Best Mortgage Lenders in Canada
Buying a home is one of the most exciting and rewarding things many people will do in their lives. Many mortgage lenders can help you find the best mortgage for your needs in Canada. This post looks at some of the best mortgage lenders in Canada so that you can make a more informed decision when looking for a mortgage. Don't stress out! We've done all the research for you! Read on to learn more about the top Canadian mortgage lenders and determine which one could be right for you.
Royal Bank of Canada
The Royal Bank of Canada (RBC) is a multinational financial services company headquartered in Toronto. It was founded in 1864 and is one of the largest banks in the world based on market capitalization. RBC serves over 16 million clients and has 85,301 employees worldwide.
As of December 31, 2021, Royal Bank of Canada had total assets of 1.71 trillion CAD, making it the second-largest bank in Canada by assets.
Royal Bank of Canada provides personal and commercial banking, wealth management services, insurance, investor services, and capital markets products and services globally. In addition to its Canadian operations, it also has branches in the United States and 37 other countries worldwide.
Toronto-Dominion Bank, commonly known as TD Bank Group, is a Canadian multinational banking and financial services corporation headquartered in Toronto, Ontario. It was created on February 1, 1955, through the Bank of Toronto and The Dominion Bank, founded in 1855 and 1869.
TD Bank offers corporate customers retail and wholesale banking products and services. It also offers investment banking products and services through its TD Securities division. As of Q4 2019, there were over 1,091 branches in Canada.
Assets: 1.73 trillion CAD
Bank of Nova Scotia
Bank of Nova Scotia is a multinational bank and financial services corporation based in Toronto, Canada. The Bank offers a wide range of advice, products, and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking, and capital markets. Scotiabank is Canada's international bank and a leading financial services provider in North America, Latin America, the Caribbean, Central America, and Asia.
Total Assets: 1.18 trillion CAD
Branches: over 900
Canadian Imperial Bank of Commerce
Canadian Imperial Bank of Commerce is one of the largest banks in Canada, with a history of more than 150 years. It offers a full range of financial services for personal, commercial, and corporate clients. The bank's personal banking products and services include checking accounts, savings accounts, credit cards, mortgages, home equity loans, and lines of credit. CIBC's commercial banking services include loans, cash management, international trade financing, business succession planning, and equipment financing.
Total Assets: 837.7 billion CAD
Branches: over 1,200
Bank of Montreal (BMO)
Bank of Montreal (BMO) is the fourth-largest bank in Canada by deposits. It was established in 1817, making it Canada's oldest bank and North America's second-oldest bank after the Bank of New York Mellon.
The Bank of Montreal offers a broad range of retail banking, wealth management, and investment banking products and services in Canada, and it has a strong presence in the United States.
It has more than 900 branches, serving over seven million customers. The company also has C$988.18 billion assets under management, supported by 34,000 employees.
Desjardins Group is Canada's leading cooperative financial group and the fifth largest cooperative financial group globally, with assets of 282 billion CAD (2017).
Employees: 47,655 (2017)
Desjardins is also home to a wealth of expertise in property and casualty insurance, life and health insurance, wealth management, services for businesses of all sizes, securities brokerage, asset management, venture capital, and secure, leading-edge virtual access methods.
Desjardins Group was ranked first in the annual studies conducted by Ipsos Reid on behalf of Léger Marketing that measures customer loyalty among Canadian banks for 2013–2014.
First National Financial
First National Financial Corporation (TSX: FN) is Canada's largest non-bank lender, originating and servicing residential and commercial mortgages since 1988.
Total Assets: 118.7 billion USD
Services Offered: First National Financial offers a wide range of services, including residential mortgages, commercial and industrial real estate loans, and real estate investment trusts (REITs). The company also provides investment banking services such as underwriting debt securities for public offerings or private placement transactions.
National Bank of Canada
National Bank of Canada is one of the six largest banks in Canada, with 355.8 billion CAD in assets as of April 30, 2021. National Bank of Canada (NBC) is a financial institution that operates in Canada and internationally. The company offers personal banking products and services, including deposit accounts, loans and mortgages, credit cards, lines of credit, investments, insurance, and more. NBC also provides commercial banking services to small and medium-sized businesses, along with corporate investment banking products and services.
HSBC Bank Canada
HSBC Bank Canada is a wholly-owned subsidiary of the Hong Kong-based Hongkong and Shanghai Banking Corporation Limited (HSBC), which holds approximately 90% of its shares. Other shareholders hold the remaining 10% of shares.
As of December 31, 2018, HSBC Bank Canada had total assets of CAD 374.4 billion making it the fourth-largest bank in Canada by assets. It has more than 2 million personal clients through its retail banking network, over 38,000 employees, and 130 branches.
The bank's services include personal financial services, commercial banking, corporate and investment banking, private banking, securities custody, and clearing services to institutional clients such as governments, financial institutions, corporations, and high net worth individuals.
Home Trust Company
Home Trust Company is a federally regulated trust company offering residential and non-residential mortgage lending, securitization of insured residential mortgage products, consumer lending, and credit card services. In addition, it offers deposits via brokers and financial planners and through its direct-to-consumer deposit brand, Oaken Financial. Home Trust also conducts retail banking business through its wholly-owned subsidiary Home Bank.
Total Assets: 3.5 billion USD
Q: The Minimum Credit Score for a Mortgage in Ontario
A: As housing prices continue to rise in Canada, getting approved for a mortgage can be a serious challenge. As of early 2022, the minimum credit score required to be approved for a mortgage is anywhere from 620 – 680, at the lowest.