Best Bank In Canada To Get A Mortgage | Part 1
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- เผยแพร่เมื่อ 5 ก.พ. 2025
- You can view part 2 & 3 of this series at the links below.
Best Bank In Canada To Get A Mortgage | Part 2 (Non-Banks): • Best Bank In Canada To...
Best Bank In Canada To Get A Mortgage | Part 3 - Banks vs. Non-Banks: • Best Bank In Canada To...
In this video I compare the 5 major banks - CIBC, RBC, BMO, TD, and Scotiabank to determine who has the best mortgage in Canada. I also discus the tricks used by each lender to either get you to pay more or to make it hard for you to switch banks.
Oh, and spoiler alert - mortgage rates have nothing to do with who has the best mortgage.
Don't forget to consult your mortgage broker.
Enjoy.
The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.
Great Video. One thing that you missed that I think is important is RBC only allows their lump sum payments ONCE per year. Now I know this would only make them worse but important to point out. Another thing to consider is the lenders that all UP TO 100% increases may be more flexible than Scotia with the double up. The ability to have an up to double may be important to some. Don’t get me wrong, as a broker for 29 years Scotia is my bank of choice for mortgages but TD and their flexibility is sometimes more attractive.
The up to 100% increase is certainly not more flexible as it is permanent, it can't be turned off and on easily. A double up on the other hand can be done at any time and it isn't required that you continue to do so. Therefore, if you want to do something like trying out increasing your payments by 75% for a quarter you double up on three out of your four payments, and then if you change your mind you just stop doubling. You can't do that with TD.
@@NolanMatthias Doesn't RBC has double up payments that can be turn on and off anytime as well?
@@NolanMatthias We can likely debate this all day and as I said, Scotia is my go to Bank. However, I run into more clients that the 15 or 20% increase in payments isn’t enough for them where TD allowing 100% give “some” clients more flexibility. The periodic double up makes sense but both TD and Scotia allow 15% or more in lump sums, thus with an average mortgage size of 500K plus that gives a minimum of 75K per year. That’s a LOT Of room and likely more than most clients will ever need. This is why I circle back that the “up to” 100% increase may be more flexible for some.
@@shaunzipursky8175 I have to be clear here so people don’t read these comments and get confused. I don’t know what we would be debating. A double up payment IS a 100% payment increase. With Scotia you get the added ability to increase payments an additional 15% over and above that and you can turn the double ups on and off if you want to. The math isn’t debatable, perhaps the terminology is.
@@NolanMatthias my last comment sums it up best... “up TO 100% increase MAY be more flexible for some” this is all I’m saying. Other than that great video and if you ever want to chat I’m sure you’ll know how to reach me.
Amazing how much your production values have increased in such a short time. Love your content. As a FTHB it has been a godsend
I switched from RBC to BMO recently, I’m glad I did
I accidentally ended up banking with Canada's best mortgage bank ✌️😀
Thanks for the valuable information
Scotia has Scotia Total Equity Plan (STEP) feature of home equity line of credit which is a great feature as you pay down your mortgage you have to line of credit attached to your home equity. Great feature that allows you have access to line of credit. The re-payment options allow you to shave off years of your mortgage. E.g., by going bi-weekly, which comes to an extra payment a year, you cut your amortization by some 4-5 years. A simple act yet powerful results. Imagine throwing extra payment here and there and you will be mortgage free sooner. Simple things to do with powerful impacts on your finances.
Good video! But we only discussed pre payment aspect. Can there be more aspects to determine who the best mortgage lender is ? E.g. penalties etc.
Hi Nolan, you forgot to mention that besides the 10% prepayment, RBC does allow you to also double-up every payment amount, for example, if you have a $500 payment every two weeks (26 payments in a year) you can pay an extra $500 every two weeks (double your regular payment), thereby paying $1000. Over the course of a year that is an extra $13,000 on top of the 10% pre-payment.
Yep, that’s true. However all five of the big banks have that combined with higher percentage prepayment privileges, and scotia allows you to break up their 15-20% lump sum privilege into multiple payments throughout the year as opposed to RBC’s requirement that you can only make one lump sum payment per year.
Awesome video! I always wondered which bank is the best! I figured td or Scotia would be at the top
Glad you liked it!
I think this is one of the best videos you’ve done on the mortgage series.
Don’t know how much not bias you are, but nevertheless great arguments on presenting all of them.
According to each ones risk level tolerance or power of payment they might consider they have, they can choose by themselves one bank or the other, thinking of the negative part is something that would keep them of going with that bank.
Congrats! Excellent video. I loved it.
Thanks! Appreciate it.
for TD you can actually request to have a lower collateral charge than the assessed value of the property (as long as not below the asking mtg amount of course). And most TD brokers would mention how much they are registering the lien on as well before they go ahead and max out on it.
TD also allows Mortgage vacation, meaning any lump sum payments or rapid payment selection is counted towards a "vacation account" so that you can pause the mortgage for payments up to that amount. I also might be dead wrong so please take my google results with a grain of salt
I get what you are saying, but the reality is with pre-payment priveleges is that very very very very few people will ever pay more than 10% of their balance per annum on top of regular blended payments. If you have that much income left over that you have say 30k to put on a 300k mortgage per year, then you should have signed up for a shorter amortization in the first place. The other thing to remember is that you can pre-pay any amount you like at renewal... so if by some miracle you can pre-pay half your mortgage, you can plan it ahead of time.
The other thing too is that you are better off to invest if you are able to consistently average decent returns (8-12%+) especially with low rates on mortgages, even if you locked in at a bad time (say have 4% fixed now) you add on 2% for inflation, everything you earn over that 6% is better return.
Ive had mortgages at both BMO and RBC, the main reason I'm with RBC is that my rate is ridiculously low compared to the other offerings at the time (currently at 1.25%) and they give you a (albeit small) discount from your monthly banking.
HI Nolan! Quick questions! You talk about the the best banks regarding the flexibility of paying the less amount, not on a lowest interest rate point of view. But what about administrative fees some bank charge, like BNC charging 5$ a month for "administrative fee" for the mortage... Do you have a video about that?
Thanks :)
There are few thing which were missed in this video. TD registers mortgage as collatoral which can't be transferred. It can only be discharged and customers end up in paying $800 approx to other FI when they decide to move. Only mortgages can be tranferred not collatorals.
Also, with CIBC you can always go back to original payments in case you increased your monthly payments or go with other amount till its higher than minimum amount anytime. Just call mortgage dept.
The other think with Scotia 2nd mortgage. Even if you refinance, they will register 2nd mortgage which ends up in increasing your house insurance premiums with the insurance providers are two liens are registered now.
I was asked to make a powerpoint of why choose RBC mortgage, now i do not know how to explain why lol
You need to do your research. RBC allows a 10 % per year payment increase, a 10% of principal annual lump sum payment AND every payment can be doubled even the increased payments. Also you can skip a payment for every doubled up payment should you need to. An incredibly flexible mortgage.
Except for the fact that all the other banks have all of those features but the option to make bigger lump sum payments more frequently.
@@NolanMatthias yes but your video hails those features for Scotiabank and no word of it for RBC. far from being an honest review. Since most can't afford to increase by the 10% having 15% available is irrelevant. And RBC Customers love RBC because they have incredible customer service which is worth a lot.
The Scotia product and the RBC product aren’t even comparable. The Scotia product is vastly superior in my opinion and I don’t think there is any significant or measurable difference in customer service.
Very good video. I own a few buildings and I've seen all banks for my mortgages. Interest rates and fees aren't that of a big deal when you own more than just your house. Ease of transaction and yearly paperwork are the big issues. In my personal experience I wouldn't deal with Banque Nationale's commercial branch and First National anymore. On the other had (I don't know if everyone has access to it) Desjardins are by far the easiest to deal with. They are very conciliant. Thanks again for sharing your thoughts with the community M.Matthias.
Good video. I’m with rbc. But I would definitely consider Scotia
When it comes up for renewal let me know :)
How about a variable mortgage where you can lump sum any time you want
Unfortunately your information is very outdated even though you only post the video a few months ago.
RBC allows you to pay 10% lump sum pre-year, accelerate payments, and the double up feature which allows you to increase it from $100 all the way to the double the amount. It also allows you to turn this on and off throughout the course of your term as many times as you wish. They also allow you to skip a payment once a year with no questions asked as well as extended skip a payment for any type of income disruption which does include a child birth, family emergency, emergency repairs, etc.
I agree with you on bank Montreal you are correct. As well as I do agree with you on the other banks.
There is also another thing to watch out for when it comes to TD Bank they do actually have higher fees when it comes to paying a “re-invest fee”.
Hello, thanks for the video. I find it very overwhelming when it comes to finding a loan. You are bombarded with many different lenders, some brokers, some the big 5. It's hard to find a place where to start. I'm looking at buying a rental property as an investment- a condo more specifically.
Great information to know but I think TD seems to be a little more friendly to the self employed on mortgages. Am I wrong in this ?
Great Video - Just Curious what is your take on HSBC ?
I have a double up option with RBC.
Hey Nolan,
Had to come back to watch this video again.
Could you do a video on strategies of financing multiple properties with these banks?
Any comments on National Bank mortgage?
I heard RBC is the only bank that will finance a trailer home
Awesome video! Well, explain and the edit is on point!
Thanks for commenting, i will refer you to my trade analyst and accountant to make good income, go more on digital assets
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Great video! Thanks for sharing the information!!
You are choosing the best mortgage lender based on one factor?... pre payment policies? Don’t agree at all. There are so many other factors that will make me decide otherwise.
I think the bmo cash account is the best option out there. The no hassle get your money back is fantastic. 20% prepayment and 20% payment increase. Have had my mortage with them for 15 years and used all the options with no hassles. They will give you 25k no questions asked at your mortage rate. Will any other bank do that? If you want more than 25k you just need proof of employment. They will actually let you take 24,999 multiple times without proof though. It's pretty flexible imo.
Thank you. Do you know which bank has the best readvanceable mortgage? (For Smith Manoeuvre)
Great info! But It seems you left out a few banks, Laurentian, Desjardins, Manuvie., HSBC, what was the reason for that?
Hi Nolan, Does Scotia still offer the same prepayment privileges in 2022, as they did back when you made this video last year and do you still believe Scotia is the best bank for mortgages? Thanks for all your awesome videos.
To my knowledge they do, and yes, I still think they are the best of the big banks by far for a mortgage. There are other lenders though that do other things well. Check out the other two videos in the series or the recent one from a couple of weeks ago.
Such great info , thank you
can the extra payments be placed down on the principle only?
Explain double up? Will the extra payment go right to your principal??
Yes
the clips are cut off way too early
Amazing video!!! do you think that we will get even lower rates with this pandemic? or what do you call a fair rate these days?
The can certainly go lower. If they will is another question. Anything under 2% is a great rate.
down before up but id be positioning yourself for the future NOW. when hyper inflation hits it hits hard. rates will be going up 1% a year in a few years time
Hi
I was wondering why you left out National Bank ?
No lan1. What is your opinion on best banks for buying smallest apartment buildings 10 to 30 units as well as renovation financing for these type of buildings
First National and CMLS tend to have pretty good programs for this.
The collateral charge for TD is a big issue in my opinion. For a homebuyer just looking to pay off his debt, standard charge should be the default. For investors and people looking to leverage their equity, collateral should be okay, but since TD doesn't even have a standard charge mortgage, personally I would refuse their mortgage just based on general principle.
Little miss leading. Td has a payment vacation and if you wanted decrease your payments after increasing your payments you can do that. Scotia sucks.
what are you thoughts on tangerine mortgage? they offer 25% prepayment and you can do it whenever you want so i could drop an extra 5% 5 times a years or 1% 25 times in a year. however i don't think it's easy to borrow from your equity.
It’s a great mortgage. I have no problems with Tangerine
Great videos thank you so much. I was wondering if you could give some info on the CHIP mortgage program?
Rate compounding frequencies could be a differentiating factor
Thanks for commenting, i will refer you to my trade analyst and accountant to make good income, go more on digital assets
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ON W~*H/~*A/*T~*/S~*,A~*/P.✅
Great info bro. Thanks a lot.
No problem 👍
How about coast capital or vancity credit unions
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Hi there just wanted to ask how long it takes for me to go apply for mortgage in A lender like bank after proposal? Do I need to wait until my credit file cleared ? Thank you
Thank you for the video 😄
Hey this is a great video. Would you ever consider doing this for the smaller lenders in Canada? CMLS? Little guys that are awesome? Just curious. Thanks again.
I have. There is a video in this same series on non-bank lenders
I always get the lowest rates from cibc
There’s likely a reason for that.
If you negotiate the collateral to just about 100% is it still too difficult to switch lenders ?
Who can help to check the mortgages calculation because I found TD changing a lot.
What about prepayment if you have open variable mortgage with rbc?
What bank is goof for everything
also if you are a mortgage broker only scotia and td will pay you. other 3 are in house
I know crazy right. Their mortgages aren’t as good and they don’t want you to have someone who knows what they are doing represent you.
Thumbnail is epic X-D
Finally found a finance channel that focuses on canadians. Thank you, subbed!😁
Finance is finance. Spend the time to learn financial literacy and you won't have to worry about this guy's opinions.you
What about Desjardins?
If you’re never going to leave Quebec, they are probably okay, but don’t know enough about them to make a call
@@NolanMatthias
I live in Ontario
NBC is not even listed in here... ouch!
They have a very tiny market share with respect to mortgages in Canada.
Agreed RBC is the worst! I realized what a grave mistake I made 1 month after I signed the paper. I agree with you. You are right about the loyalty. I was so loyal that I didn't even check anywhere else when I was getting my mortgage. Can't wait to be done with my term so I can run
Scotiabank only gave me 10% prepayment they are not any better than other banks if anything my previous mortgage at CIBC was better
how about TD having its own Prime rate for Mortgage? It seems their little trick as well.
Agreed.
@Nolan, What about HSBC?
They have some good products, nothing against them at all.
Misleading information for TD, client actually got to choose how much they like to have for the collateral charge, you 100% be able to chose the exactly same amount of value!
Not misleading at all. They will allow you to choose to only collateralize 100% of the value of the property, but in every case that is still more than what you actually borrowed. In many cases it is way more.
@@NolanMatthias thanks for your reply. I think is still misleading because client themselves have the right to put the collateral charge they want. They allow to put the same amount they borrow, 100% value or more or in between. unless the advisor/broker want to make the client put higher amount for the collateral charge. That’s why this is not TD’s problem. That’s why I’m saying you misleading. :) sorry, please don’t take this personal, I’m just talk about the mtg.
I asked TD and they tell me they can only do 125%, I cannot get 80% of what I paid for the house with them.
@@michaelk5982 That is consistent with our experience with them. Lowest they will go seems to be 100% of the property value.
@@michaelk5982 the register amount only needs to be equal or higher than the approved amount. If you not get that, suggest you go to a branch, not by talk to the broker, because someone is not telling the truth here. :) if you buy a 1m home, 20% down, you could have 80% of your home value as register amount for sure.
Paying your mortgage off as quickly as possible is not the smart thing to do in the interest rate environment we are seeing today. This is stale-dated advice from a time period when the interest rate you were paying on your mortgage were equal to or above the rate of return you would receive on some investments. People should be taking the excess money they have an investing it in assets that have a rate of return above the interest rate they are paying on their mortgage. What really makes a difference when we are speaking about mortgage products is prepayment penalties. All of these options will charge you an astronomical interest rate differential penalty if you have a classic five year fixed term mortgage and decide to break it part way through the term. If you are going with a big bank for your mortgage and are not absolutely certain you will keep your home for the length of your term, going with a variable rate option is undoubtedly more beneficial. The penalties on these products are only three months of the interest portion of your payments, thus allowing you to break when the uncertainties of life arise, with little impact on the equity available in your home.
Great explanation on definitions to understand and watch for; they're certainly not all the same. What about the "unconventional" mortgage from Manulife (Manulife ONE)? What do you think about that one? One feature as I'm aware of is Daily Interest (pay interest on daily balance) tallied once per month versus Compound Interest (usually semi-annual and far more costly with this method). Love to hear comments on this.
Gt Thanks for commenting, i will refer you to my trade analyst and accountant to make good income, go more on digital assets
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Equitable bank?
What's your intake on B2B Bank?
We use them for specialty products. They are great but often out of the market for pricing. Would love to use them more
@@NolanMatthias I took them for my first ever mortgage, that's the best my broker found as their penalty is only 3 months of payment (variable)
can you tell me why the calculators say if i apply for a mortgage i can only get 75000 but a mortgage for 250000 would be 300 dollars less than I am paying now ? I have no debt and 20% down payment
Debt servicing calculations to get approved for a mortgage are based on a percentage of your income that goes towards your payments, they don’t look at what your existing costs are in comparison to what the would be.
The best bank is the one that will give u the best mortgage rate at that time!! That's all people care about at the end of the day, becuse let's be real most people are not makeing 10% 20 % 50 % lump sum payment on there mortgages
I was looking for this comment. Majority are looking at the best interest rate not the pre-payment option. I'm not in a position to make even 10% a year.
Question some banks are offering 2,000-2,500 if you get a mortgage through their finical institution is this a scam of such where you’ll have to eventually repay the money they gave or is it simply a way of them to get more customers ?
Any time a bank offers a cash back it is usually made up for with a slightly higher rate, so you are definitely paying for it over time. The other thing to note is that most of the time if you don’t keep your mortgage with them until the end of the term, they will make you pay it back in full. 60% of Canadians don’t keep their mortgage until the end of the term.
@@NolanMatthias End of the term , you mean the first 5 years ?
@@NolanMatthias 60% of the Canadians don't keep it until renewal? 5 years? hmm.. Don't think so.
What about Tangerine?
Owned by Scotia.
What about small banks like Tangerine?
Tangerine is awesome! I cover the mortgage specific lenders in part 2 & 3 of this series.
@@NolanMatthias thank you, I will go find those videos on your channel!
None of them...broker is the only way to go. Then maybe they send you to a bank....mabye. Reason 1 penalties, 2 sub par service 3, you are not getting g the advice of an expert. Just a jack of all trade bank rep with only minimal knowledge of what is available in the market today.
lol.... No Laurentian BANK nor National Bank! Damn and I am at NBC :( ... In 2yrs and 9 months, My Mortgage is paid off and I see this NOW! lol
Can someone take a personal loan as an international student?
RBC is the worst bank to get a mortgage from They want you to jump through hoops and nothing is good enough
I just finished the Mortgaged Millionaire, and now I'm not so convinced paying quicker is the way to go. I feel this video should be prefaced with "If your goal is to pay quicker, then the best bank..."
If one's financial strategy is to invest any incoming lump sum liquidities (e.g. year end bonus) into other accounts (mutual funds, stocks, bonds, etc.) , rather than use them to repay a mortgage loan, would one still care about pre-payment features on mortgage products? The claim that "[scotia] they are the number one lender when it comes to being able to pay the least amount of interest over the term of your mortgage" is true only if and only if you intend to take advantage of pre-payment options, right?
A few other things to add: Prime Rates (TD is typically higher), this matters for HELOC and Variable Rate mortgages.
Also, each bank has perks when you bundle services and a mortgage is a great way to negotiate.
I think your video helps with accelerated payment strategies, but misses the full picture and benefits when choosing a mortgage.
Prime rates don’t matter, at TD you get a greater discount on prime which makes the effective rate lower
Bank of Canada set mortgage prime rate for all Bank of Canada (mortgage prime rate 2.45%.) But TD Bank Credit card loan prime rate set for 2.45%.TD bank mortgage prime rate set 2.60%. as they posted TD web page.This not fair for Canadians who own the house and landing money with TD Bank.
I agree. Td is the only bank with two prime rates. A normal prime and a mortgage prime, and mortgage prime is in fact 0.15% more. However their discounts are often bigger making the rate a new borrower pays competitive to other banks.
@@NolanMatthias is the 0.15% constant... Can that be 0.2%? Also do they change vis-a-vis Bank of Canada rate?
Is it true that mortgage brokers aren't able to submit mortgage applications to rbc? And this is why mortgage brokers never recommend rbc as a lender to their clients because they aren't an option in the first place?
that is true, because RBC have their own mortgage specialist. so this way a mortgage broker wouldn't look to fill their own pockets with commission from targeting certain banks
This is probably why my broker never mentioned about RBC. I spoke to a mortgage specialist at RBC and by far RBC offer is the best. I'm still researching to make a decision though.
Any comments about National Bank mortage?
They’ve got some innovative products. Their all in one is a good mortgage. I’d still avoid a fixed rate mortgage with them. IIRC prepayment privileges are competitive.
Clic bait.. this video is witch lender is best for letting you pay more % wise... he actualy put cibc 2nd.... dosent talk penalties and service
You make a good point, service should definitely be factored in, but I think that changes not just from bank to bank but from branch to branch and employee to employee as well. As far as penalties go, the big five’s penalty calculations are virtually identical so there isn’t really a point in comparing them.
@@NolanMatthias You are wrong. That prooves you did not look into it and it his the most important part between these lenders. By the way, 1 outta 4 pays a massive penalty.. How many burrowers have a problem wit paying back too much?? TDCT has a 6044$ difference from RBC when breaking a 250 000$ mortgage, 5 year term, 3 years left, same terme, same rate. 6044$ difference!!!! Im sorry but...
TD and CIBC and national = penalty hogs
@@pbc662 no disrespect intended, but I understand how interest rate differentials work very well, and I can tell you unequivocally that it would be impossible for you to get that big of a difference in the penalty if everything was equal. Here’s a video from four years ago about how IRD’s are calculated, and all five banks calculate them the same. The discounts and the rates may be slightly different, but the underlying math is virtually identical. th-cam.com/video/qkLjas0EbqU/w-d-xo.html
What do you guys think each of the big 5 banks specialize in?
It should be best financial organization and including credit union . the banks would not make the top 6 . If u own a small business nun of them help. in fact harm expansion and option of a small business. Be ware of credit union group insurance they look for the cheapest. 80 of us had to try and sue the insurance company to try and get what we paid for. Td took out money out of my account with out my permission and told me that there is nothing I can do about it . So I contacted the government department in charge of banks they wrote a later to my bank and I got the money returned. It hapend again and my branch Manger started to tell me that there is nothing I or the bank can or will do . Then he looked at me thot and told me ok I will put the money back in your account.
love this video thank you
Stubbs Scotia zorrlla cibc salisbury td rbc bmo
NEVER! Apply for a mortgage at any Bank. This is bad advice. Go to a mortgage BROKER! Bankers work for the bank and can not negotiate on your behalf. A broker is out for your best interest and get paid by commission by the lender. What I mean by negotiate is…. You can find mortgages that allow 10% accelerated to 20% it all depends on the lender. Some have flat rate penalties some don’t. A banker is just a banker selling products on the banks behalf. Sometimes we end up getting the ideal mortgage with a bank but that’s not easy to find on your own. I flip houses and own commercial real estate.
THEY STOLE MY INFORMATION AND OPENED A TD MORTGAGE ACCOUNT WITHOUT ME KNOWING
I’d say every bank has their strengths and weaknesses. Just know what you need and don’t under estimate the power of the manager of your accounts. They can make or break everything. If they can’t explain things in simple terms then they don’t know what they are talking about.
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Wow I' m just shock someone mentioned expert Mrs Patricia I thought I' m the only one trading with her.
She helped me recover what I lost trying to trade my self
Who's this professional everyone is talking about I always see her post on top comment on every TH-cam video I watched, I think I'm interested how can I get in touch with Mrs Patricia
And the worst ... B2B BANK. ONE MISSES PAYMENT AND THEY RUIN YOUR LIFE.
This video is useless. Who would want to pay the mortgage faster if the mortgage rate is 2% ? Instead invest the money in the stock market and get 8-10% gains
How TD treats employees: th-cam.com/video/TdO0a7wn8UY/w-d-xo.html
CORRECTION: RBC allows "Double-up" payments up to an additional 100% of your regular payment, in addition to the 10% annual lump sum. These double-ups can be turned on and off at your discretion. If you're going to make these videos and you want to remain credible, it's important to provide true and accurate information ;)
I appreciate you taking the time to comment. However, all of the major banks allow double up payments of some sort, and RBC’s ability to double up was highlighted in the video. The information in the video is in my opinion both relevant and accurate. Relative to the other banks their pre-payment privileges are inferior.
these are major banks with the worst rates hahah
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