Schedule I chartered banks
Big Six Canadian banks
The major Schedule I chartered banks regulated by OSFI. Familiar consumer brands with branch, digital, and broker channels.
Best for
- Salaried, T4 income with 2+ years of stable employment
- Borrowers who want everything (chequing, credit, mortgage, investments) under one roof
- Files where the property is uncomplicated and inside the bank's appetite map
Not best for
- Self-employed borrowers with aggressive write-downs on the NOA
- Newcomer files with thin Canadian credit
- Properties outside conventional urban/suburban appetite
Underwriting character
Centralized underwriting, escalation paths that take days, and exception authority that lives several layers up. Strong files clear fast; edge cases stall.
Document expectations
- Two recent paystubs
- Employment letter on company letterhead, signed
- Two years of T4s and CRA NOAs
- 90 days of statements per down-payment account
Rate character
Posted rates plus negotiated discounts. The published rate is rarely the rate a qualified borrower actually receives.
Other lender categories
Written and reviewed by the Canadian Mortgage Compass Editorial Desk. This page is general information for Canadian readers and is not mortgage, legal, tax, or financial advice, and not an offer of credit. Rules, rates, and lender policies change; confirm your own situation with a licensed mortgage professional in your province. Editorial policy · Corrections