Who underwrites what, in plain English.
Rate is the wrong first question. The right one is: which lender's underwriting policy fits this specific file.
Big Six Canadian banks
The major Schedule I chartered banks regulated by OSFI. Familiar consumer brands with branch, digital, and broker channels.
Read profile Broker-channel prime lendersMonoline mortgage lenders
Mortgage-only lenders that distribute through licensed brokers. Regulated by OSFI; many fund insured and insurable mortgages.
Read profile Provincially regulated cooperativesCredit unions
Provincially regulated cooperative financial institutions. Not subject to OSFI's federal stress test on their own balance-sheet (uninsured) mortgages — they apply their own qualification rules.
Read profile Alternative prime lendersB-lenders (alt-A)
Federally or provincially regulated lenders that fund borrowers outside prime guidelines — typically because of income complexity or credit bruising. Higher rates and lender fees.
Read profile Mortgage Investment Corporations and private capitalPrivate and MIC lenders
Mortgage Investment Corporations and private investors funding mortgages outside both prime and B-lender programs. Provincially licensed; short terms (typically 1 year).
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