Bank Mortgage Lenders in Canada: Schedule I Banks Compared
The chartered banks in the Canadian broker channel — familiar, convenient, rarely the cheapest, and the source of the largest break penalties in the market. Here is who they are, what each one lends on, and how their posted-rate penalty formula works against you.
Bank Mortgage Lenders in Canada
B2B Bank
Bank Schedule A On this week's rate boardQuebec · Laurentian Bank of Canada
Self-employed borrowers and rental property owners who want a chartered bank mortgage but do not fit standard bank templates.
EQ Bank
Bank Schedule A On this week's rate boardOntario · EQB Inc.
Borrowers of many kinds, from prime to self-employed, newcomer, bruised credit or investment, applying through a mortgage broker.
Haventree Bank
Bank Schedule AAlternative lending On this week's rate boardOntario
Canadians who do not fit bank guidelines, including the self-employed, newcomers, and those with bruised or thin credit.
HomeEquity Bank
Bank Schedule AReverse mortgage On this week's rate boardOntario · Ontario Teachers' Pension Plan
Homeowners aged 55 or older who want to draw on home equity without regular payments while keeping title to the property.
Manulife
Bank Schedule A On this week's rate boardOntario · Manulife Financial Corporation
Financially disciplined borrowers with variable cash flow who value flexibility in how their banking works over the lowest posted rate.
National Bank - Optimum Mortgage
Bank Schedule AAlternative lending On this week's rate boardAlberta · National Bank of Canada
Self-employed borrowers, people rebuilding credit, and rental property investors who want an alternative mortgage backed by a chartered bank.
Questbank
Bank Schedule A On this week's rate boardOntario · Questrade Financial Group of Companies
Self-employed people or borrowers with imperfect credit who need a conventional, uninsured mortgage and are working through a broker.
Scotiabank
Bank Schedule A On this week's rate boardOntario · The Bank of Nova Scotia
Borrowers who qualify under standard bank criteria and want a large branch-based bank, reachable either directly or through a broker.
Shinhan Bank of Canada
Bank Schedule II On this week's rate boardOntario · Shinhan Bank / Shinhan Financial Group (South Korea)
Customers near its Toronto-area or Coquitlam branches, including Korean-Canadian clients, newcomers and small business owners with banking history partly overseas.
TD Canada Trust
Bank Schedule A On this week's rate boardOntario · The Toronto-Dominion Bank (TD Bank Group)
Borrowers who fit prime lending and want a large national bank reachable through branches, mobile specialists, digital channels or some brokers.
WealthONE Bank
Bank Schedule A On this week's rate boardOntario
Newcomers, self-employed applicants and rental property investors whose circumstances need explaining rather than fitting a standard bank template.
Bank mortgage lenders by province
Where each lender is based. Lending areas are wider than head offices — confirm coverage with the lender or a broker.
Other kinds of lender
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Bank Mortgage Lenders questions
Are bank mortgage rates the best rates?
Rarely. Banks advertise posted rates and discount from them; monolines price below the bank discount on most terms because they carry no branch network. Where a bank wins is on a file that needs a chequing relationship, a HELOC readvanceable product, or a bank's own exception.
Why are bank penalties higher?
Big-bank fixed mortgages calculate the interest rate differential off POSTED rates rather than the rate you actually pay, which routinely produces penalties several times what a monoline would charge on the same balance.
Is a Schedule I bank safer than a monoline?
Both are regulated, and your mortgage contract is the same either way. A monoline's mortgages are funded, insured and serviced under the same federal rules; obscurity is not risk.
Which bank lender will take your file?
When you are ready to do something with these numbers, we will introduce you to a licensed broker who can put the file in front of lenders. Nothing here obliges you to.
