10 Best Mortgage Companies in Toronto for Purchases, Renewals and Refinancing

The lowest mortgage rate in Toronto is not always the mortgage that costs you the least.

A difference of a few basis points gets attention because it is easy to compare. The harder numbers to see are the ones buried inside the mortgage contract: the penalty if you break the term, how much you can prepay without charge, whether the mortgage can move with you to another property, how refinancing works, and what happens when your financial situation changes before renewal.

Those details matter particularly in Toronto. Mortgage balances are large, homeowners move and refinance, and the city’s borrower population includes salaried employees, incorporated professionals, business owners, newcomers, investors and borrowers with income that does not fit neatly into a standard bank application.

The ten companies below represent different parts of that market. Some are major banks. Some specialize in alternative lending. Some provide credit-union or specialized-bank options. And Turkin Mortgage is included as the brokerage route for borrowers who want access to multiple lenders instead of being restricted to one institution’s product shelf.

Rates, programs, qualification rules and promotions change frequently. The information below reflects lender information available when this article was prepared. It is general information rather than financial advice. Confirm current rates, fees and mortgage terms before making a borrowing decision.

Best Mortgage Companies in Toronto

1. TD Bank

TD combines the reach of one of Canada’s largest banks with a mature residential mortgage operation, making it a natural starting point for borrowers with conventional income, established credit and a straightforward property.

The advantage of a lender this size is infrastructure. You can deal with TD through branches and mortgage specialists, combine the mortgage with other banking relationships, and choose among standard mortgage structures while keeping most of your financial activity inside one institution.

For self-employed borrowers, TD currently asks applicants to prepare the two most recent years of T1 Generals with corresponding Notices of Assessment, with additional documentation potentially required to establish self-employment. TD also considers income, debts, assets, credit history and property information in its final lending decision.

Services and features offered by TD

• Home purchases and mortgage pre-approvals
• Fixed and variable mortgages
• Mortgage renewals
• Refinancing
• Self-employed mortgage applications
• Prepayment options
• Mortgage affordability and prepayment calculators
• Branch and mortgage-specialist support

Why consider TD for a Toronto mortgage?

For a borrower whose income fits conventional underwriting, TD offers the convenience of a major bank without requiring the borrower to build a complicated financing strategy.

Its payment flexibility also deserves attention. TD explicitly provides mortgage prepayment features and explains that reducing principal early can lower the total amount of interest paid. The exact privilege depends on the mortgage contract, and exceeding it can result in a charge.

The point to examine closely is the cost of leaving a closed mortgage early. TD states that a closed variable mortgage will typically involve three months’ interest, while a closed fixed mortgage can trigger the greater of three months’ interest or the applicable interest-rate differential.

That does not make the mortgage unattractive. It makes the penalty calculation something to understand before signing rather than after circumstances force you to break the term.

2. Home Trust

Home Trust becomes particularly relevant where the borrower is financially viable but does not fit neatly into the conventional lending box.

That could mean self-employment, non-standard income, a weaker credit profile or another feature that causes a major bank’s automated underwriting approach to produce a decline.

Home Trust explicitly states that it specializes in mortgages for business-for-self applicants. Its product lineup also illustrates its position in both mainstream and alternative lending: the Accelerator Mortgage targets borrowers with established credit, while its Classic Mortgage is designed for borrowers who do not fit typical lending criteria.

Services and features offered by Home Trust

• Prime residential mortgages
• Alternative mortgages
• Business-for-self mortgages
• Purchase financing
• Mortgage switches
• Solutions for borrowers with non-standard credit
• Home-equity products

Why consider Home Trust for a Toronto mortgage?

Alternative lending is useful precisely because a mortgage application is more than a credit score and employment letter.

A borrower may own a successful business but minimize taxable income. Another may have substantial equity but an imperfect credit history. A third may have stable income that simply arrives in a format a conventional bank does not handle efficiently.

Home Trust’s Classic Mortgage currently permits financing up to 80% loan-to-value and advertises amortization periods of up to 35 years, subject to the lender’s criteria. Its prime Accelerator product can go considerably higher in loan-to-value where mortgage insurance and qualification requirements allow.

The trade-off is cost. Alternative mortgage pricing and fees can differ from prime bank financing, so the correct comparison is not simply “approved versus declined.” It is the total cost of obtaining the mortgage today versus the cost and probability of moving back into prime financing later.

If Home Trust is being used as an alternative-lending bridge, establish that exit strategy before the mortgage closes.

3. EQ Bank / Equitable Bank

EQ Bank occupies an unusual position because the consumer-facing digital bank sits within Equitable Bank, which has decades of mortgage-lending experience.

EQ’s Mortgage Marketplace gives customers an online route for comparing mortgage products rather than presenting only one in-house option. EQ says the platform can analyze more than 2,000 mortgage products through its brokerage partnership, while still offering an Equitable Bank mortgage where that product is appropriate.

Services and features available through EQ / Equitable

• Mortgage pre-qualification and pre-approval
• Home purchases
• Mortgage renewals
• Refinancing
• Equitable Bank mortgage products
• Online mortgage comparison
• Digital application processing
• Broker-supported mortgage selection

Why consider EQ Bank for a Toronto mortgage?

The main benefit is the combination of technology and choice.

Instead of visiting several financial institutions separately, an EQ Bank customer can complete one digital process, review potential options and speak with a mortgage professional where additional guidance is needed. EQ states that one application and a single credit check can be used as part of that marketplace process.

There is also a useful distinction to understand: EQ Bank is a trade name of Equitable Bank. The mortgage itself may therefore be an Equitable Bank product even though the customer experience begins through EQ’s digital platform.

For Toronto borrowers who want a digital process but do not want the narrow product shelf of a conventional direct bank application, that combination is worth considering.

4. Questbank

Questbank is one of the newest names on this list, but its mortgage operation is built on the lending business previously associated with Community Trust.

Established in 2026 within the Questrade Financial Group, Questbank is federally regulated and positions itself as a flexible alternative to traditional banks. Its residential mortgage business works through mortgage brokers.

That broker-only structure tells you immediately where Questbank fits: it is not trying to duplicate the experience of walking into a major-bank branch.

Services and features offered by Questbank

• Owner-occupied residential mortgages
• Rental-property mortgages
• Purchases and refinances
• First and second conventional mortgages
• Fixed-rate terms
• Self-employed mortgage solutions
• Alternative credit assessment
• Broker-channel underwriting

Questbank says its current mortgage solutions include owner-occupied and rental properties, purchases and refinances, first and second fixed-rate conventional mortgages, and financing up to 80% of the property’s value. It specifically lists both fair credit evaluation and self-employed solutions.

Why consider Questbank for a Toronto mortgage?

Because underwriting flexibility is valuable when the borrower’s complete financial picture is stronger than one number on an automated application suggests.

Questbank describes its underwriting as looking at the whole picture and works exclusively with mortgage brokers on its alternative lending products.

This makes the broker’s role important. A good broker should not simply submit the file and see what happens. They should know why Questbank fits the borrower’s situation, how the file should be documented, and whether another lender offers materially better terms.

Questbank’s residential pricing is also determined case by case, making it particularly important to compare the final commitment rather than relying on a headline rate.

5. Bank of Montreal — BMO

BMO combines conventional major-bank lending with some of the stronger published prepayment privileges in the mainstream mortgage market.

That matters because a mortgage is not merely an interest rate locked into a spreadsheet. For homeowners who receive bonuses, commissions, business distributions or other irregular lump sums, the ability to put significant extra money against principal can materially reduce interest over time.

Services and features offered by BMO

• Home purchases and pre-approvals
• Fixed-rate mortgages
• Variable-rate mortgages
• Open and closed mortgages
• Mortgage refinancing
• Mortgage switches
• Portable mortgage options
• Homeowner lines of credit
• Self-employed applications

BMO’s current guidance tells self-employed applicants to prepare two or three years of financial statements and tax returns when discussing mortgage borrowing.

Why consider BMO for a Toronto mortgage?

Prepayment flexibility is the clearest differentiator.

BMO’s standard “20+20” terminology refers to the ability on applicable mortgages to make lump-sum payments of up to 20% of the original mortgage amount annually and increase regular mortgage payments by as much as 20%, without a prepayment charge. Some products, including the BMO Smart Fixed Mortgage, use lower limits, so the exact product needs to be checked.

BMO also offers portable mortgage options. On eligible fixed closed mortgages, borrowers moving to another home may be able to carry the existing term and rate to the new property rather than breaking the mortgage and paying the associated charge.

For a Toronto borrower with a realistic chance of moving during the term, that portability may ultimately matter more than a marginally lower rate from a more restrictive product.

6. Alterna Savings

Alterna Savings gives Toronto borrowers a credit-union option in a mortgage market otherwise dominated by large banks and national lenders.

The practical distinction is less about a completely different kind of mortgage and more about service model, institutional structure and product fit.

Services and features offered by Alterna Savings

• Fixed-rate mortgages
• Variable-rate mortgages
• High-ratio mortgages
• Conventional mortgages
• Home purchases
• Mortgage renewals
• Mortgage switches
• Refinancing
• Home-equity solutions

Alterna currently publishes both high-ratio and conventional mortgage products and offers fixed and variable options. It also states that borrowers can work with its mortgage specialists when purchasing, switching, renewing or refinancing.

Alterna also advertises a 120-day rate guarantee for new mortgages, which can be useful when a buyer wants protection against an increase while still searching for a property or preparing for closing.

Why consider Alterna Savings for a Toronto mortgage?

Not every borrower wants to choose between a Big Five bank and an alternative lender.

A credit union provides a third category. The mortgage can still be conventionally underwritten and competitively priced while the customer relationship is handled by an institution with a different ownership and service model.

The same due diligence still applies: compare the interest rate, prepayment privilege, penalty methodology, portability, refinance flexibility and renewal process before assuming a credit union is automatically more flexible than a bank.

7. Hana Bank Canada

Hana Bank Canada is a smaller Canadian bank with a more specialized footprint than the country’s largest financial institutions.

Its head office is in Toronto, and the bank states that it operates seven Canadian branches, including four in the Greater Toronto Area. It is the Canadian subsidiary of Hana Financial Group.

Services and features offered by Hana Bank Canada

• Residential purchase mortgages
• Mortgage refinancing
• Loans of up to 80% of eligible appraised residential property value
• Bridge loans
• Lines of credit
• Self-employed income assessment
• Rental-income documentation
• Dedicated loan specialists

Hana currently states that residential borrowers may obtain financing of up to 80% of the appraised value of an eligible property for purchases or refinancing, subject to credit approval.

Why consider Hana Bank Canada for a Toronto mortgage?

The documentation approach is worth noting.

Hana’s published mortgage information specifically separates salaried, self-employed and rental-income documentation. For self-employed borrowers, it identifies business documentation, income-tax information including the Notice of Assessment, and financial statements where applicable. The bank says applications are assessed based on factors including creditworthiness, repayment capacity, loan purpose and collateral.

That does not mean every complex borrower will qualify. It does mean the bank openly recognizes that self-employed income requires a different documentation set from ordinary employment income.

For incorporated professionals, business owners and borrowers who prefer dealing with a smaller bank, Hana adds a useful option to the Toronto comparison.

8. Scotiabank

Scotiabank offers the scale of a major bank with several ways to complete the mortgage process.

A borrower can work with a branch, use a Home Financing Advisor, or complete much of the process digitally through Scotia’s eHOME mortgage platform. Scotiabank says eHOME can provide online pre-approval, application tracking and mortgage approval.

Services and features offered by Scotiabank

• Purchase mortgages
• Pre-approvals
• Fixed and variable mortgages
• Mortgage refinancing
• Renewals and switches
• Income-property financing
• Scotia Total Equity Plan
• Home Financing Advisors
• Online applications through eHOME

Why consider Scotiabank for a Toronto mortgage?

The choice of service channel is useful.

A borrower who wants human advice can work with a mobile Home Financing Advisor. Someone who wants a more digital transaction can use eHOME. Investors and homeowners who want to integrate mortgage debt with access to home equity can also consider Scotiabank’s broader home-financing products.

Self-employed borrowers should expect additional documentation. Scotia’s guidance notes that self-employed mortgage applicants may use Notices of Assessment as proof of income and generally need to provide more supporting documentation than a permanently employed borrower.

Scotiabank also publishes prepayment guidance and states that its mortgages include prepayment privileges, including its Match-a-Payment feature on applicable products.

As with TD and BMO, borrowers taking a fixed closed bank mortgage should understand the penalty formula before signing. The cost of breaking a large Toronto mortgage can outweigh a small rate saving surprisingly quickly.

9. Turkin Mortgage

Turkin Mortgage is different from the other companies on this list because it is not one lender offering one set of mortgage policies.

It is a mortgage brokerage.

That distinction matters because a bank employee can recommend products from that bank. A brokerage can compare lenders and determine which institution is better aligned with a particular borrower, property and financing objective.

Turkin Mortgage states that it works with more than 35 lenders across the mortgage market.

Services offered by Turkin Mortgage

• Purchase mortgages and pre-approvals
• Mortgage renewals and lender switches
• Refinancing
• Self-employed mortgages
• Newcomer mortgages
• Investment-property financing
• Alternative and B-lender mortgages
• Private mortgages
• Second mortgages
• Debt consolidation
• Commercial mortgages

Why consider Turkin Mortgage?

Access.

TD has TD products. Home Trust has Home Trust products. BMO has BMO products. Scotiabank has Scotiabank products.

A mortgage broker’s purpose is different: start with the borrower and then determine which lender’s policies, pricing and documentation requirements provide the strongest fit.

That distinction becomes especially valuable when the file is not completely straightforward. A self-employed borrower might fit one lender’s income methodology better than another’s. An investor may benefit from a different rental-income calculation. A borrower with substantial equity but weaker credit may need an alternative program rather than another application to a conventional bank.

Turkin Mortgage is positioned here as the access point across the lender options in this article, allowing the borrower to compare lenders rather than being limited to one bank’s internal mortgage products.

Its own published material states that borrowers can have options considered from a network of more than 35 lenders and that the brokerage works across conventional, alternative and private categories.

The benefit is not automatically receiving the lowest advertised rate. The benefit is being able to compare the complete mortgage — qualification method, rate, fees, penalty, prepayment flexibility and exit strategy — across multiple lenders.

10. Manulife Bank

Manulife Bank belongs on this list because its mortgage structures are meaningfully different from the standard mortgage-plus-chequing-account model.

Its two principal mortgage approaches are Manulife One and Manulife Bank Select.

Services and features offered by Manulife Bank

• Home purchases
• Mortgage refinancing
• Mortgage switches and renewals
• Fixed-rate mortgage portions
• Variable-rate mortgage portions
• Manulife One all-in-one mortgage
• Manulife Bank Select
• Home-equity access
• Integrated mortgage and everyday banking

Why consider Manulife Bank for a Toronto mortgage?

Manulife One is designed around cash-flow management rather than treating the mortgage and everyday banking as completely separate.

It combines mortgage borrowing, bank accounts, short-term savings, income and other debts within an all-in-one structure. Manulife says borrowers can increase or decrease payments and access available home equity, subject to the account’s borrowing limit. It is generally aimed at purchasers with at least 20% down or existing homeowners with at least 20% equity.

Manulife Bank Select is closer to a conventional mortgage but allows the loan to be divided into multiple portions, each potentially carrying a different rate, term and payment schedule.

That can be useful for a borrower who wants to split interest-rate risk instead of placing the entire balance into one five-year fixed or variable term.

The caution is complexity. Flexibility has value only if you understand how to use it. Compare the effective borrowing cost, account fees, prepayment rules and structure against a conventional mortgage rather than choosing an all-in-one product simply because it has more features.

How to Choose a Mortgage Company in Toronto

A top-ten list can narrow the field. It cannot determine which mortgage is appropriate for a specific borrower.

The real decision happens in the contract.

Understand whether you are dealing with a lender or a broker

A bank mortgage specialist represents one bank. That gives them detailed knowledge of their institution’s products, but they cannot offer you a competitor’s mortgage.

A mortgage broker works with multiple lenders and can compare different product shelves.

An alternative lender such as Home Trust or Questbank occupies another role again: it may approve borrowers using criteria that differ from the major banks, but usually at different pricing or fee structures.

Know which type of company you are speaking with before assuming you are seeing the whole market.

Do not compare rates without comparing penalties

The initial interest rate is visible. The break penalty usually is not.

A closed fixed-rate mortgage commonly applies the greater of three months’ interest or an interest-rate-differential calculation when the loan is broken early. The exact calculation varies by lender and contract.

On a large Toronto mortgage, the difference can be substantial.

Before signing, ask:

• What happens if I sell in year two?
• How is the interest-rate differential calculated?
• What reference rate is used?
• Can you show me an example using my mortgage balance?

Do not settle for “there may be a penalty.” Ask for the arithmetic.

Compare prepayment privileges

Prepayment flexibility can be extremely valuable to borrowers whose income arrives unevenly.

BMO, for example, offers up to 20% annual lump-sum prepayment and a 20% payment increase on many closed mortgage products, while specific products have different limits.

Other lenders use different percentages and conditions.

If you receive bonuses, commissions, business dividends, an inheritance or proceeds from another asset, larger prepayment privileges may save considerably more than a tiny rate difference.

Check portability before assuming you can move

If you sell your home during the mortgage term, a portable mortgage may allow the debt to move to the replacement property rather than being discharged.

BMO, for example, publishes portable mortgage options that can preserve an existing fixed rate on an eligible move, subject to qualification and product conditions.

Ask how long the porting window is, what happens if the new mortgage is larger, and whether the new property must meet additional conditions.

Know whether your income requires specialist underwriting

A salaried employee with a stable T4 and a self-employed corporation owner can have identical cash flow and completely different mortgage applications.

TD currently asks self-employed borrowers for two years of T1 Generals and corresponding Notices of Assessment. BMO advises self-employed applicants to prepare two or three years of tax returns and financial statements. Hana Bank Canada explicitly lists business documents, tax information and financial statements as potential self-employed income evidence.

If conventional documentation does not show the full economic strength of the borrower, alternative lenders such as Home Trust or Questbank may deserve consideration.

Understand the three broad lending tiers

Prime or A lending generally offers the lowest borrowing costs but expects conventional credit, income and property characteristics.

Alternative or B lending provides greater flexibility around income documentation, credit and debt ratios, usually in exchange for higher borrowing costs and potentially additional fees.

Private lending focuses more heavily on property equity and a credible exit strategy. It normally carries materially higher rates and fees and is generally intended as short-term financing rather than a permanent mortgage solution.

The goal is not to find the most flexible lender. It is to qualify for the lowest-cost tier that reasonably fits the file.

If you use alternative lending, establish the exit before closing

Alternative financing is most effective when it solves a temporary problem.

Before signing, determine:

• Why you do not qualify for prime financing today
• What specifically needs to improve
• How long that improvement should take
• When the alternative mortgage matures
• What fees apply at renewal or discharge
• When you should begin preparing the move back to a conventional lender

A two-year alternative mortgage with a clear route to prime financing is a strategy. Repeatedly renewing alternative financing without addressing the original constraint can become unnecessarily expensive.

Compare the mortgage structure, not just the lender name

Two mortgages from the same institution can have different prepayment limits, penalty calculations, amortizations or portability terms.

Manulife takes this concept further by allowing multiple portions within Manulife Bank Select and by combining mortgage borrowing with banking through Manulife One.

The correct question is therefore not simply, “Which bank is better?”

It is: “Which specific mortgage contract fits what I am likely to do over the next three to five years?”

Protect your credit while comparing lenders

Do the product research before submitting applications everywhere.

This is one reason borrowers use brokerages: one mortgage professional can assess the situation and determine which lenders are realistic candidates before applications are submitted.

The goal should be deliberate comparison rather than collecting avoidable declines.

Read the commitment before celebrating the approval

A mortgage approval is not the end of the decision.

Read the actual mortgage terms and confirm:

• Interest rate
• APR where applicable
• Term
• Amortization
• Payment frequency
• Prepayment privileges
• Penalty methodology
• Portability
• Refinancing restrictions
• Type of registered charge
• Broker or lender fees
• Cashback repayment provisions where applicable
• Renewal terms

A slightly more expensive mortgage at origination can be considerably cheaper over the life of the loan if the contract better matches what you eventually need to do.

Overall Summary

Ten mortgage companies, reduced to their practical differences:

1. TD Bank provides a large conventional mortgage platform with branch access, established underwriting and flexible payment features. It is particularly relevant to borrowers with strong conventional files who want to keep their mortgage inside a major banking relationship.

2. Home Trust provides both prime and alternative solutions and explicitly specializes in business-for-self mortgage applicants. It becomes particularly valuable when a financially viable borrower does not fit a conventional bank’s standard underwriting model.

3. EQ Bank / Equitable Bank combines Equitable’s mortgage-lending business with a digital marketplace that can compare thousands of mortgage products through a brokerage relationship.

4. Questbank is a broker-channel alternative lender offering flexible underwriting, self-employed solutions and residential financing for owner-occupied and rental properties.

5. Bank of Montreal — BMO combines major-bank lending with substantial prepayment flexibility on many products, including its published 20+20 privileges, plus portable mortgage options for eligible borrowers.

6. Alterna Savings provides a credit-union alternative with conventional and high-ratio mortgages, fixed and variable options, mortgage specialists and a published 120-day rate guarantee on new mortgages.

7. Hana Bank Canada provides residential purchase and refinance mortgages and publishes specific documentation routes for salaried, self-employed and rental-income borrowers.

8. Scotiabank combines a major-bank mortgage platform with Home Financing Advisors, eHOME digital applications and broader home-equity solutions.

9. Turkin Mortgage is the brokerage option on the list. Rather than restricting a borrower to one bank’s products, it provides access across a lender network of more than 35 institutions and can compare conventional, alternative and private solutions where appropriate.

10. Manulife Bank provides some of the market’s more distinctive mortgage structures through Manulife One and Manulife Bank Select, making it particularly relevant to borrowers who value integrated banking, home-equity access and flexible mortgage portions.

Whichever lender you consider, compare more than the advertised rate. Ask what happens if you sell, refinance, make a large prepayment or switch lenders before the term ends.

Then get the answers in writing.

On a Toronto-sized mortgage, understanding those terms before signing can be worth far more than squeezing another few basis points out of the starting rate.