The Lowest Mortgage Rates At RateMonkey.ca

To qualify for the best mortgage rates we offer, you must meet CMHC or Genworths requirements. However we still offer the lowest mortgage rates for clients who fall outside of CMHC’s guidelines. Compare ours to the best bank mortgage rates any day!

Home Purchase Have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 600. Borrowed down payment ok. Income must support debt load.

Home mortgage refinancing to 85%. Good and bad credit options.

Bad credit purchase or refinance Up to 85% (GTA), 80% in major urban centres, 75% in rural and select cities. Bad credit ok. Beacons under 600 ok. High debt load ok. Salaried or self employed.

Second mortgage/Home Equity Loan Up to 85% (GTA), 80% in major urban centres, 75% in rural and select cities. Bad credit ok. Beacons under 600 ok. High debt load ok.

Farm mortgage/Acerage mortgage to 55%. Bad credit, lack of income, high debt load ok.

Switch/transfer mortgage Have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 600. Borrowed down payment ok. Income must support debt load.

Self employed borrowers who have proveable income, have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 600 qualify for 5% down. Borrowed down payment ok.Self employed borrowers who do not have proveable income, less then 3 years of business operation, a minimum beacon score of 650 can purchase a home with 10% down. Commission-based borrowers do not qualify without 3rd party validation. Down payment must come from own savings. Self employed borrowers beacon of 600+ to qualify for refinance to 85%. Income must support debt load.

Rental Property – 1-4 Units non owner occupied Employed or self employed (with 3rd party validation and proveable income for 2 years), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 580 should qualify for a purchase or refinance up to 80%.

Rental Property – 1-2 Units owner occupied Borrowers who are employed or self employed (with 3rd party validation and proveable income for 2 years), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 600 should qualify for a purchase with 5% down. Self employed borrowers who do not have proveable income and less then 3 years of business operation can qualify with 10% down and a minimum beacon score of 650. Income must support debt load.

Rental Property – 3-4 Units owner occupied Borrowers who are employed or self employed (with proveable income for 2 years), have 2 years of clean credit, have 2 credit lines (credit card, car loan, line of credit) open for at least 1 year (on both lines) and a minimum beacon score of 600 should qualify for a purchase with 10% down. Not available to self employed with no 3rd party income validation. Income must support debt load.

Newcomers (permanent residents) to Canada with proveable income (employed or self employed for 2 years with 3rd party validation) can purchase a home with up to 1-2 units with traditional and non traditional down payment and limited Canadian credit history with 5% down or 10% down for 3-4 units. 1-2 unit properties available to self employed without 3rd party income verification with 10% down and a minimum beacon of 650. 3-4 unit properties are not available to Newcomers with non traditional down payments or with self employed income without 3rd party validation. Income must support debt load

Non-permanent residents are limited to a 1 unit owner-occupied property and a maximum LTV of 90%. Income must support debt load. Borrowers without third party validation of income are not eligible. Limited or no Canadian credit ok.

1. SAVINGS - An Ontario mortgage broker has access to many more lenders then the well known banks and credit unions ensuring that you DO get the best mortgage rates possible.

2. CONVENIENCE - Obtaining a mortgage through us is quick, easy and convenient. We have the flexibility to work around your schedule. Most of the work takes place over the phone, through email or by fax.

3. STRESS FREE - There is no need to negotiate. We give you the lowest mortgage rate EVERY TIME.

4. COST - Our service is free to most consumers with good credit. Charges may apply when the borrower has bad credit. A simple rule of thumb would be if every bank and credit union turns you down, there may be a fee.

5. ECONOMY OF SCALE - When dealing with a bank, a mortgage broker will often be able to get a much lower rate than the lowest rates offered to the consumer. For example we get mortgage broker discounted scotia mortgage rates and td bank mortgage rates.

6. NO CONFLICT OF INTEREST - We provide a service. The service we offer is to find you the lender with the lowest interest rates, to provide you with flexible mortgage options and to provide unbiased answers to your questions. The mortgage officer at your bank is there to sell you their employer’s product.

7. BEST BANK MORTGAGE RATES - Compare our best mortgage rates to RBC mortgage rates, BMO mortgage rates, CIBC mortgage rates or your banks mortgage rates and see who offers the lowest mortgage rates.