Best Mortgage Lenders In Canada 2014

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Who is the best Canadian mortgage lender?

Singling out one lender as THE BEST would be next to impossible. Can’t be done.

Canadian mortgage lenders are some of the most prudent and well-managed in the world.

Competition is fierce among lenders; those that can’t compete quickly get left behind.

Canadian mortgage lenders come in all different shapes and sizes. From small boutique offices to multi-level banks with national offices right across the country.

best mortgage lender canada

The following is a list of my preferred lender partners. There is no specific ranking or ordering. I’ve selected these lenders based on my personal experience working day in and day out with my clients. I’ve considered lenders based on;

  • low interest rates
  • approval turn around times
  • under writing support (when things go wrong)
  • IT/technology
  • product range
  • overall service levels
  • overall credit policies 


Canada’s Best Mortgage Lenders

CMLS Canada Morgage Loan Services


CMLS is one of Canada’s oldest independently owned mortgage service companies. Founded in 1974 they are now celebrating 40 years of successful business. With offices across the country, they provide a wide range of commercial lending services, residential mortgages and institutional services.

Why I like them:  CMLS’s back end runs like a machine. The underwriters are experienced and well organized which makes for smooth transactions up to closing. After closing the good service continues for all of your on going requests, changes and needs.


First National Financial LP


First National is Canada’s largest non-bank lender. In 2013 they funded $50 billion in residential and commercial mortgages. With the size comes scale, leverage and product offering.  They have a highly trained team of professionals who know their business and your specific mortgage needs.

Why I like them: I back First National LP as a favorite lender for two reasons; 1) no surprises during the approval/ underwriting process 2) technology. They have a great web portal which allows you to check your balance and make changes to your mortgage at any time.



Merix Financial/Lendwise


One of my favorite lenders to work with and an industry leader. In the 8 years since their inception Merix has reached over 12 Billion in mortgages under administration and and provided mortgages to over 60,000 Canadian home owners.  Their staff is over 200 strong and they have offices now from coast-to-coast.

Why I like them:  Each year brokers are asked to rank Canadian lenders.  Merix has topped the ranking two years running for good reason. (2013 Brokers On Lenders) Why should this matter to you? Their customer service is top notch and their rates are never to be over looked.




Scotia needs no introduction. The one and only bank on my list of best mortgage lenders. Since welcoming its first customers in Halifax, Nova Scotia in 1832, Scotiabank has expanded into one of North America’s premier financial institutions. Last year Scotia funded $187 billion in mortgages making them the 2nd largest mortgage lender in Canada.

Why I like them: Out of the big 5 banks in Canada, Scotia offers some of the most progressive underwriting guidelines and best customer service. They have highly competitive rates and great product offering including their flexible and popular STEP (Scotia Total Equity Plan) line of credit product. I like Scotia because they have focused on helping Canadians get out of mortgage debt as quickly and efficiently as possible. They have built a marketing campaign around the slogan “own a home not a mortgage”. You can checkout my previous blog post with some Scotia material here.


Street Capital

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Although Street Capital is a relatively new lender on the scene founded in 2007, their management team  is made up of highly respected industry leaders. This leadership has paved the way to making Street Capital Financial Canada’s 3rd largest non-bank lender.  They are an approved lender with the Canadian Mortgage and Housing Corporation (CMHC), Canada Guaranty Mortgage Insurance Company and Genworth Financial Canada.

Why I like them: Street Capital often has the lowest posted rates which is critical to keeping your penalty costs low if you have to break your mortgage in the future. They also have a great web portal allowing you to manage your mortgage more effectively. A more subtle perk is that they often waive appraisal requests. Not always, but in the majority of cases if  Street can confirm the value internally they will waive an appraisal. Good for you because it keeps money in your pocket!

Let’s get you a great mortgage with a great lender

If you are shopping for a mortgage and would like to engage with any of these lenders give me a call. I’d be happy to guide you through options and discuss to determine the right choice for you.

Also be sure to sign up for my FREE blog updates below to stay in touch.


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Christopher is a second-generation mortgage broker. Following in his dad’s steps, he helps borrowers demystify mortgage financing. Christopher lives in Toronto and when he is not in the office you’ll find him sailing on Lake Ontario.
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