nesto Review

nesto Review

Written by Lisa Rennie
Fact-checked by Caitlin Wood
Last Updated March 15, 2023

It’s tough for the average Canadian to get approved for a mortgage, given the super strict lending criteria these days and the sky-high housing prices. Plus, there are tons of hoops to jump through when applying through a traditional lender. nesto aims to change that. This fully digital mortgage platform not only streamlines and quickens the application process but also helps makes mortgages easier to access.

Let’s take a closer look at nesto and how it differs from the average mortgage lender.

Who Is nesto?

nesto is a Canadian digital mortgage finance firm that is headquartered in Montreal, Quebec. The online mortgage lending platform combines the expertise of a team of mortgage professionals and innovative digital technology to provide convenient and accessible mortgage products to Canadians. 

The goal of the company is to make the entire mortgage process simple and transparent, from the initial pre-approval and application phase to the final closing. The state-of-the-art technologies used at nesto help Canadians find the lowest mortgage interest rates around. 

Limited Time Offer

nesto is currently offering 1% cashback on the value of your mortgage. Whether you’re a first time homeowner or renewing your mortgage with nesto to take advantage of a better rate. They want to offer you 1% cashback to spend however you want.

How Do nesto Mortgages Work?

nesto can help you find the lowest mortgage rates for you in Canada. Simply fill out a mortgage application, and nesto’s AI-powered algorithm will screen the market for the best mortgage options for you. Then you just have to compare interest rates, and loan options and choose which option is best for you.  

When you’re ready, you can upload any supporting documents and apply for a mortgage right away.

Types Of Mortgages Offered By nesto

nesto offers the following types of mortgage products:

  • New mortgages. If you’re looking to buy a home, you can apply for a new mortgage with nesto to help finance your purchase. 
  • Mortgage renewals. Once the term of your current mortgage is nearly due, you’ll need to renew the loan, unless you choose to pay it off in full. While you can always renew your mortgage with your current lender, you can also choose to switch to a different lender, especially if you’re looking for a lower rate or better terms. 
  • Mortgage refinancing. When you refinance your home loan, you’re replacing your current mortgage with a new one. Homeowners typically refinance to take advantage of a lower interest rate and better terms. If you’re looking to refinance your home with the lowest rates on the market, you can do so with nesto.

Benefits Of nesto 

There are plenty of reasons to consider nesto for all your mortgage needs:

  • Low mortgage rate guarantee. nesto will search for the lowest possible interest rates on your behalf. This can save you thousands of dollars over the life of your loan. In fact, if you find a better rate than what nesto offers, they will beat it, match it or offer you $500.  
  • Fast lending process. nesto’s cutting-edge technology helps streamline the financing process so you can get approved and funded as quickly as possible.
  • Trustworthy track record. nesto has already helped over 210,000 Canadians secure a mortgage to finance a home purchase. 
  • No commissions. Take advantage of the expert advice from nesto’s team of mortgage specialists without paying any commissions. Instead, agents are paid by the lender.
  • Available all over Canada. nesto is available to Canadians all across the country. 
  • Lock in your rate. With nesto, you can get pre-approved for a mortgage and your quoted rate will be ll be guaranteed for up to 150 days from the application date. That’s the longest lock-in offer available in Canada.

How To Apply For A Mortgage With nesto

Follow these steps to get started with nesto:

Browse rates. Explore interest rates from different lenders across Canada. nesto uses an AI-powered algorithm to help you find the lowest mortgage rates around. 

Customize your options. Sign up with nesto to provide information about your goals and personalize your options.

Choose the best mortgage product. Chat with nesto’s mortgage experts to get advice and help you select the best mortgage product for your needs. Then, confirm your selection online to get the mortgage process started.

Complete your application. Fill out your mortgage application, upload all required documents, and nesto will take care of the rest.

What Do You Need To Apply For A Mortgage With nesto?

To qualify for a nesto mortgage, you’ll need to meet the following criteria:

  • Be the age of majority in your province or territory
  • Be a Canadian citizen or permanent resident 
  • Have steady and reliable employment 
  • Earn a sufficient income
  • Have a credit score of at least 650
  • Have never filed for bankruptcy, consumer proposal, or other debt relief 

When you apply for a nesto mortgage, you’ll need to provide the following documents and information:

  • Government-issued photo ID. You must prove your identity by providing a driver’s license, passport, or other photo identification.
  • Proof of income. You’ll need to prove your income with documents such as a letter of employment, pay stubs, or bank statements.
  • Credit report. Your lender will want to verify your creditworthiness, so they’ll likely pull your credit report.
  • Other financial information. You may need to provide information regarding your assets and liabilities, and proof that you have the funds to cover your down payment and closing costs.

Final Thoughts

nesto is helping to change the mortgage lending game for Canadians. Everything is done online and with less paperwork. nesto has the longest rate hold in Canada and offers the lowest rates right from the start, what could be better? You can quickly compare various mortgage products and get expert help. If you’re ready to buy a home, consider nesto for your mortgage financing.

nesto FAQs

How is nesto different from a bank?

nesto differs from a bank in a few ways. For starters, nesto’s mortgage experts do not work on commission and have their clients’ best interests in mind. When you apply for a mortgage with a bank, you’re only gaining access to the limited products and rates they can offer. With nesto, on the other hand, you’ll have access to the wide network of lenders and mortgage products they have available, which gives you plenty more to choose from. 

Can I get a loan with bad credit with nesto?

You need to have a minimum credit score of 680 to get approved for a mortgage through nesto. If you have poor credit, you may have to look to alternative online lenders for a mortgage.

How long will my rate last for?

Right now, you can lock in your rate with nesto for as long as 150 days. That means the lender will guarantee your rate for 150 days. It’s the longest in Canada’s mortgage industry. 

Can I get a mortgage as a newcomer with nesto?

Generally speaking, you need to be a permanent resident or citizen of Canada to take out a mortgage with nesto. That said, nesto may be able to help you if you qualify under the New to Canada Program to buy a home with a down payment of as little as 5% on homes priced at $500,000 or less.

Is nesto a broker?

nesto can be considered a brokerage with a team of experts who serve as intermediaries between borrowers and lenders. Rather than the company lending directly to you, nesto finds the best lenders who will provide the loans. 

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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