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Mortgages Toronto

Save time and money with Loans Canada

Written by Lisa Rennie

Best Mortgages Toronto (Online) 2020

Lender directory

Compare the best lenders in this region

Provider Loan Amount Rate Term (Months) Rating
FlexiLoans
$200 - $1,200 25% - 32%  -
$200 - $1,200
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Lendle
up to $2,000 0% -
up to $2,000
PayBright
- 0+ 2 - 60
-
Moves
$2,500 13.6% 12
$2,500
Score-Up
$49.99 - $99.99 0% 12
$49.99 - $99.99
LendCare
- - Up to 60
-
X-bankers
$5,000+ - Up to 60
$5,000+
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
Instant Payday Canada
- 15% - 19% -
-
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
Payday King
$100 - $1,000 546% APR 14 days
$100 - $1,000
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
Mr. Payday
$100 - $1,500 15% - 17% 14 -31 days
$100 - $1,500
Money Provider
$500 - $1,000 28% - 32% -
$500 - $1,000
Loan Express
- - 14 days
-
Meridian Credit Union
Up to $35,000 5.15%+ -
Up to $35,000
Loan Away
Up to $5,000 19.9% - 45.9% APR 6 - 36
Up to $5,000
Loan & Go
$250 -$1,250 29% 3 - 6
$250 -$1,250
Lendful
$5,000 - $35,000 9.9%+ APR 36 - 60
$5,000 - $35,000
LendDirect
Up to $15,000 19.99% APR Open-end
Up to $15,000
Health Smart Financial Services
$300 - $25,000 7.95%+ 36 - 60
$300 - $25,000
GoDay
$100 - $1,500 - 14 days
$100 - $1,500
iCash
Up to $1,500 15% - 23% -
Up to $1,500
Focus Financial Inc.
Up to $1,500 Up to 59% APR 14 days
Up to $1,500
FlexFi
$2,500 + - -
$2,500 +
Eastern Loans
$500 - $1,000 28% - 32%  3 -5
$500 - $1,000
DMO Credit
$300 - $1,000 38% APR 3 - 4
$300 - $1,000
Capital Cash
$100 - $1,000 546% APR 14 days
$100 - $1,000
Cash 4 You
$1,000 -$15,000 46.93%  12 - 60
$1,000 -$15,000
Credit 700
$500 - $1,000 28% - 32%  4 - 5
$500 - $1,000
Credit Club
$100 - $1,500 90% - 390% APR 14 days
$100 - $1,500
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
Ferratum
$2,000 - $10,000 18.9% - 54.9% 12 - 60
$2,000 - $10,000
SkyCap Financial
$500 - $10,000 12.99% – 39.99% 9 – 36
$500 - $10,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
Fairstone
Up to $35,000 26.99% – 39.99% 6 - 60
Up to $35,000
Lending Mate
$2,000 – $10,000 34.9% – 43% 12 - 60
$2,000 – $10,000
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
514 Loans
Up to $3,000 22% - 35% 3 - 4
Up to $3,000
Cashco Financial
Up to $7,000 - 6 – 60
Up to $7,000
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
BC Loans
$500 – $750 23% - 34.4% 3 – 12
$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
Mogo Finance
$300 – $35,000 5.9% to 47.72% 24 - 60
$300 – $35,000
Cash Money
$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
Magical Credit
Up to $20,000 19.99% - 46.8% 6 - 60
Up to $20,000
Provider Loan Amount Rate Term (Months) Rating
Core Capital Group Inc
- - -
-
BarterPay
- 0.9% - 12% 6 months - 5 years
-
Clearbanc
$10,000 - $10,000,000 6% - 12.5% -
$10,000 - $10,000,000
SNAP Financial Group
- - -
-
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
- - -
-
Toronto Truck Loan 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
- - -
-
Guardian Leasing
- - -
-
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 5.49% - 22.79% 12 - 60
$5,000 - $150,000
First West Credit Union
$500,000 - $10,000,000 - -
$500,000 - $10,000,000
PACE Credit Union
- Competitive -
-
Meridian Credit Union
Up to $35,000 - -
Up to $35,000
DUCA Credit Union
- - -
-
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
Desjardins
Up to $100,000 - -
Up to $100,000
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 Line Capital
$5,000+ 4.9% - 24.99% 18 - 48
$5,000+
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
AOne Financial Solutions
Up to $5,000,000 5% - 10% 12 - 60
Up to $5,000,000
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
- - -
-
Go Auto
- - 12 - 96
-
Eden Park
- - -
-
Auto Loan Solutions
- 0% - 29.5% -
-
WeFinanceCars
- + 4.9% -
-
Walker Financial Services
- - -
-
Rifco
- - -
-
National Powersports Financing
- - -
-
LMG Finance
- - -
-
Loans2Go
- - -
-
Leisure Trailer Sales
- - -
-
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
- - -
-
Canada Car Loans
- - -
-
Car Loans Canada
$7500 - $59,995 3.95% + 12 - 96
$7500 - $59,995
Car Creditex
- Up to 49.9% -
-
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
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
Dixie Auto Loans
- - -
-
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
Instant Loans Canada
$1,000 - $35,000 - 24 - 60
$1,000 - $35,000
Newstart Canada
Up to $20,000 19% - 49% 36 - 48
Up to $20,000
Fast Access Financial
$500 – $10,000 Starting at 9.90% 12 - 36
$500 – $10,000
BHM Financial
Up to $25,000 - 12 - 60
Up to $25,000
Provider Loan Amount Rate Term (Months) Rating
Prudent Financial Services
Up to $500,000 5.75% – 9.9% negotiable
Up to $500,000
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 
-
Northwood Mortgage
- 2.74% - 4.45% 12 - 120
-
Matrix Mortgage Global
- - -
-
Mortgage Architects
- 2.74% - 3.70% 6 - 120
-
Finser Mortgages
- 2.79% - 4.45% -
-
IntelliMortgage
- - -
-
Invis
- 2.69% - 3.95% 6 - 120 
-
Manzil
up to 4,000,000 3.49% - 5.49% 12 - 300
up to 4,000,000
Equitable Bank
$25,000 - $800,000 4.59% - 5.64% 6 - 60
$25,000 - $800,000
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% -
-
Canadalend.com
- - -
-
Broker Financial Group Inc.
- 2.41% - 3.84% -
-
Bridgewater Bank
- - -
-
Alpine Credits
- - -
-
Provider Services Rating
BDO
Credit Counselling, Bankruptcy, Consumer Proposal
Credit Counselling, Bankruptcy, Consumer...
MNP
Personal Bankruptcy, Consumer Proposal
Personal Bankruptcy, Consumer Proposal...
Raymond Chabot
Bankruptcy, Consumer Proposal
Bankruptcy, Consumer Proposal...
Full Circle Debt Solutions Inc
Credit Counselling, Debt Management Program
Credit Counselling, Debt Management Prog...
Hoyes Michalos
Consumer Proposals, Bankruptcy, Fresh Start program, Debt Relief Consultations
Consumer Proposals, Bankruptcy, Fresh St...
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 ...

Mortgages are useful tools that make it financially possible for consumers to purchase a home. And when it comes to homes in Toronto, any financial help homebuyers can get is certainly welcomed.

Read on to find out all you need to know about mortgages in Toronto.

Mortgage Insurance Rules

If you plan to make a down payment of less than 20% of the purchase price of the home you’re buying, then you’ll be subject to paying mortgage insurance. Also referred to as “CMHC insurance,” this type of insurance is designed to protect the lender – not the borrower – despite the fact that borrowers are the ones paying the premiums.

In Toronto – and Canada as a whole – the maximum amortization period for mortgages that are insured is 25 years.

How to Save for a Down Payment in Toronto

Whether you’re looking to put down at least 20% to avoid paying mortgage insurance or are simply looking to put down the 5% minimum that conventional mortgages require, you’ll still need to come up with a sizeable amount of money. Based on the average home price in Toronto, which stands at $765,400 as of November 2018, a 5% down payment would amount to $38,270.

That’s a lot of money for the average person in Toronto to have to come up within as a lump sum of cash, but that’s the reality of buying a home in one of the most expensive markets in the country.

Obviously, putting a 20% down payment is better, if you can swing it. Not only will you be able to reduce the amount of debt that you’d have to borrow, but you’ll also be able to save quite a bit of money on mortgage insurance that would otherwise have to be paid with a down payment of less than 20%.

Need to borrow money for your down payment? Check this out.  

In order to secure a mortgage in Toronto, you will need to spend some time saving up for a down payment. Here are a few tips to help you accumulate such a large sum of money in order to get approved for a mortgage and make a home purchase:

Take a bit of money out of each paycheck – Toronto may have the second highest minimum wage in Toronto, but saving up becomes difficult due to its high cost of living. So, before you go and start spending your paycheck, set a little bit aside to be deposited into a separate “down payment savings” account.

Automate your savings – Piggybacking off the above tip, rather than manually taking out a certain amount of money from your paycheck, consider automating your savings instead. That way you won’t be tempted to use that money for other expenditures. Plus, there will be no excuses for forgetting.

Make small sacrifices – Think of things that you can sacrifice for a little while to help with your down payment savings efforts. For example, if you’ve made it a habit of buying lunch every day, consider taking your own lunch with you – you’d be amazed at how much eating out in Toronto costs.

Plan any shopping splurges – Instead of randomly splurging, consider planning them instead. If you try to restrict yourself a lot when attempting to save, you can easily convince yourself that you deserve a treat once in a while. But this can blow your budget and move your goal further out. Instead, if you plan for that splurge money, you’ll know precisely how much you have to spend on frivolous things and keep more control of your spending.

Cost of Buying a House in CanadaTake a look at this infographic to learn about the cost of buying a house.

Credit Score Required For a Mortgage in Toronto

Mortgages in Toronto require a certain credit score in order for borrowers to get approved. In Toronto, borrowers are required to have a credit score of at least 650 to 680 in order to secure a conventional mortgage, though every lender in  Toronto might have their own specific criteria.

Toronto borrowers with higher credit scores typically have a sound financial past that is void of any black marks, such as missed payments. As such, they will be more likely to be responsible and capable enough to make mortgage payments on time and in full every month.

On the other hand, a person in Toronto with a low credit score typically means they’ve had a history of bad financial habits, making them more of a risk for lenders. In this case, the odds of mortgage approval are much lower. If a mortgage is approved, the interest rate provided will likely be much higher than that of a mortgage provided to a borrower with a higher credit score.

Alternative Mortgage Options For Bad Credit Consumers in Toronto

What can you do if you don’t meet the credit criteria that lenders in Toronto require for mortgage approval? Are your dreams of homeownership dashed? Not necessarily. There are some other options that you may want to explore when applying for a mortgage in Toronto with a bad credit score.

Get a cosigner – If you have someone in your life who has good credit and whom you trust, consider adding them to your mortgage contract as a cosigner. This is a big responsibility, so the person cosigning needs to be fully aware of what their role is and what the repercussions may be if you default on the mortgage. A cosigner essentially promises to pick up the slack and continue making your payments for you in the event that you fail to make your payments.

Take out a bridge loan – Bridge loans are useful tools that you can use if you find it difficult to get a mortgage in Toronto because of your bad credit score. They are provided by private lenders and offer short-term solutions to those looking to make use of the borrowing potential of their homes. Bridge loans are designed to improve your credit and help you get approved for a mortgage and a lower interest rate.

Wait and improve your credit score – If you have some time to spare and are not necessarily in a rush to buy a home, consider taking some time to improve your credit score. You can do this by:

  • Ensuring your debt payments are made on time
  • Not applying for too many credit accounts at once
  • Utilizing less than 30% of your credit card limit
  • Paying down your debt
  • Keeping old credit accounts open, even if you’re not using them

Canadian Credit ScoreInterested in more information about your credit score? Check this infographic out.

Hidden Costs of Buying a House in Toronto

Buying a home in Toronto involves a lot more than just taking out a loan to cover the purchase price of the property. There are other hidden costs that all homebuyers should be made aware of before taking the plunge:

  • Down payment
  • Interest
  • Title insurance
  • Home insurance
  • Taxes
  • Home inspection
  • repaid utilities
  • Moving costs
  • New furniture and appliances
  • Real estate commissions
  • Renovations

It’s important to make sure that you account for all of these costs before you commit to a real estate transaction.

Read this for more details about these hidden home buying costs.

Getting Pre-Approved For a Mortgage in Toronto

If you’re thinking about buying a house in Toronto soon, you should consider getting pre-approved for a mortgage first. A mortgage pre-approval is somewhat like a promise letter from the lender stating that you may qualify for a mortgage for a specific loan amount based on the information you provided, including proof of income and your credit history.

A pre-approval typically specifies a term, interest rate and loan amount. It’s a good idea to get pre-approved before looking for a home because it will tell you how much you can afford. This will help you narrow your focus to properties that match your criteria in terms of price. A pre-approval will also make you a more competitive buyer in the eyes of sellers, which can come in especially handy in a fiercely competitive market.

Pre-approvals don’t last forever. Instead, they usually expire within 90 to 120 days, after which the borrower will have to get pre-approved all over again.

Should you spend your entire pre-approval amount when buying a home? Find out here.   

How to Compare Different Mortgage Offers in Toronto

It’s always recommended to shop around for a mortgage and compare different products from different lenders to get the best deal. When you do, it’s important to pay attention to certain components of various mortgage products that may be offered to you, including:

  • Term – The time period that the mortgage contract is valid
  • Amortization period – The time frame where the entire loan amount must be repaid in full
  • Variable vs. fixed rates – Different mortgages come with different types of interest rates
  • Prepayment options – Some mortgage products may allow you to prepay without penalty
  • Early payment penalties – If you choose to pay off your mortgage early, find out what the early payment penalties may be if any

Amortization Periods

An amortization period is the length of time that you have to pay off your entire loan amount in full. The amortization period you go with will depend on what you feel most comfortable with and what your lender will offer you.

Shorter amortization periods will allow you to spend less on interest over the long haul and will allow you to pay off your mortgage sooner. However, the monthly payments are usually higher, making them more expensive over the short-term.

Longer amortization periods, on the other hand, cost less per payment, but they end up costing more over the long run because more interest will have to be paid. In addition, it will take longer to be mortgage-free with a longer amortization period.

What’s the difference between a mortgage term and a mortgage amortization? Find out here.

Mortgage Payment Options

Different payment options are typically available with mortgages Toronto, including the following:

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

Types of Mortgages Available in Toronto

There are several different mortgage types in Toronto that you can choose from, including the following:

  • Conventional mortgages. These require a 20% minimum down payment, which will allow you to avoid having to pay mortgage default insurance.
  • High-ratio mortgages. Conventional mortgages with less than a 20% down payment (but no less than 5%) are known as high-ratio mortgages and will require mortgage default insurance to be paid.  
  • Open mortgages. These home loans allow borrowers to repay the mortgage at any time without penalty.
  • Closed mortgages. These cannot be paid off before their maturity date without penalty, though their interest rates are usually lower than those with open mortgages.
  • Fixed-rate mortgages. The interest rates associated with fixed-rate mortgages will not change throughout the term, making the payments more predictable.
  • Variable-rate mortgages. The interest rates associated with variable-rate mortgages can change at different intervals throughout the term, making the payments more unpredictable.

Get the Best Mortgage Product For Your Financial Situation

There are all sorts of different mortgage products and lenders in Toronto, and the one you choose should closely match your particular needs. If you’re in the market to find and apply for a mortgage in Toronto, call Loans Canada to help you get the best mortgage for your situation.

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