Worried that working with a mortgage broker will cause you to end up with a mortgage lender you’ve never heard of, and don’t know anything about? I get that question every so often, so I’m guessing some of you might be concerned about this too. There’s often confusion about what is an A lender mortgage and what is a B lender mortgage as well.

So, here’s an overview of the 20 mortgage lenders we most often use. For each lender below, you can click on their name to get more information at their own websites.

How do we choose?

Once I have a good understanding of my client’s financial situation, I will have a short list of mainstream lenders or alternative lenders that are likely to be appropriate in helping fit my client’s needs. From there, we discuss the pros and cons of several alternative choices.

Mainstream mortgage lenders

On the mainstream side, known as “A lender mortgages”, we’ll talk about things like whether the lender has a branch network, what their pre-payment privileges are and how they work, what the penalties are should you pay the mortgage out earlier than your contract date, what their customer service is like, and, of course, the mortgage rate.

Alternative mortgage lenders

On the alternative side, also known as “B lender mortgages”, we also go into things like how much of a down payment the lender will request, how attuned they are to financial circumstances like yours, what types of properties they’ll work with, and how easily you can transition from them to a mainstream lender.

Together, we decide which of the options will be the best fit for your specific financial situation.

Also check out “Why mortgage brokers like monoline lenders (and you should, too!)”

Our 20 most commonly used mortgage lenders

1. First National

First National is one of Canada’s largest non-bank mortgage lenders, specializing in residential and commercial mortgages. Founded in 1988, First National has grown to become a leading provider of mortgage financing, serving clients across Canada. The company offers a wide range of mortgage products, including fixed and variable rate mortgages, as well as flexible payment options.

2. Scotiabank

The Bank of Nova Scotia, commonly known as Scotiabank, is the third largest bank in Canada by deposits and market capitalization. Founded in 1832, Scotiabank has a rich history and a strong presence in Canada and key international markets. Scotiabank is known for its innovative approach to mortgages and HELOCs.

3. TD Canada Trust

TD Canada Trust is the personal, small business and commercial banking operation of the Toronto-Dominion Bank in Canada, one of Canada’s five biggest banks (and on a personal note, Canada Trust is where I started my financial services career 🙂 ).

4. HSBC Bank

HSBC Bank Canada is a subsidiary of HSBC Holdings plc, one of the world’s largest banking and financial services organizations. They offer a wide range of banking products and services to individuals, businesses, and institutions. HSBC is known for its international presence and expertise.

5. Meridian Credit Union

Meridian is one of the largest credit unions in Canada, serving over 375,000 members. Founded in 2005 through the merger of two Ontario credit unions, Meridian has grown to become a leading financial institution with over 90 branches across the province.

6. Home Trust

Home Trust is a federally regulated trust company offering a range of financial products, including mortgages, credit cards, and high interest deposit accounts. Founded in 1987, Home Trust has established itself as a leading alternative mortgage lender in Canada, serving customers who may not meet the criteria of traditional banks. Home Trust is known for its flexible lending criteria

7. MCAP

MCAP is one of Canada’s largest independent mortgage financing companies, providing a wide range of residential and commercial mortgage solutions. With over 30 years of experience, MCAP has established itself as a trusted lender, serving borrowers across the country. The company offers competitive mortgage rates, flexible terms, and personalized service

8. Equitable Bank

Equitable Bank is a federally regulated Schedule I Bank with total assets of approximately $12 billion. They fund mortgages for owner-occupied and investment properties across Canada as well as a variety of commercial properties on a national basis.

9. Optimum Mortgage

Optimum Mortgage is a division of Canadian Western Trust, and Canadian Western Bank Group. Canadian Western Bank is the largest publicly traded Canadian bank headquartered in Western Canada, with combined balance sheet assets of over $18 billion. Optimum Mortgage is a full service lender, providing personalized lending solutions and a variety of products, including flexible alternative solutions for clients who may not fit within traditional guidelines.

10. Merix Financial

Merix is a Canadian mortgage lender that offers a range of mortgage solutions to borrowers across the country. Founded in 2005, Merix has grown to become one of Canada’s leading mortgage providers, known for its competitive rates and flexible lending options. With a focus on customer service and innovation, Merix strives to make the mortgage process simple and straightforward for homebuyers and homeowners alike.

11. Community Trust

Community Trust is a Canadian financial institution specializing in residential and commercial mortgage lending. Established in 1977, the company offers a range of mortgage products, including residential mortgages, HELOCs, commercial mortgages, and construction loans. Community Trust is known for its flexible lending criteria, quick approvals, and competitive alternative rates.

12. Blueprint Mortgage

Blueprint mortgages are a white label product offered only through Mortgage Architects. They offer a wide range of mortgage products tailored to meet the needs of borrowers. Whether clients are first-time homebuyers or experienced real estate investors, Blueprint Mortgage provides a variety of options and competitive mortgage rates.

13. CHIP Homequity Bank

CHIP, also known as the Canadian Home Income Plan, is a division of HomeEquity Bank, a federally regulated bank in Canada. Homequity Bank specializes in reverse mortgages, allowing Canadian homeowners aged 55 and older to access the equity in their homes without having to sell or move. With a CHIP reverse mortgage, homeowners can receive tax-free cash that can be used for any purpose, such as home renovations, debt consolidation, or supplementing retirement income.

14. Alterna Savings

Alterna is a Canadian credit union, formed in 2005 by the merger of CS CO-OP and Metro Credit Union. They provides full daily banking services, loans and mortgages, investment services and business banking. Alterna has branches in Toronto, Kingston, North Bay, Pembroke, Ottawa and Gatineau.

15. CMLS Financial

CMLS Financial is one of Canada’s largest, independently owned mortgage services companies. Founded in 1974, they are now celebrating 40 years in business and oversee more than $10 billion in assets.

16. Duca Credit Union

Duca Financial Services Credit Union offers a full range of financial services at its branches throughout the greater Toronto area.

17. Haventree Bank

Haventree is a Canadian financial institution that specializes in providing alternative mortgage solutions to borrowers who may not qualify for traditional bank financing. Founded in 2017, Haventree Bank offers a range of residential mortgage products, including first and second mortgages, refinancing, and home equity loans. The bank focuses on providing flexible lending options.

18. B2B Bank (Laurentian Bank)

B2B Bank is a a subsidiary of Laurentian Bank of Canada. Founded in 1996, B2B Bank offers a wide range of investment and lending solutions, including registered and non-registered investment accounts, mortgages, and deposit products.

19. WealthOne Bank of Canada

Wealth One is a federally chartered Canadian bank that focuses on providing personalized banking and financial services. Established in 2016, Wealth One Bank offers a range of products, including savings accounts, chequing accounts, mortgages, and loans, with a focus on serving the needs of the Chinese-Canadian community.

20. First Ontario Credit Union

FirstOntario is a member-owned financial cooperative serving individuals, families, and businesses across Ontario. Established in 1939, FirstOntario has grown to become one of the largest credit unions in Ontario. The credit union offers a wide range of financial products and services, including savings and chequing accounts, mortgages, loans, investments, and insurance.

Who are the other mortgage lenders we work with?

We have a number of other mortgage lenders that we would use in specific circumstances – private lenders, niche institutional lenders, and the like – which are too numerous to outline here.  (I assume you’ll only be interested in those if they apply to you!)

Please get in touch if you want to discuss any of these further. There’s never any fee or obligation!

And if you’d like to learn more about various mortgage topics, check out my blog for homebuyers and investors here.  Enjoy!

Image credit: [c] Khunkorn Laowisit for vecteezy dot com