing a penalty. This reduces their debt more quickly and saves on interest when they have extra funds available. Pine requires a minimum payment of $100 for each prepayment, making it easier for most borrowers to make smaller additional payments. However, unlike some competitors, Pine does not provide a double-up payment option.
Payment flexibility
Pine allows payment frequency changes, enabling borrowers to align mortgage payments with their income schedule (weekly, bi-weekly, monthly, etc.). This flexibility facilitates personal financial management and can potentially reduce the overall interest paid over the mortgage term.
Interest compounding follows industry standards: semi-annual for fixed-rate mortgages and monthly for variable-rate mortgages.
120-day rate holds
Pine offers an industry-competitive rate hold period of up to 120 days, providing security during the property search process. The company also offers a rate float-down option, usable once during the hold period, which allows borrowers to secure a lower rate if market conditions improve before closing.
Mortgage Application with Pine
Here is an overview of what to expect when getting a mortgage with Pine:
Application
Pine’s online application can be completed in under 10 minutes. You will need to provide personal details, including income, debt, and property information.
Documentation
After applying, you will be required to upload any necessary documents, such as your ID, proof of income, and down payment sources.
Approval Criteria
To qualify for a Pine mortgage, you’ll need:
- Minimum credit score of 650
- Down payment of at least 5%
- GDS and TDS ratios within the threshold
Timeline
- Pre-approvals within 24 hours
- Final approval and underwriting in approximately 30 days
- Closing and funding timelines are flexible
Customer Support
Pine advisors provide guidance and expertise throughout the full mortgage application, approval, and funding processes. They can answer any questions borrowers may have about their applications.
What are the Drawbacks of Pine Mortgage to Consider?
Despite its advantages, Pine Mortgage has 5 limitations that potential borrowers should be aware of.
Digital-Only Limitations
The company operates exclusively online with no physical branch locations, which may disadvantage clients who prefer face-to-face interactions.
Geographic Restrictions
Geographic restrictions exclude residents of Quebec, Yukon, and the Northwest Territories from accessing Pine’s services.
Limited Product Options
Pine offers a more limited selection of mortgage terms compared to traditional banks and some digital competitors, with no one-year fixed term or variable terms shorter than five years available.
Property Type Restrictions
Investment property mortgages are not currently available through Pine, restricting options for real estate investors.
Service Considerations
The company has limited capacity for complex mortgage solutions, making it less suitable for unusual financial situations or specialized mortgage needs. Customer experiences may vary significantly depending on the assigned mortgage advisor, as indicated in online reviews.
Who is Pine Mortgage Best For?
Pine Mortgage caters to the needs of:
- First-time homebuyers – Pine focuses on making homeownership accessible with low rates and fees. The online process is well-suited for first-timers.
- Tech-savvy borrowers – Those who value a fast digital mortgage experience will appreciate Pine’s offering.
- Those seeking low rates – Pine’s highly competitive pricing makes financing more affordable.
- Mortgage renewals or refinances – Existing homeowners can also benefit from Pine’s low rates on a mortgage renewal or refinance.
Explore other popular mortgage lenders in Canada to see how Pine Mortgage competes with alternatives:
FAQs about Pine Mortgage
What fees does Pine charge?
Pine does not charge lender fees. Third-party fees for appraisals and legal costs may apply.
Does Pine service mortgages?
Yes, Pine services all mortgages, with borrowers making payments directly to Pine. Servicing is not outsourced.
Does Pine offer mortgages for investment properties?
No, Pine does not currently offer mortgages for investment properties. Their mortgage products are limited to primary residences and do not extend to income-generating real estate investments.
Is Pine a broker?
Pine functions as both a direct lender and a mortgage broker. The company has established partnerships with financial institutions but is also licensed as a lender.
Verdict on Pine Mortgage
For borrowers looking for an efficient and affordable mortgage experience in 2025, Pine Mortgage stands out as a top contender among digital lenders.
With competitive rates, fast online approvals, and no lender fees, Pine makes financing accessible. Partnership perks with Wealthsimple provide additional value.
First-time buyers and those who value digital convenience will appreciate Pine’s straightforward approach. While product selection is limited, common terms such as 5-year fixed and variable rates are offered at very attractive rates.
For those seeking a fully digital mortgage with low rates, Pine Mortgage is poised to disrupt the market in 2025 and beyond. This modern lender can make homeownership more affordable during a period of rising interest rates.
