Top 20 Mortgage Lenders in Canada (2025 Guide)
If you’re planning to buy a home or refinance your mortgage in Canada, choosing the right lender is crucial. Whether you're looking for the best fixed or variable rates, or seeking flexible amortization terms, Canada has a wide range of mortgage lenders to choose from. Here’s a breakdown of the top A-lenders and B-lenders in the country, including their current rates and what they offer.
What Are A-Lenders and B-Lenders?
A-Lenders are major banks and credit unions that offer mortgages to borrowers with strong credit, reliable income, and typically a 20% down payment (unless insured).
B-Lenders are alternative or monoline lenders that work with borrowers who may not meet traditional lending criteria. They often accept lower credit scores or higher debt ratios, at slightly higher interest rates.
Top A-Lenders in Canada
Royal Bank of Canada (RBC)
RBC is one of Canada’s most popular mortgage lenders. As of mid-2025, their 5-year fixed rates are around 4.64%, with variable rates closer to 5.90%. RBC offers amortization periods up to 25 years, with extended 30-year options available for certain cases.TD Canada Trust
TD offers competitive fixed and variable mortgage products. Their 5-year fixed rate sits near 4.69%, and variable options are around 6.19%. Amortization is generally capped at 25 years, with 30-year options for select borrowers.Scotiabank
Scotiabank offers both fixed and variable mortgages, with a 5-year fixed rate currently around 6.05%. Variable rates are similar. They typically provide amortization periods up to 25 years.Bank of Montreal (BMO)
BMO’s 5-year fixed mortgage rate is around 6.09%, and variable rates are in the same range. Their amortization periods go up to 25 years, with 30-year terms available in select cases.CIBC
CIBC provides a 5-year fixed rate around 6.49%, with variable rates near 5.90%. They generally offer up to 25 years of amortization.National Bank of Canada
National Bank offers competitive mortgage solutions with fixed rates around 6.09% and variable options near 5.99%. Their standard amortization period is 25 years.
Top A-Lenders Through Mortgage Brokers and Online Platforms
Nesto
Nesto is a digital mortgage broker offering some of the most competitive rates in Canada. Their 5-year fixed rate can be as low as 3.94%, and variable rates around 4.05%. They often allow up to 30-year amortization depending on the borrower profile.Dominion Lending Centres
As one of Canada’s largest broker networks, they provide access to a wide range of lenders. Fixed rates are around 4.19%, and variable rates start near 4.30%. Standard amortization is typically 25 years.The Mortgage Centre
This national brokerage offers access to multiple lenders and custom mortgage solutions. Rates are similar to Dominion Lending, with 5-year fixed rates around 4.19% and variable options at 4.30%.First National Financial
One of the largest non-bank mortgage lenders in Canada, First National offers a 5-year fixed rate around 4.49% and variable rates near 4.39%. Amortization periods usually go up to 25 years.THINK Financial (by True North Mortgage)
Known for aggressive rate pricing, THINK Financial offers a 5-year fixed mortgage around 4.09% and variable near 4.09% as well. Amortizations are generally 25 years.
Top B-Lenders in Canada
Equitable Bank (EQ Bank)
EQ Bank provides flexible lending for borrowers who may not qualify with major banks. Their 5-year fixed mortgage rate is around 4.94%, with variable rates near 6.10%. Amortization is typically up to 25 years.Home Trust
A trusted B-lender in Canada, Home Trust offers a 5-year fixed rate close to 4.39% and a variable rate near 4.05%. Amortization is usually capped at 25 years.CMLS Financial
CMLS is a monoline lender (they only do mortgages) working through brokers. They offer flexible products and competitive rates, typically with 25-year amortizations.RMG Mortgages
A popular choice for B borrowers, RMG offers competitive fixed and variable rates, and caters to clients with lower credit or unique income situations. Standard amortization is 25 years.MERIX Financial
MERIX is a lender often used by mortgage brokers for B and near-prime clients. Rates are competitive, with fixed options similar to other B-lenders. Amortization terms are generally up to 25 years.
Other Notable B-Lenders in Canada
Radius Financial
Radius provides solutions for borrowers who don’t fit the traditional mold. They offer both fixed and variable mortgage options, often working with self-employed or recently landed immigrants.Haventree Bank
A growing B-lender that focuses on alternative credit borrowers. Fixed and variable rates are higher than A-lenders but offer more flexibility on approvals.Bridgewater Bank
Headquartered in Calgary, Bridgewater works primarily through brokers and caters to borrowers needing alternative solutions. Amortization goes up to 25 years.MCAP
Technically a monoline lender, MCAP serves both A and B segments. They offer competitive rates through brokers and are well-regarded for customer service and fast approvals.
Final Thoughts on Choosing a Mortgage Lender
When selecting a mortgage lender in Canada, consider the following:
Interest Rate: Compare both fixed and variable options.
Amortization Period: Longer terms (up to 30 years) are now available for new homebuyers under specific programs.
Prepayment Privileges: Look for lenders that allow lump-sum payments or increased monthly payments without penalties.
Approval Flexibility: If you have bruised credit or non-traditional income, B-lenders may offer more leniency.
Broker Access: Mortgage brokers often have access to exclusive rates from lenders not available directly to consumers.
Whether you go with a big bank or an alternative lender, it’s important to match your mortgage with your financial goals. Working with a mortgage professional can help you find the best fit and get the most out of your home financing journey.
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