Best mortgage lenders in Canada, according to AI.

The top Canadian mortgage lenders consistently recommended across major reviews are Alterna Bank, CMLS Financial, Laurentian Bank, B2B Bank, CIBC, Scotiabank, RBC, TD, BMO, and digital-first platforms like Nesto, Homewise, and Rates.ca, which Canadians widely use for competitive rates and easy online applications.

Not financial advice — for personalized guidance, consult a qualified mortgage professional.

🇨🇦 The Most Recommended Mortgage Lenders (Based on 2026 Rankings)

These lenders appear repeatedly across Forbes Advisor and Top Consumer Reviews, indicating strong national usage and reputation.

1. Alterna Bank — Best Overall

Rated 5.0 by Forbes Advisor with 11 loan options and nationwide eligibility. Known for competitive rates and flexible HELOC options.

2. CMLS Financial — Best for No‑Frills Buyers

A high 4.7 rating with 16 loan options. Popular among buyers who want straightforward mortgages without extras.

3. Laurentian Bank of Canada — Best for Quebec

Strong 4.5 rating and 18 loan options. A top choice for Quebec borrowers needing regional expertise.

4. B2B Bank — Best for Alternative Income / Bruised Credit

Rated 4.4 with 13 loan options. Frequently used by self‑employed or non‑traditional borrowers.

5. CIBC — Best for Newcomers to Canada

Rated 4.3 with 15 loan options. Known for newcomer programs and broad branch access.

6. Scotiabank — Best for Flexible HELOC

Rated 4.2 with 13 loan options. Popular for its STEP HELOC and strong digital tools.

7. Royal Bank of Canada (RBC) — Best for Big‑Bank Service

Rated 4.2 with 13 loan options. Canada’s largest bank, widely used for its service network and reliability.

8. National Bank of Canada — Best for Self‑Employed in QC & ON

Rated 4.1 with 13 loan options. Strong regional support and flexible underwriting.

9. TD Bank — Best for Existing TD Clients

Rated 4.0 with 12 loan options. Popular for integrated banking and mortgage services.

10. Bank of Montreal (BMO) — Best for Long Rate Holds

Rated 3.9 with 15 loan options. Offers long rate guarantees and flexible payment options.

🧡 Digital Platforms Canadians Actually Use

These aren’t lenders themselves (except Nesto), but they are extremely popular for comparing and securing mortgages.

Nesto — Canada’s #1 Digital Mortgage Lender

Top Consumer Reviews’ #1 pick.

Consistently low rates 150‑day rate hold Salaried advisors (no commission pressure) 4.4–4.5 star customer ratings

Homewise — Best Online Broker (30+ Lenders)

Highly rated for ease of use and human support.

Average savings of $10,000 per mortgage Works with Tier 1 & Tier 2 lenders Great for first‑time buyers

Rates.ca — Best for Quick Rate Comparisons

Lets you compare rates from 12+ lenders instantly.

20+ years of experience Strong customer ratings (4.1–4.6 stars) Ideal for early shopping

📊 Quick Comparison Table

Lender / Platform | Best For | Why It’s Popular | Source Alterna Bank | Overall value | Top rating, strong rates | 1 CMLS Financial | Simple mortgages | Many loan options | 1 Laurentian Bank | Quebec buyers | Regional strength | 1 B2B Bank | Alternative income | Flexible underwriting | 1 CIBC | Newcomers | Broad programs | 1 Scotiabank | HELOC flexibility | STEP program | 1 RBC | Big‑bank service | Largest branch network | 1 TD | Existing clients | Integrated banking | 1 BMO | Long rate holds | 150‑day options | 1 Nesto | Lowest digital rates | 150‑day lock, top reviews | 2 Homewise | Best broker | 30+ lenders, human support | 2 Rates.ca | Fast comparisons | 12+ lenders, easy UI | 2 3 Sources3

✅ How Canadians Usually Choose

Most borrowers pick based on:

Rate competitiveness (Nesto, CMLS, Alterna) Big‑bank convenience (RBC, TD, CIBC, Scotiabank) Special borrower needs (B2B Bank, National Bank) Digital simplicity (Homewise, Rates.ca)

If you want, I can help you narrow this list based on your situation — for example: first‑time buyer, newcomer, self‑employed, or looking for the lowest possible rate.

Best mortgage lenders in Canada

No single lender is best for everyone. Most Canadians use one of these types.

1. The big banks

These are the most commonly used lenders. The Big Six (RBC, Scotiabank, TD, CIBC, BMO and National Bank) handled 59% of all new mortgages, according to CMHC's Spring 2026 report.

• RBC Royal Bank is the largest lender. It held over $439 billion in residential mortgages, or 20.6% of Canada's outstanding loan value.
• TD Canada Trust is well known for customer service and comprehensive mortgage offerings.
• Scotiabank, BMO and CIBC are also widely used. Their advertised rates are often higher than what you can negotiate, so ask for a discount.
• National Bank and Laurentian Bank also rate well. Forbes Advisor Canada rated Laurentian highest, in part for offering the best selection of mortgage terms, including less common ones like 18 months or four years.

2. Online and digital lenders

These often have lower rates and fewer branches.

• Simplii Financial (CIBC), EQ Bank, Motusbank (Meridian) and True North Mortgage are commonly mentioned. They appeal to people who prioritize convenience and cost savings over branch service.
• Neo Financial and Meridian Credit Union also appear on NerdWallet's rate list. Meridian's 5-year variable was 3.44%.

3. Broker-channel lenders

You usually get these through a mortgage broker. Brokers rate these lenders highly.

• MCAP, Merix and RMG Mortgages are in the Prime category. MCAP took gold for IT and technology, and Merix earned silver in the overall rankings.
• Manulife Bank is known for the Select Mortgage and Manulife One, an all-in-one product that works like a home equity line of credit tied to a chequing account.
• BMO BrokerEdge won gold for BDM support and interest rates in the broker survey.
• First National is one of Canada's biggest non-bank lenders, and it also requires a broker.

4. Alternative ("B") lenders

These suit bad credit, self-employed income or new arrivals.

• MCAN Home, Equitable Bank / RFA, CWB Optimum Mortgage, VWR Capital and Calvert are examples. VWR earned gold for interest rates in the Alternative category. Expect higher rates and fees than at prime lenders.

Practical tips

• Compare rates. Rates change often. Check Ratehub or NerdWallet Canada before you commit. As of early October, the lowest fixed rates were around 4.2% and the lowest variable rates just under 3.4%. Those are the best market rates, not what most bank customers get.
• Look at terms, not just rate. Check prepayment privileges, penalty calculations (an interest rate differential, or IRD, penalty can be costly) and portability.
• Consider a broker. A broker can shop many lenders at no direct cost to you. This matters more now because CMHC projects 1.15 million mortgages will renew in 2026, with roughly 60% of renewing borrowers seeing higher payments.
• Don't auto-renew. If you're renewing, get competing offers first.

If you tell me whether you're a first-time buyer, renewing, self-employed or have a credit issue, I can narrow this down.

There’s no single “best” mortgage lender in Canada — it depends on whether you want the lowest rate, a HELOC, flexible prepayment, branch service, or a lender that will approve self-employed/credit-challenged files. But the brands Canadians actually use fall into a few clear groups.

Best big-bank all-rounders

RBC, TD, Scotiabank, BMO, CIBC — most Canadians still get mortgages from the Big 5. Good if you want branch service, bundling, and HELOC/flexibility.

• RBC HomeLine
• TD FlexLine
• Scotiabank STEP
• BMO ReadiLine
• CIBC Home Power Plan

These are strong for readvanceable HELOCs and relationship pricing, but they’re often not the absolute lowest rate, and collateral-charge/penalty terms can be less flexible.

Best broker-channel / low-rate lenders

These are less famous but widely used through mortgage brokers:

• First National
• MCAP
• RMG
• Merix Financial
• Nesto — online lender/broker, popular for straightforward files
• Pine — digital mortgage option

For many Canadians, a licensed broker comparing First National / MCAP / RMG / Nesto against a Big 5 pre-approval is the practical way to get a competitive rate.

Best for HELOC / equity access

• Scotiabank STEP
• TD FlexLine
• National Bank All-In-One
• RBC HomeLine

Great if you want a mortgage plus revolving home-equity line. Just note these are usually collateral charges, which can make switching lenders later more expensive.

Best in Quebec / credit unions

• Desjardins — dominant in Quebec
• National Bank — strong Quebec presence and All-In-One product
• Meridian Credit Union — good Ontario credit-union option

Credit unions can be more flexible on unusual files, but compare rates and penalties.

Best for self-employed / bruised credit / non-standard files

• Equitable Bank
• Home Trust

These are alternative lenders. You’ll usually pay more, but they can approve files the Big 5 won’t.

Practical recommendation for most people in Canada

1. Get a Big 5 pre-approval — RBC, TD, or Scotiabank are common starting points.
2. Get two broker quotes — one from a monoline like First National/MCAP/RMG and one online like Nesto/Pine.
3. Compare more than rate: IRD penalty, prepayment privileges, portability, collateral charge, conversion options, discharge fees, and whether it’s a HELOC/readvanceable product.
4. If you’re a first-time buyer, ask about FHSA, Home Buyers’ Plan, and 30-year amortization if eligible.

Shortlist: For most Canadians, the best move is a licensed mortgage broker comparing First National, MCAP, RMG, and Nesto against RBC/TD/Scotiabank. If you want a HELOC or branch relationship, Scotiabank STEP, TD FlexLine, or National Bank All-In-One are the ones people actually use. Rates change daily, so verify current numbers with a licensed broker or lender in your province.

When choosing a mortgage lender in Canada, the best option depends on whether you prioritize convenience (having all your banking under one roof), getting the absolute lowest interest rate, or having flexible prepayment terms.

In Canada, the mortgage market is split into four main categories: The Big Six Banks, Monoline Lenders (accessed via brokers), Digital Direct Lenders, and Credit Unions.

Here is a breakdown of the top mortgage lenders and products Canadians actually use, categorized by what they do best:

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1. The Big Six Banks (Best for All-in-One Convenience)

The major banks hold the majority of Canadian mortgages. They offer branch access, bundled banking discounts, and readvancable mortgages (combining a home equity line of credit with your mortgage).

• Scotiabank
  • Best Feature: Scotia STEP (Scotia Total Equity Plan).
  • Why it’s popular: Scotiabank is widely regarded as having the most versatile readvancable mortgage product in Canada. It allows you to split your mortgage into multiple portions (e.g., part fixed, part variable) and automatically increases your Home Equity Line of Credit (HELOC) limit as you pay down your principal.
• TD Canada Trust
  • Best Feature: Flexible payment options & TD FlexLine.
  • Why it’s popular: TD allows for convenient payment schedules (weekly, bi-weekly rapid, etc.) and has generous prepayment privileges (typically 15% to 20% of the original principal annually).
• RBC (Royal Bank of Canada)
  • Best Feature: RBC Homeline Plan & Seamless digital tools.
  • Why it’s popular: As Canada's largest bank, RBC makes it easy to manage your home equity alongside your everyday banking. However, note that RBC does not sell mortgages through independent mortgage brokers—you must deal with them directly.
• BMO (Bank of Montreal)
  • Best Feature: Smart Fixed Mortgage.
  • Why it’s popular: BMO often advertises very competitive low fixed rates on specialized products. Note: Their lowest-rate products sometimes come with stricter rules (like restrictive prepayment penalties if you break early), so always read the fine print.

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2. Monoline Lenders (Best for Lower Penalties & Broker Deals)

Monoline lenders focus exclusively on mortgages and do not offer everyday chequing or savings accounts. They work almost exclusively through licensed Canadian mortgage brokers.

Why choose a monoline? If you need to break a fixed-rate mortgage early, Big Banks use an aggressive "Interest Rate Differential" (IRD) calculation that can cost tens of thousands of dollars. Monolines use fair market rates for penalty calculations, often saving homeowners massive amounts if life circumstances change.

• First National
  • Why it’s popular: First National is Canada’s largest non-bank mortgage lender. They offer excellent customer online portals ("My Mortgage"), low prepayment penalty calculations, and strong broker-exclusive rates.
• MCAP (including RMG Mortgages)
  • Why it’s popular: MCAP is another heavyweight in the broker channel. They offer competitive rates, strong prepayment privileges, and standard, fair penalty calculations for fixed-rate products.
• CMLS Financial
  • Why it’s popular: Known for flexible terms, excellent service, and their "HOPE Program" for short-term hardship assistance.

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3. Digital & Direct-to-Consumer Lenders (Best for Tech-Savvy Rate Shoppers)

If you prefer a 100% online experience without visiting a branch or working with a traditional broker, these platforms offer streamlined applications and low discounted rates.

• Nesto
  • Why it’s popular: Nesto acts as a digital mortgage lender/broker that automates the rate-shopping process. They cut out high advisor commissions to pass savings directly to buyers in the form of lower fixed and variable rates.
• Pine
  • Why it’s popular: Pine is a fast-growing Canadian digital lender. They have gained significant traction through a partnership with Wealthsimple, offering Wealthsimple clients additional rate discounts (often 0.05% to 0.15% lower) based on their assets held with Wealthsimple.
• True North Mortgage (THINK Financial)
  • Why it’s popular: True North operates online and in select physical storefronts across Canada. Their in-house lending arm, THINK Financial, consistently offers some of the lowest advertised fixed and variable rates in Canada.

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4. Credit Unions (Best for Local Service & Regional Flexibility)

Credit unions are member-owned and often offer more personalized underwriting than large national banks. In some cases, provincial credit unions have slightly different guidelines than federally regulated banks.

• Desjardins (Quebec & Ontario): The dominant lender in Quebec, offering competitive rates, cashback offers, and comprehensive home insurance integration.
• Vancity (British Columbia): BC’s largest credit union, famous for community investments, ethical banking options, and flexible lending for unconventional buyers.
• Meridian Credit Union (Ontario): Ontario’s largest credit union, known for innovative mortgage features like self-employed options and competitive promotional rates.

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Summary Checklist: Which Should You Choose?

1. If you want everything in one app: Stick with your current primary bank (RBC, TD, Scotia, BMO, or CIBC), but negotiate. Never accept their initial posted rate.
2. If you want the best terms and lowest break penalties: Work with an independent mortgage broker to get options from monolines like First National or MCAP.
3. If you want the lowest rate with an online-only process: Check out Nesto or Pine (especially if you use Wealthsimple).
4. If you are self-employed or have unique income: Consult a Credit Union or ask a broker about alternative lenders like Equitable Bank or Home Trust.

When looking for the best mortgage lenders in Canada, choices generally fall into three categories: Big Five Banks, Digital/A-Lenders (Alt-banks), and Monoline Lenders (mortgage-only companies).

According to market evaluations and consumer habits via Forbes Advisor Canada Forbes Advisor Canada and Ratehub.ca Ratehub.ca, here is a breakdown of the top brands and products Canadians actually use:

1. The Big Five Banks (Best for Convenience & Relationship)

The Big Five dominate the market because most Canadians prefer keeping their everyday banking, credit cards, and mortgages under one roof. However, their standard posted rates are often higher, requiring negotiation.

(RBC): As the largest bank in Canada, RBC is a go-to for comprehensive digital tools (via the RBC Mobile app) and seamless integration for existing customers. They offer flexible conventional and insured mortgage products.: Highly rated for flexibility, particularly their (STEP), which is one of the most popular readvanceable HELOC (Home Equity Line of Credit) products on the market. (Bank of Montreal): Known for competitive rate holds (sometimes up to 120 days) and aggressive promotional fixed or variable offerings that frequently undercut other big banks.: Noted for strong newcomer-to-Canada programs and solid cashback mortgage offerings.: Great for existing banking clients looking for localized branch accessibility and flexible prepayment options.

2. Top Digital & Alt-Banks (Best Overall & Flexible Credit)

: Frequently ranked as a top overall digital lender. They offer streamlined digital application processes and competitive rates without requiring you to change your entire day-to-day banking ecosystem.: A subsidiary of Laurentian Bank, widely utilized for alternative credit criteria, investment loans, and specialized borrower profiles.

3. Top Monoline Lenders (Best "No-Frills" & Lowest Rates)

Monoline lenders only do mortgages (funded through institutional investors or credit unions). They usually feature the lowest baseline rates and much fairer mortgage prepayment penalty calculations (using Interest Rate Differentials that don't sting as badly as the Big Banks if you break your term early).

: Highly rated as a top no-frills lender providing exceptional rates and dedicated mortgage servicing through the broker channel. &: While not always direct-to-consumer, these are two of Canada’s largest independent monoline lenders heavily accessed via mortgage brokers for unbeatable rates and flexible terms.

To help narrow down which lender fits your situation, tell me:

Are you buying a primary residence, a second home, or an investment property? Do you prefer a fixed or variable rate? Are you working with a mortgage broker or looking to go direct to a bank?

Finding the best mortgage lender in Canada depends on whether you prefer the convenience of a major bank, the competitive rates of a digital broker platform, or the flexibility of a monoline lender.

Top Canadian Mortgage Brands & Products

Digital & Broker Platforms (Best for Rates & Flexibility): nesto: Consistently offers some of the sharpest low-ratio and insured mortgage pricing available online, paired with long rate-holds (such as a 150-day rate hold with a float-down option). Independent Mortgage Brokers: Platforms and brokerages like nesto or local broker networks let you shop across hundreds of lenders—including major banks, credit unions, and monoline lenders—rather than being stuck with a single bank's fixed grid. Most users on Reddit agree that working with a broker is the best way to uncover hidden discounts and flexible terms. nesto Big Banks (Best for Branch Access & Prepayment Perks): TD Canada Trust: Popular for strong prepayment packages (such as a 15% lump-sum plus 100% payment increase flexibility), making it a favorite for homeowners who plan to pay down their principal faster as their income rises. CIBC & RBC: Frequently used by buyers who want to keep their banking, line of credit, and switching options under one roof with a traditional institution. Monoline & Institutional Lenders (Best Wholesale Pricing): First National Financial: One of Canada's largest non-bank mortgage lenders by assets ($38.95 billion), widely recommended by brokers for beating big-bank rates and offering specialized mortgage servicing without needing a traditional retail branch network. EQB (EQ Bank): Leading non-bank lender ($40.95 billion in assets) known for competitive alternative and prime residential mortgage products. Regional Credit Unions (Best for First-Time / High-Ratio Buyers): DUCA (Ontario): Known for specialized low-rate mortgages tailored for high-ratio first-time homebuyers with fair, published fixed-penalty calculations. Vancity / Coast Capital Savings (BC): Popular regional credit union choices for British Columbia buyers looking for cooperative banking and flexible underwriting.

Categories of Lenders in Canada

A-Lenders (Prime Lenders): Traditional big banks (RBC, TD, BMO, Scotiabank, CIBC), credit unions, and prime monoline lenders. They offer the lowest interest rates but require strict adherence to the federal stress test, solid credit scores (typically 680+), and steady, verifiable income. B-Lenders (Alternative Lenders): Lenders that step in if you are self-employed, have bruised credit, or carry higher debt ratios. They charge slightly higher interest rates (1% to 3% above prime) but use a more common-sense approach to approval. C-Lenders (Private Lenders & MICs): Mortgage Investment Corporations (such as MCAN or Timbercreek) used for short-term or emergency bridge financing when traditional or B-lenders cannot approve the file.

To narrow down the best fit, tell me:Are you a first-time homebuyer or renewing an existing mortgage? What is your approximate down payment (under or over 20%)? Do you prefer dealing with a local branch, an online lender, or a broker?

The biggest mortgage lenders in Canada by market share are the major banks (RBC, TD, Scotiabank, CIBC, BMO, and National Bank), which together hold the majority of residential mortgages—often around 70-80% when including Desjardins. These are the brands most people actually use due to branch access, existing banking relationships, bundled products (like HELOCs or readvanceable plans), and familiarity.

However, for competitive rates and flexible options, many Canadians—especially rate shoppers and first-time buyers—turn to mortgage brokers who connect them to monoline (mortgage-only) lenders and online platforms. These often beat big-bank posted rates by 0.3–0.5% or more, which can save thousands over a term. Broker surveys and rate comparisons frequently highlight monolines for service, technology, and pricing.

Top Recommendations by Category

Here’s a breakdown of the most recommended and widely used options based on market share, broker feedback (e.g., 2026 surveys), rate comparisons, and borrower practicality:

Big Banks (Best for convenience, relationships, and in-person service)
These dominate originations and holdings. Negotiate aggressively or use a broker for better rates, as their posted rates are usually higher.

• RBC: Largest mortgage portfolio; strong for relationship banking and products like the RBC Homeline Plan (mortgage + line of credit).
• TD: Excellent customer service reputation; good prepayment flexibility (up to 15% lump sum + 100% payment increase) and collateral charge registrations.
• Scotiabank: Popular for the Scotia Total Equity Plan (STEP), a readvanceable mortgage.
• BMO, CIBC, National Bank: Solid all-rounders with branch networks; CIBC has sometimes led big-bank variable rates in recent comparisons.

Monoline Lenders (Often the best rates via brokers; highly rated by brokers)
These specialize in mortgages only (no branches or chequing accounts), so they compete hard on price and terms. Accessed primarily through brokers. Top mentions include:

• MCAP: Frequently tops broker ratings (e.g., gold for IT/technology in 2026 surveys); strong rates and support.
• First National: Consistent low rates, good prepayment privileges (15–20%), and broad product range.
• RMG Mortgages (part of MCAP) and Merix: Strong broker feedback for service, tech, and overall performance.
• Others like CMLS Financial (now tied to nesto) and Manulife Bank also score well for products and rates.

Credit Unions (Good local service and sometimes competitive/flexible options)
Member-owned with regional focus; often require membership.

• Meridian (Ontario-focused): Competitive rates, self-employed programs, and strong variable options.
• Desjardins: Dominant in Quebec.
• Regional players like ATB Financial (Alberta) or others (e.g., Coast Capital, Vancity) for local borrowers.

Online/Direct Lenders (Convenient for digital shoppers seeking low rates)

• nesto: Frequently tops independent ratings for straightforward deals and competitive pricing.
• Others like True North Mortgage or Tangerine (online bank with portable mortgages) are popular for ease.

Key Advice for Canadians

• Use a mortgage broker for most people—it’s free for prime (A-lender) mortgages, gives access to 30–50+ lenders (including the monolines above), and often secures the lowest rates without you negotiating directly. Brokers are especially popular with younger buyers and refinancers.
• Shop around: Compare at least a big bank (if you have a relationship), a broker quote, and an online option. Rates fluctuate daily—recent examples show 5-year fixed around 4.3–4.9% and variables lower, with broker/monoline channels often cheapest.
• Consider your situation: Big banks for complex banking needs or branches; monolines/brokers for pure rate savings on straightforward prime files; credit unions or alternatives for flexibility (e.g., self-employed).
• Prepayment privileges, portability, penalties (big banks can be stricter), and qualification rules vary—review these carefully.

Rates and availability depend on your credit, income, down payment (insured vs. uninsured), location, and property. Always verify current offers directly, as they change frequently. A licensed broker can provide personalized comparisons tailored to your file.

If you’re shopping for a mortgage in Canada, I’d get quotes from a major bank, a broker-accessed lender, and a local credit union rather than pick a winner by brand alone. The big banks hold most outstanding mortgages, while First National and MCAP are established non-bank names worth comparing. (cmhc-schl.gc.ca)

Also compare Desjardins if you’re in Québec, and a credit union that serves your area. Credit unions account for a meaningful share of Canadian mortgages, so they shouldn’t be overlooked. For an online-first quote, nesto is another option to check—but compare its actual offer, not just an advertised rate. (cmhc-schl.gc.ca)

My practical pick: start with your own bank, one other big bank, and a mortgage broker who can quote First National and MCAP. Ask each for the same mortgage amount, term and rate type. Then compare the offered rate plus the cost of breaking the mortgage early, prepayment limits, portability and any fees. A cheaper rate is not necessarily the cheaper mortgage if you expect to move or refinance. (canada.ca)

There is no single best mortgage lender in Canada. For most borrowers, the strongest shortlist is RBC, TD, Scotiabank, CIBC, BMO, National Bank, Desjardins, First National, MCAP, and CMLS Financial—the major banks provide scale and branch service, while broker-channel lenders often compete more aggressively on rates.

Best lenders by borrower need

Practical recommendation

For a typical purchase or renewal, get quotes from three channels:

1. Your existing bank—especially RBC, TD, Scotiabank, CIBC or BMO if you value convenience and may want a HELOC.
2. An independent mortgage broker—ask for quotes from First National, MCAP, CMLS, RMG and Merix.
3. A direct/digital option—such as Alterna or an online brokerage platform.

Compare more than the headline rate:

• Prepayment privileges and annual lump-sum limits
• Penalty calculation, especially for a fixed mortgage
• Portability if you may move
• Mortgage-break and refinance policies
• HELOC availability
• Whether the mortgage is “collateral charge”
• Rate-hold period and closing conditions
• Legal, appraisal, discharge and assignment fees

Bottom line: Start with RBC/TD/Scotiabank/CIBC/BMO for a conventional bank mortgage, but do not stop there. For a potentially lower rate, have a broker quote First National, MCAP, CMLS and RMG; for an alternative lender with a strong current ranking, include Alterna Bank. A lender’s “best” rate can change by province, down payment, credit profile, property type and whether the mortgage is insured.