Monoline Mortgage Lenders in Canada: Broker-Channel Lenders Compared
Monoline lenders do mortgages and nothing else, sold only through brokers. They carry the best pricing in the market on most terms and the fairest penalty formulas, and most Canadians have never heard of them — which is exactly what this directory is for.
Monoline Mortgage Lenders in Canada
Bloom Reverse Mortgages
Monoline Reverse mortgage On this week's rate boardOntario · Bloom Finance Company Ltd.
Homeowners aged 55 and older who want to draw tax-free funds from a principal residence without making monthly payments.
CMLS Financial
Monoline On this week's rate boardOntario · nesto Group
Buyers and homeowners with standard income and credit who want a prime mortgage arranged through a broker.
Effort Trust
Monoline Trust company On this week's rate boardOntario
Southern Ontario borrowers with imperfect credit, self-employment income or a complicated file that a bank will not accommodate.
Equitable Reverse Mortgages
Monoline Reverse mortgage On this week's rate boardOntario · Equitable Bank (EQB Inc.)
Homeowners aged 55 and older in Alberta, British Columbia, Ontario or Quebec who want equity without monthly payments.
First National Financial
Monoline On this week's rate boardOntario
Buyers and owners working through a broker who want a large, established non-bank lender for a prime purchase, refinance or transfer.
Fraction Lending Inc
Monoline Reverse mortgage On this week's rate boardBritish Columbia
Homeowners in BC, Alberta or Ontario with substantial equity but modest or uneven income who would rather not make monthly payments.
Glasslake Funding
Monoline Alternative lendingOntario · Bayview Asset Management, LLC
Self-employed people, newcomers and property investors in Ontario, Alberta or BC whose applications fall outside bank guidelines.
Home Trust
Monoline Trust company On this week's rate boardOntario · Home Capital Group Inc., owned by Smith Financial Corporation
Borrowers who cannot document income conventionally, or who have thin or bruised credit, and want a long-established alternative lender.
Marathon Mortgage
Monoline On this week's rate boardOntario
Prime borrowers buying, renewing, refinancing or switching lenders, who are comfortable arranging the mortgage through a broker.
MCAN Financial
MonolineOntario · MCAN Financial Group (MCAN Mortgage Corporation)
Buyers with verifiable income who qualify for an insured mortgage, and self-employed or credit-repairing borrowers who do not.
MCAP
Monoline On this week's rate boardOntario
Prime borrowers purchasing, refinancing, renewing or transferring a mortgage through a broker, who want one company handling it throughout.
MERIX Financial
MonolineOntario · MCAP (via Paradigm Quest Inc.)
Prime borrowers wanting a lender that also services the mortgage itself rather than selling it on.
NPX
Monoline Alternative lending On this week's rate boardOntario · MERIX Financial (Paradigm Quest Inc.), owned by MCAP
Self-employed and non-traditional-income borrowers in Ontario, British Columbia or Alberta who fall outside insured and prime uninsured guidelines.
Radius Financial
Monoline On this week's rate boardCanada
Buyers and owners anywhere in Canada working with a broker, including first-time buyers, newcomers to Canada and self-employed applicants.
RFA
Monoline On this week's rate boardOntario · RFA Financial (formerly RFA Capital)
Borrowers who meet standard qualification tests, including first-time buyers, frontline workers and people buying a second home or rental property.
RMG Mortgages
Monoline On this week's rate boardOntario · MCAP
Salaried or self-employed buyers and owners across Canada who meet standard qualifying guidelines and are working with a mortgage broker.
Strive
Monoline On this week's rate boardOntario
Borrowers working with a mortgage broker who want a prime mortgage, or an alternative one if they do not fit prime guidelines.
Monoline mortgage lenders by province
Where each lender is based. Lending areas are wider than head offices — confirm coverage with the lender or a broker.
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Monoline Mortgage Lenders questions
What is a monoline mortgage lender?
A lender that offers mortgages only — no chequing accounts, no branches, no credit cards — and sells them through the mortgage broker channel. First National, MCAP, RMG, CMLS and Merix are monolines.
Bank vs monoline mortgage: which is better?
On rate and on penalty, the monoline usually wins: no branch overhead, and an interest rate differential calculated off the rate you pay rather than a posted rate. The bank wins when you need a product only a bank offers, such as a readvanceable HELOC tied to a chequing relationship.
Are monoline lenders safe?
Yes. Their mortgages are funded through securitisation and insured under the same federal rules as a bank's, and the contract travels with the debt if the lender is ever sold.
Which monoline 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.
