{"id":23388,"date":"2024-02-15T14:37:47","date_gmt":"2024-02-15T19:37:47","guid":{"rendered":"https:\/\/www.zolo.ca\/blog\/?p=23388"},"modified":"2024-07-02T13:13:58","modified_gmt":"2024-07-02T17:13:58","slug":"best-mortgage-lenders-in-canada-2024","status":"publish","type":"post","link":"https:\/\/www.zolo.ca\/blog\/best-mortgage-lenders-in-canada-2024","title":{"rendered":"Best Mortgage Lenders in Canada 2024"},"content":{"rendered":"\n\n\n<p>Buying a home is one of the most important financial decisions you\u2019ll make in your life. The amount of money you borrow for your home and the interest rate you get may determine your budget and will impact which home you purchase. For this reason, you must shop around to find the best mortgage rate possible by looking through the best mortgage lenders in Canada until you find the right loan for your situation.<\/p>\n\n\n\n<section class=\"bg-white border-t border-b border-blacklight my-12 md:my-16 sticky md:relative top-0 md:top-auto z-10 md:z-auto alignwide  wp-block-zolo-block-toc \" aria-hidden=\"true\"><div class=\"wrapper relative max-w-2xl mx-auto md:py-8 flex flex-col flex-shrink-0 max-h-screen md:max-h-none\"><input type=\"checkbox\" id=\"toc-toggle\" class=\"hidden\"\/><label for=\"toc-toggle\" class=\"flex justify-between cursor-pointer md:cursor-auto py-4\"><div class=\"toc-title leading-normal font-medium m-0\">In this article<\/div><svg class=\"w-6 h-6 fill-current text-blue md:hidden transition-transform duration-150 ease-in-out\" viewbox=\"0 0 24 24\"><path d=\"M22 12c0-5.5-4.5-10-10-10S2 6.5 2 12s4.5 10 10 10 10-4.5 10-10zM6.9 10.9l1.4-1.4 3.7 3.7 3.7-3.7 1.4 1.4L12 16l-5.1-5.1z\"><\/path><\/svg><\/label><nav id=\"toc-nav\" class=\"zolo-toc-nav max-h-0 md:max-h-full overflow-y-auto scrollbar-hidden overscroll-none\"><ul class=\"zolo-toc-list my-4\"><li><a class=\"entry-title no-underline hover:underline\" href=\"#the-best-mortgage-lenders-in-canada\">The Best Mortgage Lenders in Canada<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#best-mortgage-lenders-for-low-rates\">Best Mortgage Lenders for Low Rates<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#the-best-mortgage-lenders-for-first-time-homebuyers\">The Best Mortgage Lenders for First-Time Homebuyers<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#best-mortgage-lenders-for-bad-credit\">Best Mortgage Lenders for Bad Credit<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#what-to-look-for-with-a-home-mortgage-lender\">What to Look for with a Home Mortgage Lender<\/a><\/li><li><a class=\"entry-title no-underline hover:underline\" href=\"#where-to-get-mortgage-pre-approval\">Where to Get Mortgage Pre-Approval<\/a><\/li><\/ul><\/nav><\/div><\/section>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-best-mortgage-lenders-in-canada\">The Best Mortgage Lenders in Canada<\/h2>\n\n\n\n<p>Numerous mortgage lenders exist in Canada, so you have plenty of options to review before taking out a home loan. While some homebuyers focus only on low rates, others consider the lender\u2019s reputation, different loan offers, fees, and prepayment options. We\u2019ve compiled our list of the best mortgage lenders in Canada, and some of their defining characteristics.<\/p>\n\n\n\n<div id=\"footable_parent_23391\"\n         class=\" footable_parent ninja_table_wrapper loading_ninja_table wp_table_data_press_parent semantic_ui \">\n                <table data-ninja_table_instance=\"ninja_table_instance_0\" data-footable_id=\"23391\" data-filter-delay=\"1000\" aria-label=\"Best Mortgage Lenders in Canada\"            id=\"footable_23391\"\n           data-unique_identifier=\"ninja_table_unique_id_4129338232_23391\"\n           class=\" foo-table ninja_footable foo_table_23391 ninja_table_unique_id_4129338232_23391 ui table  nt_type_legacy_table hide_horizonal_borders hide_vertical_borders striped compact vertical_centered  footable-paging-right ninja_table_search_disabled ninja_table_pro\">\n                <colgroup>\n                            <col class=\"ninja_column_0 \">\n                            <col class=\"ninja_column_1 \">\n                            <col class=\"ninja_column_2 \">\n                            <col class=\"ninja_column_3 \">\n                            <col class=\"ninja_column_4 \">\n                    <\/colgroup>\n        <thead>\n<tr class=\"footable-header\">\n                                                                                        <th scope=\"col\"  class=\"ninja_column_0 ninja_clmn_nm_mortgage_lender \">Mortgage Lender<\/th><th scope=\"col\"  class=\"ninja_column_1 ninja_clmn_nm_best_for \">Best For<\/th><th scope=\"col\"  class=\"ninja_column_2 ninja_clmn_nm_mortgage_rates \">Mortgage Rates<\/th><th scope=\"col\"  class=\"ninja_column_3 ninja_clmn_nm_refinance \">Refinance?<\/th><th scope=\"col\"  class=\"ninja_column_4 ninja_clmn_nm_heloc \">HELOC?<\/th><\/tr>\n<\/thead>\n<tbody>\n\n        <tr data-row_id=\"17052\" class=\"ninja_table_row_0 nt_row_id_17052\">\n            <td>Tangerine<\/td><td>Low rates, portable mortgage<\/td><td>Low<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17053\" class=\"ninja_table_row_1 nt_row_id_17053\">\n            <td>Motusbank<\/td><td>Low rates, shared mortgages<\/td><td>Low<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17054\" class=\"ninja_table_row_2 nt_row_id_17054\">\n            <td>National Bank<\/td><td>Self employed Canadians<\/td><td>Higher<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17055\" class=\"ninja_table_row_3 nt_row_id_17055\">\n            <td>Scotiabank<\/td><td>First-time homebuyers looking for unique mortgage products<\/td><td>Similar to major banks<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17056\" class=\"ninja_table_row_4 nt_row_id_17056\">\n            <td>TD Bank<\/td><td>First-time homebuyers looking for assistance, Canadians who want to speak in person<\/td><td>Similar to major banks<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17057\" class=\"ninja_table_row_5 nt_row_id_17057\">\n            <td>RBC<\/td><td>First-time homebuyers looking for guidance<\/td><td>Similar to major banks<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17058\" class=\"ninja_table_row_6 nt_row_id_17058\">\n            <td>CIBC<\/td><td>First-time homebuyers<\/td><td>Similar to major banks<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n            <tr data-row_id=\"17059\" class=\"ninja_table_row_7 nt_row_id_17059\">\n            <td>BMO<\/td><td>Locking in your mortgage rate<\/td><td>Similar to major banks<\/td><td>\u2705<\/td><td>\u2705<\/td>        <\/tr>\n    <\/tbody><!--ninja_tobody_rendering_done-->\n    <\/table>\n    \n    \n    \n<\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\" id=\"best-mortgage-lenders-for-low-rates\">Best Mortgage Lenders for Low Rates<\/h2>\n\n\n\n<p>Even though interest rates are currently up due to the Bank of Canada&#8217;s rate hikes to cool off stubborn inflation figures, some mortgage lenders are traditionally known for offering lower rates than others. Lower mortgage rates usually means you\u2019ll have a lower monthly mortgage payment or can afford a higher purchase price. These are the best mortgage lenders in Canada for those looking for the lowest rate possible.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Tangerine<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"251\" height=\"251\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/2.png\" alt=\"tangerine mortgage lender\" class=\"wp-image-23399\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> Lower<\/li><li><strong>HELOC:<\/strong> Yes, available at 7.70%<\/li><li><strong>Why we like it:<\/strong> Your rate is guaranteed for up to 120 days. Your mortgage is portable, and you can take it with you. You also get a dedicated account manager as soon as you apply. You can make a lump sum prepayment of up to 25% of your original mortgage amount. Additionally, you can increase your regular mortgage payments by up to 25% on any given payment date.<\/li><li><strong>Not the best for:<\/strong> Those looking for in-person service since it\u2019s an online bank.<\/li><\/ul>\n\n\n\n<p>It shouldn\u2019t be surprising to see <a href=\"https:\/\/www.tangerine.ca\/en\/personal\/borrow\/mortgage\">Tangerine<\/a> listed as the best mortgage lender in Canada for low rates. Tangerine is one of the best banks for rates across its products, offering competitive savings account promotions, no-fee banking, and the best mortgage offers.<\/p>\n\n\n\n<p>Another feature that helps Tangerine stand out is that Tangerine mortgages are portable. A portable mortgage means you can take your mortgage with you if you decide to move. You can keep your current rate, term, and loan amount. This unique Canadian mortgage feature also comes with no penalties.&nbsp;<\/p>\n\n\n\n<p>You\u2019re also assigned a dedicated account manager when you fill out your digital application. All these benefits make it clear that Tangerine is one of the best mortgage lenders in Canada if you want lower rates and better terms.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">BMO<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"239\" height=\"240\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/3.png\" alt=\"bmo mortgage lender\" class=\"wp-image-23400\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing: <\/strong>Yes<\/li><li><strong>Mortgage rates:<\/strong> About the same as other big banks<\/li><li><strong>HELOC:<\/strong> Yes<\/li><li><strong>Why we like it:<\/strong> You can lock in your mortgage rate for 130 days. Accelerated payment options to pay off your mortgage faster. A mobile mortgage specialist will come to you.<\/li><li><strong>Not the best for:<\/strong> Not available through mortgage brokers. You must apply directly through BMO.&nbsp;<\/li><\/ul>\n\n\n\n<p>While the major banks in Canada don\u2019t usually offer the same low rates that you could find with an online bank, they do have certain benefits that you won\u2019t find anywhere else. Even though <a href=\"https:\/\/www.bmo.com\/main\/personal\/mortgages\/\">BMO<\/a> doesn\u2019t have the lowest rates, you can lock in your rate today for the next 130 days. Based on how interest rates have shifted throughout the last few years, this feature could saved you a significant amount of money based on the timing.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"the-best-mortgage-lenders-for-first-time-homebuyers\">The Best Mortgage Lenders for First-Time Homebuyers<\/h2>\n\n\n\n<p>If you\u2019re buying a home for the first time, you may be a bit nervous about the process, as extensive paperwork is involved. These are the best banks for mortgages if you\u2019re a <a href=\"https:\/\/www.zolo.ca\/blog\/canada-first-time-home-buyer\">first-time homebuyer<\/a>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">TD Bank<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"278\" height=\"249\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/4.png\" alt=\"td bank mortgage lender\" class=\"wp-image-23401\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> About the same as the major banks<\/li><li><strong>HELOC:<\/strong> Yes<\/li><li><strong>Why we like it:<\/strong> A reputable bank with locations nationwide. TD Bank has extensive resources for those new to homeownership to learn about the homebuying process.<\/li><li><strong>Not the best for:<\/strong> Those looking for a low rate or anyone who doesn\u2019t have strong credit.&nbsp;<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.td.com\/ca\/en\/personal-banking\/products\/mortgages\/first-time-home-buyer\/pre-approval\">TD Bank<\/a> is one of the best banks for mortgages for various types of clients since it\u2019s well-established as one of Canada\u2019s oldest banks. At the same time, you need <a href=\"https:\/\/www.zolo.ca\/blog\/canada-credit-score\">strong credit<\/a> to apply for a mortgage with any of the big lenders in Canada. The official TD website offers helpful tools to help you if you\u2019re a first-time home buyer. You can learn about homeownership basics, get mortgage pre-approval, and look through mortgage rate offers.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Scotiabank<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"251\" height=\"249\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/5.png\" alt=\"scotiabank mortgage lender\" class=\"wp-image-23402\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> About the same as the big banks<\/li><li><strong>HELOC:<\/strong> Yes. The Scotia Total Equity Plan (STEP) lets you tap into your home equity&nbsp;<\/li><li><strong>Why we like it:<\/strong> Various mortgage product offers so that you can find something that matches your preferences. Many physical locations, so you can work with someone in person.<\/li><li><strong>Not the best for:<\/strong> Low rates since they can\u2019t offer the competitive deals that can be found through online banks.&nbsp;<\/li><\/ul>\n\n\n\n<p>While the big banks can\u2019t always compete with the lower interest rates online lenders offer, you have other benefits to consider. <a href=\"https:\/\/www.scotiabank.com\/ca\/en\/personal\/rates-prices\/mortgages-rates.html\">Scotiabank<\/a> has various mortgage options, including mortgage products for first-time home buyers, second-home buyers, and <a href=\"https:\/\/www.zolo.ca\/blog\/mortgage-renewal\">mortgage renewals<\/a>. They also offer a blended mortgage option, which allows you to combine your current mortgage rate with a new one to get a lower overall rate. Scotiabank is one of the most flexible mortgage providers in Canada. With so many brick-and-mortar locations, it\u2019s easy to have face-to-face conversations, which many people still prefer.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">CIBC<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"249\" height=\"253\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/6.png\" alt=\"cibc mortgage lenders\" class=\"wp-image-23403\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> About the same as the big banks<\/li><li><strong>HELOC:<\/strong> Yes<\/li><li><strong>Why we like it:<\/strong> You can get up to $4,000 in cash back for switching to CIBC<\/li><li><strong>Not the best for:<\/strong> Rates are higher than what online banks can offer<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.cibc.com\/en\/personal-banking\/mortgages.html\">CIBC<\/a> is one of the big banks in Canada, and there\u2019s likely a location near you. We chose this option for first-time home buyers because this lender provides guidance throughout the process. The <a href=\"https:\/\/www.zolo.ca\/blog\/best-mortgage-calculators\">mortgage affordability calculators<\/a> and personalized assistance will help you out if you\u2019re stuck at any point in the process.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">RBC Royal Bank&nbsp;<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"251\" height=\"250\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/7.png\" alt=\"rbc bank mortgage lenders\" class=\"wp-image-23404\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> About the same as the major banks.<\/li><li><strong>HELOC:<\/strong> Yes. Offered through RBC Homeline Plan\u00ae<\/li><li><strong>Why we like it:<\/strong> The largest bank in Canada with a trusted reputation if you want to buy your first homr.<\/li><li><strong>Not the best for:<\/strong> Finding the lowest rates as they can\u2019t compare with online-only lenders.&nbsp;<\/li><\/ul>\n\n\n\n<p>Based on information from <a href=\"https:\/\/www.canadianmortgagetrends.com\/2022\/08\/80000-variable-rate-mortgages-will-reach-their-trigger-point-by-year-end-rbc\/\">Canadian Mortgage Trends<\/a>, <a href=\"https:\/\/apps.royalbank.com\/apps\/true-house-affordability\">RBC Royal Bank<\/a> is the largest bank and top mortgage lender based on volume. RBC has helpful tools for first-time homebuyers who want to learn about the process. You can also find a mortgage specialist near you who you can meet with in person or have a video call with.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"best-mortgage-lenders-for-bad-credit\">Best Mortgage Lenders for Bad Credit<\/h2>\n\n\n\n<p>The good news is that some lenders will still work with you if you don\u2019t have the best credit score or haven\u2019t built up enough credit. Previously, we looked at how you can <a href=\"https:\/\/www.zolo.ca\/blog\/mortgage-with-bad-credit-score\">obtain a mortgage<\/a> with a \u201cbad\u201d credit score, which is anything below 660, according to Equifax. A credit score between 660 and 742 is considered good, while anything below 660 could qualify you as risky in the eyes of a lender.&nbsp;<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/mortgage-with-bad-credit-score\">How to Get a Mortgage With a Bad Credit Score<\/a><\/p><\/section>\n\n\n\n<p>Most Canadian lenders require a credit score of at least 600 to qualify for a mortgage, so for the sake of this article, we will assume that your score is between 600 and 660. It\u2019s worth noting that even though there are alternative options for those with a poor credit score looking to get a mortgage (known as \u201cB\u201d lenders, we will only review the best mortgage lenders in Canada in this article.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Motusbank<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"212\" height=\"232\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/1-2.png\" alt=\"national bank mortgage lenders\" class=\"wp-image-23406\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> Lower<\/li><li><strong>HELOC:<\/strong> Yes, starting at 7.70%<\/li><li><strong>Why we like it:<\/strong> Motusbank offers competitive interest rates like the other online banks. The key feature is that you can purchase a home with friends and family.&nbsp;<\/li><li><strong>Not the best for:<\/strong> No physical locations like the major banks.&nbsp;<\/li><\/ul>\n\n\n\n<p>While you may not have heard of <a href=\"https:\/\/www.motusbank.ca\/Accounts\/Mortgages\">Motusbank<\/a> before, this lender is a subsidiary of Meridian Credit Union, one of Canada&#8217;s most popular credit unions. Motusbank is one of the best mortgage lenders in Canada for first-time home buyers and those who don\u2019t have the best credit because you have the friends and family mortgage option. This kind of mortgage allows up to four people to <a href=\"https:\/\/www.zolo.ca\/blog\/buy-a-home-with-guarantor\">purchase a home together<\/a> by combining their funds. This unique approach to home buying lets everyone get a stake in the house to share the financial benefits and risks.&nbsp;<\/p>\n\n\n\n<p>Since up to four unrelated people can pool their funds together to purchase a home, you can enter the real estate market if you don\u2019t have the best credit or sufficient funds for a downpayment.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">National Bank<\/h3>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"268\" height=\"245\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/02\/2-1.png\" alt=\"national bank mortgage lenders\" class=\"wp-image-23407\"\/><\/figure>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Mortgage refinancing:<\/strong> Yes<\/li><li><strong>Mortgage rates:<\/strong> Higher<\/li><li><strong>HELOC:<\/strong> Yes<\/li><li><strong>Why we like it:<\/strong> One of the few banks that works with self-employed people.<\/li><li><strong>Not the best for:<\/strong> Higher rates than online banks. Only specific properties are eligible.&nbsp;<\/li><\/ul>\n\n\n\n<p><a href=\"https:\/\/www.nbc.ca\/personal\/mortgages.html\">National Bank<\/a> is ideal for those who don\u2019t have the best credit or are self-employed. When you work for yourself, obtaining a mortgage can sometimes be challenging. Since National Bank is the 6th largest bank in Canada, it offers numerous mortgage products. Even though the self-employment feature sticks out, we listed National Bank as one of the best mortgage lenders in Canada because of the quick approvals, flexible payment choices, and cash-back mortgages.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"what-to-look-for-with-a-home-mortgage-lender\">What to Look for with a Home Mortgage Lender<\/h2>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"710\" loading=\"lazy\" src=\"https:\/\/www.zolo.ca\/blog\/wp-content\/uploads\/2024\/01\/bigstock-Real-estate-agent-showing-mode-274432192-1024x710.jpg\" alt=\"\" class=\"wp-image-23350\"\/><\/figure>\n\n\n\n<p>As exciting as it is to look for your dream home, you should take the search for your mortgage lender just as seriously since this will be a long-term commitment.&nbsp;<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/why-use-a-mortgage-broker\">Should You Use a Mortgage Broker?<\/a><\/p><\/section>\n\n\n\n<p>Here\u2019s what you should look out for in a home mortgage lender:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Monthly payments you can afford<\/li><li>Options if you can\u2019t make your mortgage payments<\/li><li>Fair costs to get out of your mortgage<\/li><li>The option to increase your mortgage payments or make a lump sum payment<\/li><\/ul>\n\n\n\n<p>You\u2019ll also want to consider the lender\u2019s reputation and the types of mortgage products they offer when searching for the best mortgage lenders in Canada. You can also use a <a href=\"https:\/\/www.zolo.ca\/blog\/why-use-a-mortgage-broker\">mortgage broker<\/a> to apply for several options without repeatedly going through the entire process.&nbsp;<\/p>\n\n\n\n<p>When spotting red flags, you\u2019ll want to avoid mortgage lenders in Canada who don\u2019t explain terms to you, avoid answering your questions, or push you to sign off on a loan.&nbsp;<\/p>\n\n\n\n<p>We also strongly recommend that you take some time to <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/mortgages\/choose-mortgage.html\">research mortgage terms<\/a> so that you\u2019re aware of what you\u2019re getting into.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"where-to-get-mortgage-pre-approval\">Where to Get Mortgage Pre-Approval<\/h2>\n\n\n\n<p>Many homebuyers will try to secure a mortgage pre-approval before they begin the house hunting process so that they don\u2019t waste their time looking at properties they can\u2019t afford. The good news is that most lenders will offer a preapproval process and guidance so that you\u2019re not alone. While a mortgage pre-approval is non-binding, a hard inquiry on your credit report could reduce your credit score slightly. You may want to look for lenders that use a soft pull to check your credit.<\/p>\n\n\n\n<section class=\"wp-block-zolo-related flex items-center py-6 leading-tight border-t border-b border-blacklight undefined\"><p class=\"font-serif pr-6 md:pr-12 mr-6 md:flex-shrink-0 border-r border-blacklight\">Related content<\/p><p class=\"related-link w-full my-0\"><a href=\"https:\/\/www.zolo.ca\/blog\/mortgage-pre-approval\">The Essential Guide to Mortgage Pre-approval<\/a><\/p><\/section>\n\n\n\n<p>Where can you get a mortgage pre-approval? You have numerous options since most lenders will offer a pre-approval, but you must gather the following information about the following before you start:<\/p>\n\n\n\n<ol class=\"wp-block-list\"><li>Identification<\/li><li>Proof of income like pay stubs or a letter of employment<\/li><li>Proof of assets like bank statements<\/li><li>An accounting of any debts you owe including loan balances, interest rates, and monthly payments<\/li><\/ol>\n\n\n\n<p>You\u2019ll want to ensure that you prepare all the relevant documents before going through the mortgage pre-approval process. To save time, you can review our <a href=\"https:\/\/www.zolo.ca\/blog\/mortgage-pre-approval-checklist\">mortgage pre-approval document<\/a> checklist.&nbsp; If you\u2019re a first-time homebuyer, you\u2019ll want to get pre-approved or at least speak with a specialist to understand what you\u2019re getting into.&nbsp;<\/p>\n\n\n\n<p>These are Canada&#8217;s best home mortgage lenders based on different financial situations, but you must shop around for mortgage rates and conduct your research. Also, not every lender will have mortgage products available in all Canadian provinces and territories.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Best mortgage lenders in Canada based on customer reviews, interest rates, and products<\/p>\n","protected":false},"author":106,"featured_media":23389,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[46],"tags":[],"guide":[],"class_list":["post-23388","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"acf":[],"zolo_excerpt":"","_links":{"self":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23388","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/users\/106"}],"replies":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/comments?post=23388"}],"version-history":[{"count":6,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23388\/revisions"}],"predecessor-version":[{"id":23912,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/posts\/23388\/revisions\/23912"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media\/23389"}],"wp:attachment":[{"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/media?parent=23388"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/categories?post=23388"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/tags?post=23388"},{"taxonomy":"guide","embeddable":true,"href":"https:\/\/www.zolo.ca\/blog\/wp-json\/wp\/v2\/guide?post=23388"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}