Best Banks In Canada To Get A Mortgage 2024 (Updated)

[@twentynine9173]

Being a first time home buyer, I am researching on mortgage products, Nolan cleared my lot of doubts. Thank you very much.

[@brenden9758]

I love that you explain the penalty as being one of the important reasons for considering a mortgage..... No one else talks about this and it's huge! All of your videos are great.

[@NolanMatthias]

Thanks Brenden!

[@MaddDoktorr]

How about a video on Quebec banks and the products they offer. They have some amazing products similar to Scotia and are available country wide

[@Alowolodu]

Those are not Canadian banks

[@MaddDoktorr]

Wait til you find out in what country QC is in.

[@jordh24able]

Be interesting to hear your comments on Tangerine's mortgages in the future.

[@NolanMatthias]

Great pre-payment. Loved them when they were ING

[@stephenfermoyle4578]

you have a great way of explaining the ''myths'' and keeping it real...thank you

[@lipsbreeze]

I got mortgage with Scotiabank based off of your previous videos.

[@NolanMatthias]

👍

[@h629522]

Hi Nolan! Could you discuss which is the best bank for your business? Thanks in advance!

[@eric6979]

RBC also has 10% payment increase every year in addition to 10% lump sum and double up payments. Can combine all three.

[@joaquinzannchez3184]

Thank you for your time putting out this valuable information.

[@parthppatel28]

I must admit, this was a good video Nolan! Thanks for all this useful info. I've hit like!

[@SpiffyLabs]

Very helpful! Liked and shared. Thank you!

[@TheTruthAlways]

Hmm, the best as per you are the ones that give the highest commission to brokers, not surprising. No mention of Tangerine or Desjardins?

[@NolanMatthias]

None of them pay any higher commission to brokers than any other lender. The comparison is 100% fair and based on the product merits.

[@sunkneee]

15:10 my mortgage is with cibc , ans rhey have both 20% lump sums AND 100% pmt increases. Im doing both with them currently.

[@KaySeminomadic]

I chose variable at TD because they negotiated for a better rate.

[@mummyyaasir4294]

Thank you so much, this means everything to me.

[@AvneeshDwivedi]

Hi Nolan. Great video as always! Other than the awesome content, one thing which really impresses me is that you keep improving... This video is much better compared to the last one in the same topic. I am an engineer and National Bank has discounted rates for engineers for the same products they offer. What is your view on a National Bank mortgage (both traditional or all in one)?

[@MrDon19403]

Hi Nolan, thank you for the comparison video.. you should have also included HSBC variable mortgage. In my opinion it's one of the best. The mortgage is open after 3 years allowing it to close with no penalty after 3 years, 20% lumpsum or monthly prepayment increase with no penalty.. and much better interest rate than any of the institutions in your list. it has variable mortgage rate with fixed installment amount..this actually much better imho.. fixed monthly payments are does not put you under pressure in increasing interest environment... One can always catch up on the principal portion by choosing upto 20% prepayment option

[@NolanMatthias]

It’s a good product unfortunately it is really hard to get, and it is also a “discount” mortgage from a pricing perspective which is why we don’t include it. We hope that changes in the future.

[@ryandennison3824]

Excellent breakdown thanks Nolan.

[@NolanMatthias]

Thanks

[@pilotgirl5953]

Whew............. I have mostly used MCap. Very pleased with them....

[@NolanMatthias]

They are great if your broker has a great relationship with them.

[@baset19819870]

Great video, if you could give examples on the double-up payment versus payment increase, other hidden fees may apply and so on. Thanks

[@ronaldellis5409]

Thanks Nolan. Appreciate all the info you provide. What are your thoughts on RMG?

[@NolanMatthias]

Owned by MCAP. We like the parent company better

[@seanogorman-sankar8693]

Hey Nolan, love your videos, just wondering if you and 360 are considering coming to the East Coast?

[@NolanMatthias]

We’ve got some good brokers out there we work with. Definitely

[@EazyM_514]

Thank you for the great (educational video). Would you have any suggestions for mortgage lenders that offer A Mortgage Rate Hold for longer then 120 days (once they pre approve you)?

[@GounterUdc]

I Was pre approved With CIBC. Took an Mortage broker that suggested to go with MCAP for lower rate Did some research on MCAP and mostly found very négative review and story. For peace of mind I think we Will choose CIBC since the différence is vers negligible and MCAP give me doubts

[@ne0nlightz]

Nolan I love your content. But... I'm really dissapointed why you didnt include HSBC. I do see your answer below as to why (that its a "discount" brokerage and hard to get - which I dont think is true and shouldn't be a reason to exclude a worthy competitor). Considering your leadership and expertise in this space, you should provide a holistic and objective assessment of HSBC. Just friendly feedback, please create a video to discuss HSBC's product (and its benefits and challenges) I think that would be important for people to compare against all of the best options. There's also Simplii and Tangerine who are emerging mortgage providers.

[@NolanMatthias]

There is already a video dedicated to the HSBC product on the channel. Hopefully in the future they will be able to provide service levels that will make it possible to get the product in a timely fashion, but until that time it’s like doing a review on a Rolex. There isn’t much point I’d no one can actually buy one.

[@oz6123]

Every time hunting for a mortgage, my experience has always been that the big 5 banks offer the least amount of flexibility and the worst mortgage rates. I'm a person with very low risk, a credit score of over 800 and between 30-40% down payment. How anyone selects them is beyond me. Best experience has been through a Mortgage Broker for a mortgage and have renewed with MCAP

[@NolanMatthias]

Awesome!

[@Nikolak44_AJ_Epic]

My Mortgage broker experience was horrible.

[@NolanMatthias]

@@Nikolak44_AJ_Epic sorry to hear that. What happened?

[@comedyventure]

@@Nikolak44_AJ_Epic My experience was bad as well. I feel you

[@Jayl__]

Don't take their first quote... We also just used one of the big 5 banks. The first rate was not as great until you compare them up against other mortgage lenders than they will have to get approval for a special better rate. Find a specialist that is willing to bat for you. We are also with the credit score above 800, one of us work for MCAP, we went with TD. It helps to get the best rate if you have more products with that particular bank. It also would be taken into consideration come renewal time (from a friend that works for the bank in the data engineering and modelling side)

[@SRC7777]

I really like your videos and the hard work you put into them. Is it possible to find a Ontario, Canada, mortgage that requires less then 10% down, or zero down ?

[@clayholm6754]

First National has been great for me. They like 5 yr fixed & they dont do HELOC tho

[@NolanMatthias]

No Heloc but they do everything else exceptionally well

[@verushyansuvethan9713]

Great Video! Can you explain the difference between the big5 bank's mortgage+heloc plans? Like the Homeline Plan or HomePower Plan?

[@NolanMatthias]

Not really, I can tell you is that if you are looking at this type of product, the mortgage portion is key as lines of credit are open and fairly comparable, so the suggestions from this video would be the same for a combination heloc/mortgage product.

[@Brian-dg3gh]

Any quick thoughts on Libro?

[@aNNa-gs9ug]

thanks for all the great info Nolan! 😊

[@NolanMatthias]

Thanks for watching

[@jchong416]

Great video. To be honest I'm starting to worry about multiple 50 basis point hikes. I might lock in if we get more than one

[@pietrovalsecchi1680]

Hi Nolan, What is the name of your book (the one appearing in the background)? And how can I get a copy?

[@Nikolak44_AJ_Epic]

Who are the SUCKERS buying in this market and funding boomer's retirement? Since moving to the USA, I make less and save so much more. Canadians are getting DUPED!

[@Creamy_Goodness]

Love your work. Great hair. What does broker lender mean? 12:02

[@carloslinan88]

I wonder how good or bad Questrade is for Mortgages…have you tried them?

[@Zbue9x1bz9u1bez]

Great content. Thank you for sharing your expertise

[@NolanMatthias]

Thanks for watching

[@eyoelsz]

Great video 🔥 🔥

[@NolanMatthias]

Thanks for watching

[@vasyllaw]

If you could include HSBC, it would be very intersting.

[@GreenBeanGreenBean]

Long time customer at TD, so I have TD prime - 1.24% for the variable, with 4 payment holidays (never have used em and never will). After paying one 5 yr fixed penalty one time, won't ever do that again....gotta go variable or at most 2-3 fixed and roll it....the ability to get outta the mortgage is the most cost savings you will ever get yup. Even with todays 50 bps BoC bump, my variable is at 2.12% which is still far less than what the previous 5 year fixed was at.

[@karimeldaly1007]

Hi Nolan, thank you for this useful video. I have saved up down payment and I am looking to buy my first home which will be a small condo. I have a pre-approval from TD bank for a variable rate mortgage issued last month but I am not sure if it is a good one or not. Can mortgage 360 help me with that? I actually don't understand what does it mean by locking in a variable mortgage if it is variable and rate will change anyway if we get more interest rate hikes? You advice is highly appreciated. Thank you!

[@shriramsuryanarayanan9233]

Any idea about Alterna Savings and Think Financial through True North Mortgage ? They are offering competitive rates for a 5 year fixed.

[@eddyspeed861]

Can you do another video with credit union or a combo bank & credit union best mortgage?

[@NolanMatthias]

I’d like to, but there is too much variance across provinces and too many credit unions. It would be very difficult

[@amit8662]

Great content buddy .

[@NolanMatthias]

thanks!

[@1234tmullins]

What are your thoughts on ICICI?

[@mariferna3697]

Hi Nolan, Thanks for doing this content. I was pre approved by TD variable fixed of 2.30% vs Sotia's 2.90% but if I go with TD I will pay penalty with Scotia of $11,600. Will it be better to go with TD?

[@anupamchowdary]

RBC has prepayment calculator that tells you the break even rate you need to get to see if its worth it. In this case, for a difference of .6% it might not be worth it. But check with your banks for more accurate answer

[@darbirhian]

Do a bit of research. I've heard new lenders may even pay the charge of you to switch from TD to transfer your mortgage.

[@SteveKarrasch]

Agree with so much, disagree with so much.

[@NolanMatthias]

You would

[@fabianocarvalho2686]

What about lendwise? I hear about them, but not really sure their products and rates. Thank you

[@NolanMatthias]

Owned by MCAP. We tend to stick with the parent lenders as they tend to have the most flexibility if something goes wrong.

[@fabianocarvalho2686]

@@NolanMatthias I see that makes sense. Thank your for your videos. I am learning a lot.

[@saraA16161]

Fantastic video

[@NolanMatthias]

Thansk

[@mdte5421]

Scotia in Quebec gave me 350k and TD gave me 450k

[@ravi2108]

One of the best videos

[@NolanMatthias]

Thanks

[@djm111783]

Thank you for making this video Nolan. I'm renewing in 6 months, wondering if variable is still the way to go. The rep I spoke to on the phone with my bank said that there was no penalty on my fixed mortgage if I renew with them or if I break, I thought that was wrong. Should I speak directly with someone at the bank for the correct penalty amount?

[@NolanMatthias]

As long as you do it at renewal there shouldn’t be a penalty.

[@clayholm6754]

bad timing, sounds like it going up and up right now. ive always gone with 5 yr fixed. you got a house tho ... cant go wrong.

[@fabioalexarguilardesouza155]

Hi Nolan Housing costs are increasing a lot of faster than people's income. Do you think it will become unsustainable soon?

[@NolanMatthias]

Perhaps but not likely

[@vierasaly8793]

This is very good video. Are you licensed in BC? I have a mortgage with TD but I wonder if to change Thank you for your time!

[@NolanMatthias]

Thank you. Yes I’m licensed in BC as well.

[@TPexpo]

Almost at 25k subs!

[@NolanMatthias]

Slowly but surely 🏆

[@Adrian-cn5rk]

This is dope!!!!!! 🤝🏾

[@NolanMatthias]

Thanks

[@jasonsoliven5484]

Thoughts about HSBC Canada mortgage?

[@NolanMatthias]

Awesome if you are willing to pull your hair out to get it. Would like to see better service

[@karimeldaly1007]

Hi Nolan, I think getting into variable rate with fixed payments is currently better than adjustable rate based on the concept of what’s go up must go down again. Instead of paying more with adjustable rate, I just wait until rates go down again with variable rate. Am I missing something here?

[@shannybikdik3678]

I believe rbc also allows u to increase ur mtg payments by 10% per year. And they allow skip a payment option as well. Their homeline plan option also works like Scotia heloc option. As u pay down the mtg. The heloc portion grows as the principal gets paid down.

[@NolanMatthias]

Yet, with only one lump sump payment allowed per year you lose most of the benefit of a readvanceable line of credit.

[@shannybikdik3678]

@@NolanMatthias fair enough. I was just pointing out that u forgot to mention those other pre payment options at rbc (u missed one of them). The graphic is misleading when u don't include all of the pre payment options in comparison with other lenders. Also you didn't include the skip a payment option. So it makes it seem like Scotia is less restrictive and has more options. When in reality all banks are generally the same.

[@NolanMatthias]

@@shannybikdik3678 I used the information directly off of their website, and regardless, their options are inferior in every way to the other banks even if a 10% increase was included.

[@shannybikdik3678]

@@NolanMatthias I'm not disagreeing with u. I'm just saying u should include all of the facts. I was able to find the options stated previously quite easily on their website. Amazing what a little more digging will help u find.

[@markusgumbmann188]

Wouldn’t it be a benefit if one is doubling up their payments frequently?

[@Freed0703]

Is Duca an "A lender"? And what do you think about them?

[@NolanMatthias]

They are a Toronto credit union. Unfortunately I don’t know their product at all so can’t help.

[@shireentalaat7679]

Any thoughts for HSBC mortgage

[@NolanMatthias]

Yup. There was another comment about this, answer is there

[@winterfun6408]

Hi Nolan, thank you for your video. What do you think is the best mortgage lender for Canadians living abroad and going back to Canada?

[@sweep604]

What are your thoughts of Simplii Financial mortgage? They have an option for their variable rate where you can pay beyond your monthly amount anytime you want.

[@NolanMatthias]

All the other lenders have some form of that with better features outside of that

[@tariqabughofa9730]

any thoughts about National bank?

[@NolanMatthias]

Not many. Great rental program. Good all in one product for investing. Otherwise ho hum

[@MapleYum]

Curious to hear the results. Personally We both bank with TD and they have been annoyingly unwilling to negotiate rates. We are open at the moment, but being in Saskatchewan at least our principal is low and we’ve got a 1/4 of our original loan left to pay off.

[@NolanMatthias]

If you’d like us to help I’m licensed in Saskatchewan. Can likely get you a better deal and a better mortgage.

[@Jayl__]

We just got a TD mortgage Prime - 1.2... The first financial advisor who provided us the mortgage was not great from TD but when we transferred to a mortgage specialist, she was able to match and then more. The thing is you gotta shop around for them to go down. Then we saw BMO had a higher cash back on their site for buying a home until August and TD matched the additional $300.

[@shubaxr4730]

Great video! Does mcap and first national have a readvanceable mortgage? I know scotiabank has a STEP. Which is good for investments.

[@NolanMatthias]

MCAP does

[@coziii.1829]

Never use a bank Good grief Be your own bank Buy gold and silver

[@sachb44]

Mcan Home

[@NolanMatthias]

🤷‍♂️

[@underscr0e]

Questmortgage!

[@NolanMatthias]

Essentially just another mortgage brokerage.

[@harrypatani]

As for your Scotiabank product: 1. Most banks have skip payment 2. I have clients who absolutely hate adjustable Variable interest rate because it makes so much harder to budget, especially in an increasing rate environment. 3. Most of the banks have a product where as you pay down your principal funds become available on your line of credit. So overall I did not understand what makes Scotia so special here?

[@NolanMatthias]

1. True - this was covered 2. If they are going to take the variable risk then they should probably not double expose themselves by getting behind on the principal paydown. + compounding 3. Yes, but combined with a variable or an adjustable? See above. 4. Go back, watch again.

[@harrypatani]

@@NolanMatthias I find it a little biased as brokers don’t have access to 3 out of big 5 lenders: RBC, CIBC and BMO. Most of which are ranked poorly. In terms of product differentiation didn’t find anything concrete except for pre-payment privileges.

[@NolanMatthias]

@@harrypatani I fully disclosed what lenders deal with brokers and used information directly from every lenders public websites. Its an honest apples to apples comparison. It’s not biased, it’s just not what you were hoping for. It’s always the RBC guys that are shocked to find out their mortgages don’t compete.

[@NolanMatthias]

Oh, and ironically, they all buy mortgages from the broker channel

[@harrypatani]

No offence man, fellow subscriber but we don’t get to be the largest mortgage lender without competing. Cheers.

[@shhs003]

Please shorten your intro. You took over 4 mins to actually start.

[@NolanMatthias]

No

[@shhs003]

@@NolanMatthias Good luck then.

[@azorian888]

okay ur being paid by banks

[@jordh24able]

Almost first comment!

[@NolanMatthias]

Just missed it!

[@princessedaphnee]

Which one of them has the highest prepayment penalty cost, if we want to pay the totality of the rest of the amount that we owe? Thank you🤍