Top Mortgage Providers In Canada

Top Mortgage Providers In Canada

You don’t need to hire a broker to find the best mortgage providers in Canada. Dealing with a mortgage broker would lead to you obtaining a mortgage from a lender that you have never heard of and about which you know very little.

What if I told you that you could now learn about the top mortgage providers in the Canadian territory on Comparewise for free? Their services, how they work, how much they charge, how to reach them, and a lot of other information about Canada’s top mortgage companies

So relax, because you won’t be working with a mortgage broker you’ve never heard of or know anything about again because we’ve got you covered.

So, here’s a rundown of everything you need to know about the top mortgage providers in Canada, which are used by over 90% of the Canadian population. You may find additional information on each lender’s website by clicking on their names.

Best-Mortgage-Providers-In-Canada-High-Ratio-Comparewise

An Overview Of The Canadian Homeowners

A global survey conducted by HSBC found that just 39 percent of Canadian homeowners had ever switched mortgage lenders. In comparison, 53% of their American counterparts and 44% of global homeowners had switched mortgage lenders at some point.

In comparison to the global average of 61 percent, only about half of those polled in Canada said they had ever considered switching mortgage providers to see if they could get a better deal elsewhere.

In spite of the massive shift toward online mortgage lending, it appears that a large number of Canadian homeowners and prospective buyers still take the traditional route with their major bank.

It is becoming increasingly common for homeowners to choose not to shop around for better interest rates but instead to renew their mortgage with the first offer made by their bank. This choice is being made by some homeowners.

During the twenty years that I’ve been a homeowner, I’ll freely acknowledge that the majority of the time I’ve worked with either a conventional brick-and-mortar lender or a major bank. But as the market for online mortgage loans continues to expand and competition among interest rate providers increases, the thought of making the transition is becoming more appealing to me.

Best-Mortgage-Providers-In-Canada-Lowest-Rate-Comparewise

Top Mortgage Providers In Canada

Finding the best mortgage provider in Canada will help drive down interest rates and empower homeowners and prospective buyers to save thousands on their mortgage costs. Here’s the list of the top 5 most commonly used mortgage providers in Canada.

1. Canadian Mortgages Inc.

Canadian Mortgages Inc. collaborates with a lending community that spans the country and numbers over 250 institutions. Although they’ve spent decades cultivating connections with various lenders, we do not act on behalf of any of them; rather, we work on your behalf.

This means that they will make the lenders compete with each other so that you can get the best mortgage rates. When choosing a mortgage provider, a low interest rate is usually not the only thing to think about.

Other factors, such as the sort of mortgage that is being provided to you and the conditions of that mortgage, will be explained to you by our team of CMI mortgage specialists so that you can make an informed decision.

Even more, we will keep you up-to-speed on the most recent news on mortgages, so that you will always be aware of the optimal moment to take action.

How CMI Can Assists You Today

CMI is here to assist you at whichever stage of the mortgage process you are in, whether that stage be shopping for a mortgage, seeking news on mortgage rates, or wondering what tomorrow’s rates will look like.

They will not only provide you with the information that you want, but we will also put you in touch with unique bargains on specialized products such as mortgages with variable rates and mortgages for second homes.

When you do business with CMI, you are eligible to receive a consultation at no additional cost. Simply picking up the phone is all that is required to do it. Make that call today and find out what assistance CMI may be able to provide you.

Canadian Mortgage, Inc. services

MCI has a team of certified Toronto mortgage brokers that work with Canada’s top lenders and mortgage providers to find the best financing solution for your needs. Here is the list of our services.

  • Secured credit line
  • Home financing
  • Home renovations
  • Home equity loan
  • Second Mortgage
  • Private mortgage
  • Commercial mortgage
  • Investment
  • Bridge Financing
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Canadian Mortgage, Inc. Rates

Mortgage rates in Canada are continually changing. While mortgage rates are often the first thing borrowers look at when looking for a home equity loan, there are other essential things to consider.

Two examples are the length of your term and if your loan has a fixed or variable interest rate.

 Variable Interest Rate At CMI

YearRate TypePercentage Rate
1-yearVariable interest rate3.29%
2-yearVariable interest rate3.14%
3-yearVariable interest rate2.96%
4-yearVariable interest rate4.59%
5-yearVariable interest rate2.90%
7-yearVariable interest rate3.49%
10-yearVariable interest rate4.09%

Fixed Interest Rate At CMI

YearRate TypePercentage Rate
1-yearFixed Interest Rate3.29%
2-yearFixed Interest Rate3.14%
3-yearFixed Interest Rate2.96%
4-yearFixed Interest Rate4.59%
5-yearFixed Interest Rate2.90%
7-yearFixed Interest Rate3.49%
10-yearFixed Interest Rate4.09%

Phone Number for Contact

For a free consultation, please contact the CMI office at

(1) 877-845-5978

Head Office Address

25 Adelaide Street East, Suite 1500-B Toronto, Ontario, Canada M5C 3A1

Best-Mortgage-Providers-In-Canada-Comparewise

2. Ratehub

Ratehub Inc. has been instrumental in assisting millions of Canadians in making more informed choices regarding their finances over the course of the past decade by furnishing the highest quality tools, advice, and rates available on the market.

Ratehub.ca, which can trace its origins back to the early days of innovation in the realm of online mortgages, was the first comparison site to incorporate an in-house mortgage brokerage (the award-winning Ratehub.ca mortgage brokerage, formerly known as CanWise Financial).

Since that time, they have continued to expand, introducing new features like quotations for auto and house insurance, comparisons of credit card offers, applications for GICs and checking account openings, and a great deal more.

RateHub.ca is much more than a simple location to do price comparisons and research. You’ve come to the perfect place to look for the finest mortgage offer available that fits your needs.

They have a team of specialists in mortgages, who have won several awards, will walk you through the whole procedure and see to it that all of the technicalities are taken care of.

Ratehub Services

 Ratehub, Inc. provides a wide range of mortgage experience made better by tailored solutions. Here is the list of mortgage services provided by Ratehub Inc.

  • Purchase mortgages
  • Pre-approval mortgages
  • Refinance services
  • Renewal of homes
  • Equity line of credit
  • Divorce loans
  • investment properties
  • Vacation and second homes
  • New to Canada
  • First-time home purchasers
  • Self-employment
  • Bad credit

Ratehub Mortgage Rates

Ratehub Inc. offers lower mortgage rates for the same bank products. This gives you more choice for rates from dozens of lenders, so that you get the best deal upfront.

Variable Rates At Ratehub

Term (years)Everyday RepaymentLimited Repayment
3-year3.95%2.55%
5-year3.15%2.40%
HELOC4,45%3.70%

 Fixed Rates At Ratehub

Term-(years)Everyday RepaymentLimited Repayment
1-year3.69%3.08%
2-year4,14%3.38%
3-year4.49%3.79%
4-year4.54%4.04%
5-year4.59%3.59%
7-year4.93%4.43%
10-year5.09%4.53%

Contact Telephone Number

If your question concerns the process of obtaining a mortgage, call.

The office number

(1) 647-427-7375 or 604-955-1072

Toll-free number:

1-844-808-3379

Fax

1-.855-846-9450

Head Office Address

20 Queen Street West Suite 1100 Toronto ON M5H 3R3 Canada.

Top-Mortgage-Providers-In-Canada-Affordable-Mortgages-Comparewise

 3. Citadel Mortgage

Citadel Mortgage is one of the most successful and well-known full-service mortgage brokerages, and it has locations in a number of Canadian provinces. Citadel adheres to the philosophy of putting the customer first and guarantees round-the-clock help for residential, business, and individual customers with financing needs.

They have one of the best-featured rates among the Canadian mortgage providers, with a 5-year fixed rate of 3.79 percent (high ratio – less than 20 percent deposit) and a 5-year variable rate of 2.45 percent (high ratio – less than 20 percent deposit). Both of these rates are for the length of a mortgage term of five years.

CITADEL also offers an all-in-one mortgage solution, which guides you through the steps necessary to pay off your mortgage 7-8 years sooner than you would have otherwise.

When you combine a mortgage with a home equity line of credit, you may pay off your mortgage more quickly while still maintaining access to a line of credit that can be redrawn at any time. This is attainable by combining a home equity line of credit rate of 4.30 percent with a five-year fixed rate of 4.34 percent.

Citadel Mortgage Products

Citadel promises to offer one of the best mortgage rates in Canada for a wide range of financing needs, such as buying a home, refinancing an existing mortgage, or buying a second home. Citadel has the best rates for all types of financing, including

  • residential,
  • commercial
  • individual needs.

Variable rates at Citadel

Variable rates, as the name indicates, are not fixed, and hence change with the existing economic scenario. Variable rates, on the other hand, are lower than fixed rates.

YearsRate TypePercentage Rate
3-yearVariable ratehigh-ratio insured – 0.99%
5-yearsVariable ratehigh-ratio insured – 0.95%

Fixed Mortgages at Citadel

The interest rates for fixed mortgages in Canada are almost always significantly higher than those on variable mortgages. The following is a list of the rates that Citadel provides for fixed-rate mortgages:

YearsRate TypePercentage Rate
1-yearFixed Rate1.74%
2-yearFixed Rate1.44%
3-yearFixed Rate1.39%
4-yearFixed Rate1.49%
5-yearFixed Rate1.54%
7-yearFixed Rate2.14%
10-yearFixed Rate2.49%

Contact Telephone Number

Get Approved for a Mortgage Today by Calling Citedl Mortgages!

1-866-600-8762

Head Office Address

150 King Street West, 2nd Floor, Suite 335, Toronto, Ontario, Canada M5H 1J9

Top-Mortgage-Providers-In-Canada-Lowest-Rates-Comparewise

4. Mortgage Central Nationwide

Mortgage Central Nationwide provides comprehensive mortgage solutions for financing real estate, including residential, commercial, and industrial property.

Mortgage Central Nationwide has a team of highly trained professionals standing by to assist you with any and all of your real estate financing needs.

They have the capacity to arrange transactions ranging from basic to sophisticated on a local, national, and international scale, and their staff has a combined experience of over 60 years in the industry.

Whether you are buying a new home, renewing your existing mortgage, refinancing to combine your debts, or just wishing to take equity out of your house, our team of specialists can propose the option that is best suited for you.

They have access to institutional, foreign, and private lenders, and our main office is in Richmond Hill, which is in the Canadian province of Ontario.

This is one of the mortgage providers that is known to follow government laws, all industry rules, and the Code of Ethics set up by the Canadian Institute of Mortgage Brokers and Lenders.

 Mortgage Nationwide Mortgage Products/Services

They offer a range of financing options for Toronto and all Ontario customers and homeowners. With Toronto and the GTA’s housing market booming, now is the perfect time to tap into your home’s equity for that long-awaited home renovation, repairs, debt consolidation, and more! Their primary services include

  • Mortgage-Refinancing
  • Private Mortgages
  • Home Equity Loans
  • Home Equity-Lines of Credit
  • Second Mortgages
  • Bad Credit Loans

Variable Rates At Mortgage Central Nationwide

Mortgage Central Nationwide provides one of the best mortgage variable rates in Toronto for a wide range of financing needs.

YearRate TypePercentage Rate
3-yearVariable Rate3.49%
5-yearVariable Rate3.6%

What is a Fixed-Rate Mortgage?

A fixed-rate mortgage has an interest rate that is fixed for a defined period of time, generally between 6 months and 25 years. This gives you the assurance that you will know exactly how much you will pay for the term you have chosen.

Note: Mortgage Nationwide also has a 2.45% prime rate for both new and existing customers.

YearRate TypePercentage Rate
1-yearFixed Rate 
3-yearFixed Rate 
5-yearFixed Rate 

Contact Phone Number

Toll-Free: 1-877-487-3343

Fax: 1-877-880-5621

Head Office Address

668, Millway Avenue, Unit 11. L4K-4V2 Vaughan, Ontario

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5. DUCA Mortgage

When DUCA was first established in 1954, its founders saw the need for a financial cooperative that would serve the best interests of its members. To this day, we continue to be guided by the idea that “profit with a purpose” was the foundational concept.

Because of this, the company has grown from a credit union with a single location in Toronto to one with 16 branches located throughout Southern Ontario and more than 75,000 members who we are happy to serve.

Financial Product and Services

DUCA began small but has expanded significantly. It has been providing one-stop shopping options to Canadians who are dissatisfied with traditional banking.

It has created a reputation for itself by providing some of the most competitive Canadian mortgage rates. It provides co-owned mortgages, company-exclusive mortgages, and traditional mortgages. It offers the following services

Personal Services

DUCA offers a wide range of personal financing services and products are as follows:

  1. Everyday banking
  2. Save and Invest
  3. Wealth Management
  4. Mortgages
  5.  Borrow
  6. Credit cards
  7. Insurance

Business Services

DUCA does not only provide personal financing services but also a range of business financing options. These services include

  1. Business accounts
  2.  Business savings & investments
  3.  Business financing
  4. Business credit cards
  5. Commercial
  6. Business advisors
  7. Business services

DUCA Low Rate, High Ratio Insured Mortgages

Variable Rate At DUCA

Term (years)Rate TypeRate Percentage
3-yearVariable Rate3.45%
5-yearVariable Rate2.95%

Fixed Rates At DUCA

Term-(years)Rate TypeRate Percentage
1-yearFixed closed rate2.69%
2-yearFixed closed rate2.59%
3-yearFixed closed rate1.79%
4-yearFixed closed rate2.39%
5-yearFixed closed rate2.04%

Contact Phone Number

Call DUCA at 1-866-900-3822

Head Office Address

5255 Yonge Street, Toronto, Ontario, M2N 6P4.

So if you’re looking for the top mortgage providers in Canada, the five providers discussed above are the best mortgage providers in Canada currently. So you can choose any of them and discuss your mortgage needs.

All the five providers discussed here have the best team of professionals in Canada who are on standby to hear from you.

How to Choose the Best Canadian Mortgage

If you are serious about purchasing a home, then having a comprehensive understanding of the mortgage rates in Canada is only the first step in the process. The following is a step-by-step tutorial that will walk you through the process of finding the best mortgage:

1. Choose The Optimal Time To Purchase A Home

The mortgage market swings often during the day. The mortgage market swings often during the day. If you’re buying, watch the economy.

Daily news is best for market analysis. For example, if the economy has to be restructured, the Bank of Canada may use low mortgage interest rates to promote purchases.

So, keeping up with the Canadian and international markets will give you a good idea of when to start looking for a home.

2. Determine Your Spending Limit

You are currently searching for a house. If your income is solid, you will feel prepared to commit. But hold your horses.

Going to lenders immediately is insufficient.

You must first evaluate your financial limitations. You must also show your lender that you will be able to keep paying your mortgage until the end of the term.

Consider the following examples to gain an idea:

a. Credit Rating

You should check your credit score before applying for a mortgage and focus on improving it for at least a few months in order to improve your chances of being approved.

Clearing credit card balances, paying payments on time, and avoiding loans and many credit cards will enhance your credit score.

b. Debt To Income Ratio

The majority of lenders evaluate the debt-to-interest ratio to estimate your affordability.

Total debt divided by gross income is the debt-to-income ratio.

It is recommended that the total amount you pay each month toward your debts not exceed 36 percent of your income before taxes. Monthly loan payments shouldn’t exceed 36% of pretax income.

c. Initial payment

Putting down as much money as possible is advantageous since interest rates for a smaller mortgage are lower, resulting in large savings over time.

With a little down payment and a housing market fall, you might wind up with a hefty mortgage and a house worth less than you owe.

Top-Mortgage-Providers-In-Canada-Best-Mortgage-Comparewise

3. Duration Of The Term

Many lenders provide 10- or 15-year loans, even though 30 years is customary. If you can pay off your loan faster and for a higher amount, your interest rate and mortgage rate will be lower.

Consider Your Term’s Duration

Although 30 years is the traditional amortization period, several lenders also offer 10- and 15-year loans.

If you are financially able to choose a bigger repayment amount over a shorter time, you will be eligible for much lower interest rates and mortgage rates.

4. Select The Appropriate Type Of Mortgage

If you’ve gotten this far, you can see for yourself that there is no shortage of rivals to choose from.

Mortgage lenders in Canada who have good interest rates will advertise themselves, but you have to choose the rate that works best for you.

5. Compare Mortgage Interest Rates

Do not accept the first bargain you are offered. Shop around to get better deals. Here are the elements to consider while selecting the top Canadian mortgage lenders:

6. Go Over All Documentation

Closing a real estate transaction needs a substantial amount of documentation. Even though there are a lot of complicated legal terms and rules in the stack of papers, you need to read each one carefully.

Top Mortgage Providers Canada Conclusion

Mortgage providers in Canada have helped to democratize the loan business, which has resulted in more homeowners across the country having access to both information and power.

Homeowners and potential purchasers may apply for a mortgage without having to leave the comfort of their couches due to internet comparison services that provide information on interest rates and mortgage terms at their fingertips.

The extensive availability of information has contributed to the development of a more competitive market, which is no longer controlled by the five largest banks in Canada.

Customers are able to save money on one of the most expensive purchases of their lives by working with some of the top mortgage providers, which are now providing rates that are up to fifty basis points cheaper than the major banks. Thanks for checking out the best mortgage providers in Canada!

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FAQs about the Top Mortgage Providers in Canada

What Is The Best Place To Get A Mortgage In Canada?

Ratehub, formerly known as CanWise, is the best and most popular mortgage brokerage in Canada. This CMHC-approved mortgagor has secured mortgage rates for $7.5 billion worth of deals.

Ratehub has won the Mortgage Broker of the Year award three years in a row (2018, 2019, and 2020) because of its great mortgage offers and services.

Can I Negotiate A Mortgage Rate?

Yes. When you are seeking a house loan, you have the ability to negotiate the mortgage rate, and you should do so.
According to the findings of several studies, consumers who shop around for better deals receive reduced rates.
Surprisingly, though, a lot of people who want to buy a home or refinance their mortgage skip the negotiating process and work with the first lender they contact.

What Exactly Does A Mortgage Broker Do?

A mortgage broker operates as a go-between for you and the lending provider. They’ll gather information about your file and do research to get you the lowest mortgage rates, including negotiating on your behalf.
Once you’ve decided on which lender to work with, they’ll walk you through the application process.

What Kind Of Building Can I Afford On $100k Per Annum?

It is often recommended that in order to have an estimate of the maximum price of a home you can buy, your income be multiplied by 2.5 or 3.
The maximum price you can pay is about $30,000 if your income is about $100,000. It’s important to evaluate your credit score, the interest rate you may get, and the amount of money you can put down as well.

Who Is Currently The Largest Mortgage Provider In Canada?

The Royal Bank of Canada is the largest, most prominent, and most successful mortgage provider in Canada as of 2022. The mortgages offered by the Royal Bank of Canada account for 27.4 percent of Canada’s total mortgage market, which is $992 billion.
Because of this, the Royal Bank of Canada is the most well-known mortgage lender in the whole country right now.

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May 12, 2022
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