Mortgage lenders in Canada range from the large banks to credit unions, monoline lenders, trust companies, mortgage investment corporations and individual private lenders. Each lends under different rules and at a different cost, and the right one depends on your income, your credit, the property and how quickly you need to close.

This directory lists lenders by type and by city. Listings are supplied by the lenders themselves; before you proceed with any of them, check their registration with the regulator yourself, and consider whether a broker comparing several lenders would serve you better than approaching one directly.

By lender type

Private mortgage lenders

Equity-based lending on short terms for files outside bank and alternative lender rules. Expensive, and best with a clear exit.

Mortgage investment corporations (MICs)

Pooled private lending with a written policy, often more consistent and somewhat cheaper than an individual lender.

Alternative (B) lenders

Regulated alternative lenders for self-employed income, bruised credit and files just outside prime rules.

Credit unions

Local, member-owned lenders that can weigh local knowledge a national bank cannot. Membership required.

Bank mortgage specialists

One bank’s products, explained in depth. Worth a quote if you hold significant savings or investments there.

Monoline lenders

Mortgage-only lenders with no branches, often sharp on price and gentler on penalties. Reached through brokers.

Second mortgage lenders

Reach your equity without breaking a first mortgage with a good rate or a large prepayment penalty.

Construction lenders

Draw-based financing for custom homes, spec builds, infill and land, from banks through to private lenders.

Commercial mortgage lenders

Financing for multi-unit, retail, office, industrial and mixed-use property, from institutional to private.

Bridge loan lenders

Short-term funds between buying and selling, from mainstream lenders with a firm sale, or private lenders without.

Bad credit mortgage lenders

Lenders for files after missed payments, a consumer proposal or bankruptcy, with a route back to prime.

Reverse mortgage lenders

Borrow against your home from age 55 with no monthly payments, repaid when the home is sold.

Self-employed mortgage lenders

Programs for business owners whose tax returns understate what the business earns.

Home equity lenders

HELOCs, refinances and equity loans, from prime lenders to equity-based private lending.

A lenders, B lenders and private lenders

A lenders: banks, credit unions and monoline lenders, offer the lowest rates and follow the federal qualifying rules. They want documented income, good credit and a straightforward property. Most Canadian mortgages are A lender mortgages.

B lenders, also called alternative lenders, are regulated institutions that approve files outside those rules: stated or bank-statement income, recent credit events, higher debt loads. They charge a higher rate and usually a lender fee, and are normally a one-term step before returning to an A lender.

Private lenders and mortgage investment corporations lend mainly on equity, on short terms, at a much higher cost that includes lender and brokerage fees disclosed in writing before you sign. They are the right answer when speed or circumstances rule out the first two tiers, and an expensive one when they do not.

Going direct to a lender vs through a mortgage broker

Going directly to a lender makes sense when you already know which lender you want: a bank where you hold significant savings, a credit union that knows your business, or one of the few reverse mortgage lenders. You deal with one institution and its own specialist.

For most borrowers a broker is the better first call. A broker can put one application in front of many lenders, including monolines and B lenders that do not deal with the public at all, and is usually paid by the lender on prime files. In most provinces, private and MIC mortgages reach borrowers through a licensed brokerage in any case.

The honest test is simple: if you go direct, get a second quote from a broker; if you use a broker, ask which lenders were approached and why the recommended one was chosen.

How to check a mortgage lender is registered

Listings on this site are self-reported and are not checked by us. Checking takes a few minutes. Banks and federally regulated trust and loan companies appear on the list OSFI publishes. Credit unions are regulated by the province they are incorporated in. Mortgage brokerages and mortgage administrators are licensed provincially, in Ontario by FSRA, in British Columbia by BCFSA, and by the provincial regulator elsewhere, and each publishes a searchable register.

A private individual lending their own money is not always licensed, but the brokerage arranging the loan generally must be. Be cautious of any lender that asks for money before issuing a written commitment, will not name its brokerage or regulator, or discourages you from using your own lawyer.

What to ask any mortgage lender

Ask for the full cost in writing: the rate, any lender and brokerage fees, legal and appraisal costs, and the total over the term you expect to keep the mortgage. Ask how the prepayment penalty is calculated, what prepayment privileges you have, and whether the mortgage is registered as a standard or collateral charge.

On alternative and private mortgages, also ask what happens at the end of the term, the renewal cost, and what would have to be true for you to move to a cheaper lender. The answers tell you more about a lender than its advertised rate.

Common questions

What is a mortgage lender?

The institution or person whose money funds your mortgage: a bank, credit union, monoline lender, trust company, mortgage investment corporation or private lender. A mortgage broker, by contrast, arranges the mortgage with a lender and does not lend its own money.

Is it better to go to a lender or a broker?

For most borrowers, a broker, because one application reaches many lenders, including monoline and alternative lenders that only work through brokers, and the broker is usually paid by the lender on prime files. Going direct can make sense with a bank where you have a large relationship, or a credit union that knows your situation. Getting both quotes is the safest approach.

Can I get a mortgage directly from a lender?

Yes, from banks, credit unions and some other lenders. Many monoline and alternative lenders only accept applications through mortgage brokers, and in most provinces private and MIC mortgages are arranged through a licensed brokerage.

How do I check if a mortgage lender is licensed?

Banks and federally regulated trust companies appear on OSFI’s published list. Credit unions are regulated by their province. Mortgage brokerages and administrators are licensed provincially, FSRA in Ontario, BCFSA in British Columbia, and each regulator has a public register. Listings on this site are self-reported and not checked by us.

Who are the best mortgage lenders in Canada?

There is no single best lender; the best one for you is the one whose rules fit your file at the lowest total cost. That may be a bank for one borrower and a monoline or credit union for another. Comparing written offers on the same date, including penalties and fees, is the only reliable way to tell.

Mortgage lenders in Canada