Apply Now

Mortgages Manitoba

Save time and money with Loans Canada

Written by Lisa Rennie

Best Mortgages Manitoba (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
LM Financial
$1,000 - $15,000 - -
$1,000 - $15,000
LM Credit
$500 – $15,000 + 25.99% 9 - 60
$500 – $15,000
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
PayBright
- 0+ 2 - 60
-
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
ECN Capital
- - -
-
SimplyBorrowed
$500 - $5,000 - 12 - 24
$500 - $5,000
Pebble Cash
$350 - $1,000 - 2 - 12 weeks
$350 - $1,000
Refresh Financial
$1,600 - $25,000 9.47% - 20.07% APR 36 - 60
$1,600 - $25,000
GoPeer
$1,000 - $25,000 7.5% - 31.5% APR 36 - 60
$1,000 - $25,000
North’n Loans
$100 - $1,500 - -
$100 - $1,500
MDG
Up to $3,200 - -
Up to $3,200
Loan or Credit
$100 - $25,000 +4.9% -
$100 - $25,000
Flexiti Financial
- Up to 35% -
-
FinanceIT
$500 - $100,000  6.99% - 14.99% 12 - 240
$500 - $100,000
Diamond Financial Services
- - -
-
Climb
1800- 2900  15.99% 23 - 36
1800- 2900
Pylo Finance
$500 - $15,000 15.99 - 39.99% 6 - 60
$500 - $15,000
Fresh Start Finance
Up to $15,000 29.99% - 46.96% 9 - 60
Up to $15,000
Marble
Up to $20,000 19.44% and 31.90% 36 - 84
Up to $20,000
Money Mart
$1,000 - $15,000 19.90% - 46.90% 12 - 60 
$1,000 - $15,000
Private Loan Shop
$500 - $50,000 15 - 30% -
$500 - $50,000
Progressa
$1,000 - $15,000 19% - 46.95% 6 - 60 
$1,000 - $15,000
My Canada Payday
Up to $1,500 15% - 19% 14 days
Up to $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit2Go
$250 - $1,000 29% APR 3 - 4
$250 - $1,000
Ledn
$500 - $1,000,000 12% 12
$500 - $1,000,000
Amber Financial
$1,000 - $50,000 4.6% – 49.96% 3 - 60 
$1,000 - $50,000
Affirm Financial
$300 - $7,500 29.9% - 39.9% 6 - 60
$300 - $7,500
310 Loan
$50 - $1,500 - 14 days
$50 - $1,500
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Consumer Capital Canada
$500 - $12,500 19.99%+ 12 - 60
$500 - $12,500
Lamina
Up to $1000 30% 3 - 5
Up to $1000
Loans SOS
Up to $5,000 60% 6 - 60
Up to $5,000
UrLoan
$500 - $2,500 29% - 46.95% 6 - 36
$500 - $2,500
Loan Me Now
$500-$1000 28%-32% 3
$500-$1000
Captain Cash
$500 – $750 28% – 34.4% 3
$500 – $750
Urgent Loans
$300 - $1500 27% - 35% 3 - 4
$300 - $1500
easyfinancial
$500 - $35,000 29.99% – 46.96% 9 - 60
$500 - $35,000
CashMoney
$50 – $10,000 - Up to 62 days
$50 – $10,000
Borrowell
$1,000 - $35,000 5.99% to 29.19% 36 - 60
$1,000 - $35,000
Provider Loan Amount Rate Term (Months) Rating
Loop
- -
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
GE Capital
- - -
-
We Can Financial
- - -
-
Wajax Equipment
- - -
-
Key Equipment Financing
- - -
-
Corl
$10,000 - $1,000,000 - -
$10,000 - $1,000,000
Yellowhead Equipment Finance Ltd
- - -
-
Specialty Truck Financing
- - -
-
Travelers Financial
- - -
-
Peel Financial
- - -
-
Pioneer Financial Services
$5,000 - $1,000,000 - -
$5,000 - $1,000,000
Polaris Leasing
- - -
-
Patron West
- - -
-
Payability
up to $250,000 - -
up to $250,000
Planet Financial
- - -
-
Rise
Up to $10,000 - -
Up to $10,000
Merchant Growth
$5,000 - $500,000 - 6 - 18 months
$5,000 - $500,000
Onesta
- - -
-
Lionhart Capital
$10,000- $30,000,000 Min 4.95% -
$10,000- $30,000,000
Lift Capital
- - 12 - 120
-
Leaseline
- - 24 to 60
-
Lease Direct
- - -
-
John Deere
- - -
-
Hitachi Capital Canada
- - -
-
Export Development Canada
- - -
-
Essex Lease Financial Corporation
- - -
-
Equilease
- - -
-
Alliance Financing Group LTD
$5,000 - $150,000 15% + 6 - 24
$5,000 - $150,000
CanaCap
Up to $250,000 - -
Up to $250,000
CLE Capital
- - -
-
Canada Equipment Loan
- - -
-
SharpShooter Funding
$5,000 - $150,000 Fee-Based: Starting at 9% 12 - 60
$5,000 - $150,000
Fusion Credit Union
- - -
-
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
Laurentian Bank of Canada
Up to $250,000 - Up to 10 years
Up to $250,000
HSBC Bank Canada
- - -
-
National Bank
Up to $1,000,000 - -
Up to $1,000,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - Up to 15 years
$10,000+
Scotiabank
Up to $1,000,000 -   Up to 15 years
Up to $1,000,000
Bank of Montreal (BMO)
Up to $500,000 - Up to 10 years
Up to $500,000
Royal Bank of Canada (RBC)
$5,000 - $10,000 - Up to 7 years
$5,000 - $10,000
CWB National Leasing
$3,500+ - -
$3,500+
Money in Motion
$10,000 - $1,000,000 4% - 14% 12 - 84
$10,000 - $1,000,000
Lease Link
Up to $75,000 - Up to 18
Up to $75,000
FundThrough
$500-$50,000 0.5% weekly 12 week cycles
$500-$50,000
Econolease Financial Services Inc.
$1,000 - $1,000,000 6% - 20% -
$1,000 - $1,000,000
Easylease Corp
Up to $5,000,000 4.5% 24 - 72
Up to $5,000,000
Capify
$5,000 - $200,000 - -
$5,000 - $200,000
Canadian Equipment Finance
$50,000 - $12,000,000 - 24 - 96
$50,000 - $12,000,000
Capital Key
$5,000 - $1,000,000+ - 1 - 60
$5,000 - $1,000,000+
Cashbloom
$5,000 - $1,000,000 - 3 - 24
$5,000 - $1,000,000
BFS Captial
$5,000 - $5,000,000 - 4 - 18
$5,000 - $5,000,000
BDC
Up to $100,000 6.05% + 60
Up to $100,000
Baron Finance
$10,000+ 18% - 22% -
$10,000+
B2B Bank
$10,000 - $300,000 4.70% - 5.45% -
$10,000 - $300,000
Borrowell
$1,000 - $35,000 5.6% – 25.5% 36 – 60
$1,000 - $35,000
iCapital
$5,000 - $250,000 - 3-18
$5,000 - $250,000
Lendified
$5,000 - $150,000 - 3 - 24
$5,000 - $150,000
IOU Financial
$5,000 – $100,000 15% + 12 – 18
$5,000 – $100,000
Company Capital
$5,000 – $100,000 Starting at 6.87% 3 – 18
$5,000 – $100,000
OnDeck
$5,000-$250,000 8% - 29% APR 6 - 18
$5,000-$250,000
Lending Loop
$5,000 – $500,000 Starting at 5.9% 3 – 60
$5,000 – $500,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Thinking Capital
Up to $300,000 - -
Up to $300,000
Provider Loan Amount Rate Term (Months) Rating
Alphera Financial Services
- - -
-
Eden Park
- 11.9% - 22.9% Up to 84
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
iA Auto Finance
- +8.99% -
-
Gamache Group
- - -
-
Royal Bank of Canada (RBC)
$5,000 - $10,000 - up to 84
$5,000 - $10,000
Laurentian Bank of Canada
Up to $250,000 - 12 - 60
Up to $250,000
National Bank
Up to $1,000,000 - up to 96
Up to $1,000,000
Desjardins
Up to $100,000 - 6 - 96
Up to $100,000
Canadian Imperial Bank of Commerce (CIBC)
$10,000+ - 12 - 96
$10,000+
Scotiabank
Up to $1,000,000 - up to 96
Up to $1,000,000
Daimler Truck Financial
- - up to 72
-
DealerPlan Financial
- - -
-
Coast Capital
- - -
-
Canada Auto Finance
$5000 - $45,000 4.90 % - 29.95% APR 36 - 72 
$5000 - $45,000
Credit River Capital Inc
- - -
-
Capital Trust Financial
- - -
-
Canadian Truck Loan
- - -
-
Cars on Credit Financial
- 14.5% to 29.9% -
-
Canada Car Loans
- - -
-
Calmont Leasing
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
Birchwood Credit Solutions
Up to $50,000 - -
Up to $50,000
Auto Capital Canada
- - -
-
Carfinco
- - Up to 84
-
Canada Drives
$500 - $35,000 $29.99% – 46.96% 9 - 60
$500 - $35,000
Prefera Finance
Up to $30,000 - -
Up to $30,000
Approve Canada
- - -
-
2nd Chance Automotive
- 4.2%+ -
-
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Splash Auto Finance by Rifco
Up to $50,000 - -
Up to $50,000
Carloans411
$5,000 – $40,000 - 12 – 72
$5,000 – $40,000
AutoArriba
- - Maximum 84
-
Provider Loan Amount Rate Term (Months) Rating
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Mortgage Alliance
- 2.74% - 6.30% 12 - 120
-
Paradigm
- - -
-
Verico
- - -
-
True North Mortgage
- 2.64% - 4.45% 12 - 120
-
Tangerine
$50,000+ 2.74% - 3.49% 12- 120
$50,000+
Think Financial
- - 36 - 60
-
Turnedaway
- - -
-
REICO
- - -
-
Motusbank
- 2.79% - 6.00%  6 - 60 
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Keystone Finance Solutions
$10,000+ Upon request Upon request
$10,000+
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Dominion Lending Center
- - -
-
Fisgard Asset Management
- -- -
-
First National
- 2.84% - 7.30% -
-
CMLS Financials
$100,000 - $750,000 - 12 - 120
$100,000 - $750,000
CHIP Reverse Mortgage
min 25,000 4.99% - 5.59% 6 - 60
min 25,000
CanWise
- 2.23% - 4.45% -
-
Centum
- 2.89% - 3.79% -
-
Capital Direct
$10,000 - $1,500,000 Varies 12 - 24
$10,000 - $1,500,000
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Consolidated Credit
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
4Pillars
Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring
Debt Restructuring, After Care - Credit ...

If you are planning to buy a home in Manitoba in the near future, then you’ll likely need to take out a mortgage to finance this major purchase. Mortgages are intricate financial products and the more you know about them, the more prepared you’ll be to sign this long term contract.

Here are some important things to know about applying and getting approved for a  mortgage in Manitoba.

Types of Mortgages in Manitoba

There are several different mortgage options available in Manitoba and the one you choose will depend on your particular situation and needs.

Conventional mortgages – Conventional mortgages require a minimum 5% down payment to get approved, which would be considered a high-ratio mortgage. If you are able to come up with 20%, you can avoid paying mortgage default insurance, which is a policy that protects the lender in case you fall through with your mortgage payments.

Click here to learn the difference between a conventional mortgage and a collateral mortgage.

Fixed-rate mortgages – The interest rate associated with a fixed-rate mortgage does not change over the term of the mortgage. That means mortgage payments do not change and stay the same over the mortgage term, making it easier to budget thanks to predictable payments. This is usually a good option if rates are expected to increase in the near future. In this case, you can lock in a lower rate before they increase.

Adjustable-rate mortgages – This mortgage product comes with interest rates that fluctuate over the term of the loan. At certain intervals, the rate is adjusted, which means the mortgage payment amounts will fluctuate as well. These usually come with a lower interest rate during the initial period compared to fixed-rate mortgages, but that rate can increase or decrease based on the posted rate from the Bank of Canada. If rates are not expected to increase in the near future, adjustable-rate mortgages may be a good option.

Bridge loans – Borrowers in Manitoba with bad credit may look into bridge loans, which are short-term solutions that allow borrowers to tap into the equity in their homes and give their credit scores a much-needed boost.

Second mortgages – Also referred to as a home equity line of credit (HELOC) or loan, a second mortgage is taken out against a home that is already mortgaged. Borrowing against the home allows money to be freed up and used for other purposes.

Pre-Approval Mortgages in Manitoba

Getting pre-approved for a mortgage in Manitoba before you start house hunting is highly encouraged. That’s because it will provide you with the opportunity to have your finances assessed and establish how much you can actually afford to spend on a home purchase. A pre-approval requires that you submit a number of documents to a lender for review, including:

  • Paystubs
  • Tax returns
  • Employment letter
  • Statement of assets and liabilities

The more information you can provide to your lender in Manitoba, the easier their job will be.

Once you have a pre-approval letter, you’ll be considered more qualified in the eyes of sellers who want to make sure that the buyers they enter into a real estate contract with are financially capable of securing a mortgage. Pre-approval can also help move the final mortgage approval process along once you make an offer on a home that is accepted.

Cost of Buying a House in CanadaClick here to learn about how much it costs to purchase a home in your province. 

Payment Options For Mortgages in Manitoba

In order to repay the mortgage loan amount in full, you’ll be given a certain time frame to do so. During that time, you’ll be expected to make regular installments to chip away at that loan amount. There are different mortgage payment schedules that lenders in Manitoba will offer and the one you select will come down to your preferences.

Look here if you’ve been searching for an installment loan in Manitoba.

Some payment options allow you to pay off your loan faster, while others allow you to make slightly smaller payment amounts that may be more affordable for some borrowers in Manitoba. Here are your options in payment frequency:

  • Monthly
  • Bi-weekly
  • Accelerated bi-weekly
  • Weekly

Amortization Period For Mortgage in Manitoba

Just like the payment frequency and schedule, you have options when it comes to the length of the mortgage or the amortization period. Every mortgage will come with a due date for when the full loan amount must be repaid by.

Some buyers in Manitoba choose longer amortization periods because it allows them to make smaller payments each billing period. But because smaller payments are made and the length of time is extended, the mortgage will cost more in interest and will take longer to pay off.

Other buyers in Manitoba prefer a shorter amortization period because it allows them to pay down their loan sooner rather than later, allowing them to be debt-free in a shorter period of time. It also allows them to pay less toward interest, making the loan cost less by the end of the period. However, the payments are higher, which can make these mortgages difficult to afford for many buyers.

The most common amortization period is 25 years, though some lenders may allow longer periods if you have a really good credit score. There are also options of 20, 15, or even 10 years.

To see the differences between a mortgage term and a mortgage amortization, click this link.  

Credit Score Requirements in Manitoba

In order to get approved for a conventional mortgage in Manitoba, you’ll need to have a minimum credit score of 680. Any less than this will make it much more difficult, if not impossible, to get approved for a mortgage. Borrowers with very high credit scores tend to have a relatively easy time getting approved for a mortgage and are given lower interest rates as well.

Credit scores tell lenders what a borrower will potentially be like. Low credit borrowers are more likely to miss payments, while high credit borrowers are likely to be more diligent with their payments. As such, lenders prefer to work with the latter and reward them with mortgage approval and low rates.

Mortgages For Bad Credit Borrowers in Manitoba

If you happen to have bad credit and are not able to get approved for a mortgage the traditional way, there are other options in Manitoba to consider, including the following:

Get a co-signer – While you might not be able to get approved for a mortgage by yourself, adding the name of a consumer with good credit on your mortgage in Manitoba might be a way to get approved. A co-signer does not actually own the mortgage like you do, but they are responsible for the mortgage payments if you fail to make these payments yourself. If that happens, the co-signer will have to step in to cover the payments on your behalf.

Want to know some facts about guarantor loans? Take a look here.  

Alternative lenders – In Manitoba, traditional lenders like banks and credit unions may not approve you for a mortgage with bad credit, but there are others out there that might. Alternative lenders deal with borrowers who may not have all the criteria needed to get approved for a conventional mortgage.

Rather than focusing on credit scores, they will rely more on things like your down payment and income before approving you for a mortgage. It should be noted that these lenders will likely charge you a higher interest rate in exchange for loaning you money with bad credit.

Give your credit score a boost – Rather than applying for a mortgage in Manitoba while your credit score is still low, consider postponing your home purchase by a few months to a year so that you have time to improve your credit score. After making some changes and giving your score a boost, you’ll have a much easier time getting approved for a conventional mortgage at a lower interest rate.

To do that, be sure to make all of your debt payments on time, keep old credit lines open, refrain from applying for many loans, and minimize your credit card spending to no more than 30% of your credit limit.

Comparing Mortgages in Manitoba

You don’t have to settle for the first mortgage product you are offered. Instead, take the time to shop around and compare different mortgages to choose the one that’s best for you. When doing so, be sure to compare the following key components:

  • Interest
  • Fees
  • Early repayment penalty fees
  • Interest points to lower your rate
  • Term
  • Amortization period
  • Pre-payment options

You can always hire a mortgage broker to do the legwork for you when comparing mortgage products to take some of the work off your plate.

Saving Up for a Down Payment

A down payment can translate into thousands of dollars that must be paid upfront before you are approved for a mortgage. But it can be a real challenge to save up that kind of money. That said, it’s still possible and doable, here are a few tips to help you gather up the funds needed for your down payment:

  • Cut back on spending
  • Keep a budget
  • Prioritize your savings
  • Take a portion of your paycheck and deposit it into a dedicated savings account
  • Automate your savings
  • Borrow against your RRSPs
  • Take advantage of First-Time Homebuyer Programs
  • Take monetary gifts from family members
  • Pay off your high-interest debt

Want to know about Canada’s RRSP Home Buyer’s Plan? Get information here.   

Hidden Costs of Purchasing a House in Manitoba

The overall cost of buying and owning a home goes well beyond just the mortgage and down payment. In addition to these major expenses, there are several other costs involved, including the following:

  • Interest
  • Home appraisal
  • Property taxes
  • Home inspection
  • Real estate commissions
  • Legal fees
  • Survey fees
  • Renovations
  • Home insurance
  • Maintenance fees
  • Title insurance
  • CMHC insurance
  • New home warranty fee

There are definitely plenty of costs associated with buying a home and it’s extremely important that you understand what they all are in order to know exactly how much you’ll be responsible for paying when closing day arrives.

Read this to learn more about these hidden costs.  

Final Thoughts

Are you ready to buy a home and apply for a mortgage? Before you do, it’s important to fully understand what mortgages are and what’s involved in applying and getting approved for one. When you’re ready to buy a home and take out a mortgage in Manitoba, let Loans Canada help you find the perfect mortgage product that best suits your situation.

Research & Compare

Canada's Loan Comparison Platform

Largest Lender Network In Canada

Save time and money with Loans Canada. Research and compare lenders before you apply. Share your experiences with Canada's top lenders.

Make Smarter Borrowing Decisions

Whether you have good credit or poor credit, building financial awareness is the best way to save. Find tips, guides and tools to make better financial decisions.

Best Personal Loan Provider by Greedy Rates
Icon

Confidential & risk-free

All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan.

Your data is protected your connection is encrypted.

Loans Canada Services Are 100% Free. Disclaimer

Keep Track Of Your Credit Score

Subscribe with Credit Verify to monitor your credit rating and get your free credit score.