Nesto Inc
Is Part of RateShop Mortgage's Trusted Canadian Lender Network
Nesto Inc:
A Trusted Partner for Your Home Financing Needs
History as a Mortgage Lender in Canada
Founded in 2018, Nesto Inc. is a Canadian mortgage lender that has quickly gained a reputation for its innovative, digital-first approach to mortgage services. Nesto operates without the traditional overhead of physical branches, offering Canadians a fully online mortgage process. This allows the company to provide personalized, streamlined services and competitive mortgage rates. Nesto focuses on simplifying the mortgage process with technology while maintaining a commitment to excellent customer service.
Types of Mortgage Products & Programs
Nesto provides a variety of residential and commercial mortgage products, tailored to different client needs. Their core offerings include:
Residential Mortgages:
Fixed-rate mortgages: Ideal for clients who prefer stable monthly payments over the life of the loan.
Variable-rate mortgages: Offers flexibility and the potential for lower initial rates.
High-ratio mortgages: Available for buyers who have less than a 20% down payment.
Commercial Mortgages: These loans are available for real estate investors and businesses looking to purchase, refinance, or expand their commercial properties.
Refinancing and Switching Mortgages: Nesto also offers solutions for refinancing existing mortgages to secure better rates or adjust terms.
Minimum Credit & Income Requirements
Nesto works with a broad range of clients, offering options for first-time homebuyers, salaried individuals, contract workers, self-employed clients, and more. Specific eligibility requirements include:
Credit Score: Nesto generally requires a minimum credit score of 600 to qualify for most mortgages. Higher credit scores are preferred, especially for competitive rates.
Income Requirements: Nesto looks at income stability, with verification required for salaried, contract, and self-employed individuals. Self-employed applicants may need to provide additional documentation like tax returns or business financial statements.
First-time Homebuyers: Special programs are available for first-time buyers, often including lower down payment options and access to government programs such as the First-Time Home Buyer Incentive (FTHBI).
Mortgage Underwriting Criteria for Approval
To ensure mortgage approval, Nesto evaluates several factors:
Income verification: Applicants must provide proof of income (pay stubs, tax returns, etc.).
Credit history: A solid credit score helps secure the best rates.
Debt service ratios: Nesto assesses the applicant's debt-to-income ratio to ensure they can handle the loan.
Down payment: The larger the down payment, the more favorable the mortgage terms.
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Locations Serviced and Branch Presence in Canada
Nesto operates exclusively online, with no physical branches. Its digital platform serves clients across Canada, including all provinces and territories, allowing Nesto to provide competitive mortgage solutions nationwide. Their online presence and digital tools are designed for convenience and accessibility.
Mortgage Application Checklist
To apply for a mortgage with Nesto, you will need the following documents:
Proof of identity (passport, driver’s license, or other government-issued ID)
Proof of income (pay stubs, recent tax returns, or bank statements)
Proof of employment (employment letter or business financials for self-employed individuals)
Credit report (if applicable)
How to Start a Mortgage Pre-Approval
Starting a pre-approval with Nesto is simple:
Visit the Nesto website: Complete the online application form.
Submit documentation: Upload your income and identity verification documents.
Receive pre-approval: Nesto’s system will quickly analyze your
financial profile and provide you with a pre-approval decision, allowing you to shop for homes with confidence.
How to Get Mortgage Rates
Nesto offers competitive and transparent mortgage rates. You can easily compare different mortgage options directly on their website or by contacting their support team. Rates are updated regularly to reflect current market conditions, helping you secure the best possible deal.
Mortgage Pre-Payment Options
Nesto provides flexible prepayment options, which allow you to pay off your mortgage faster and reduce interest costs. Clients can make lump-sum payments or increase their regular payment amounts without facing penalties, depending on the terms of their mortgage agreement.
Nesto has carved a niche in the Canadian mortgage market by leveraging technology to offer streamlined, online mortgage services with competitive rates and exceptional customer support. Whether you’re a first-time homebuyer or an experienced property investor, Nesto’s digital platform makes it easier to find the right mortgage product for your needs.
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Contact Information
6 Indell Lane, Brampton ON L6T 3Y3, Canada
Local: 416-827-2626
Toll: 800-725-9946
RateShop Inc. is a Mortgage Brokerage offering lowest mortgage rates to Canadians. We are provincially licensed in the following provinces: Mortgage Brokerage Ontario FSRA #12733, British Columbia BCFSA #MB600776, Alberta RECA #00523056P, Saskatchewan FCAA #00511126, PEI #160622, New Brunswick FCNB #88426, Newfoundland/Labrador. Our Quebec Mortgage Transactions are serviced by Orbis Mortgage Group AMF# 181136.
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