Menu Toggle
  1. Home
  2. Mortgages
  3. Monster Mortgage Review 2023
Published October 3, 2023

Monster Mortgage Review 2023

Monster Mortgage is an award-winning mortgage brokerage that has been in business for more than 25 years.

Edited By

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own.

Monster Mortgage at a glance

Monster Mortgage is a Toronto-based mortgage brokerage that offers a modest selection of loan types and 20-plus lender partners.

    Monster Mortgage key features
    Monster Mortgage loan types
    • Toronto-based mortgage brokerage with more than 15 mortgage agents on staff.
    • In business for more than 25 years.
    • Monster Mortgage agents regularly appear on CP24’s weekly “Hot Property” program.
    • Has relationships with more than 20 Canadian lenders.

    • Residential mortgages.
    • Fixed-rate mortgages.
    • Variable-rate mortgages.
    • Cash-back mortgages.
    • Second mortgages.
    • Home renovation loans.


    • Experienced leadership team.
    • Offers a 1% mortgage rebate if you purchase your home through the Corbo Kelos Group at RE/MAX Hallmark.
    • Website provides a small number of mortgage rates, which are updated weekly.


    • Limited number of products and lender partners compared to some other Ontario mortgage brokerages.
    • Website doesn’t get updated regularly. A contest that closed in 2019 is still being advertised.
    • Finding out what loan products are offered requires contacting the brokerage.

    Monster Mortgage full review

    Monster Mortgage is a modestly sized mortgage brokerage located in Toronto, Ontario. 

    Launched in 1997 by a former senior manager of MCAP Mortgage Corporation, Monster Mortgage offers a range of typical mortgage products for home buyers, homeowners and investors, including purchase mortgages, renewals, refinances and second mortgages.

    Monster Mortgage has been a part of local television station CP24’s Hot Property program, where its mortgage agents have been answering viewer questions about home loans and the Greater Toronto Area’s housing market, for more than a decade.

    Monster Mortgage is a three-time winner of the Mortgage Brokerage of the Year award at the Canadian Mortgage Awards. 

    Who is Monster Mortgage best for?

    Monster Mortgage may be a fit for borrowers who aren’t able to secure a favourable mortgage offer from a Big Six bank.

    Monster deals with lenders who have less stringent borrowing criteria than Canada’s major banks. If you’ve experienced a negative credit event in the past and have a less than glowing credit profile, a Monster Mortgage broker may be able to get you financed by one of their B lender partners. 

    Monster Mortgage may also be able to connect new arrivals to Canada, who may lack a credit history that can be evaluated, and the self-employed, who may have trouble proving that their income is consistent and reliable, with lenders who are willing to finance their home purchases.

    How to choose the right mortgage lender

    Selecting the right mortgage provider is a big decision. A mortgage is a large debt, and you want to make sure that you’re getting the best deal possible. You’ll need to do some research, make a list of what’s important to you, and spend time comparing offers from different providers. You can start by following these steps:

    1. Decide your budget: It’s important to have an idea of how much mortgage you can comfortably afford before talking with lenders. They may offer you more than you want to spend; it’s important to be ready for that conversation.
    2. Understand the different types of lenders: Mortgage providers include banks, credit unions, brokers, alternative lenders, and private lenders. Each has its pros and cons.
    3. Compare offers from three different lenders: To ensure you have a good idea of what’s out there, consider seeking mortgage pre-approval from a big bank, a broker and one other type of alternative lender.
    4. Don’t focus solely on rates: The interest rate is just one part of the mortgage equation. Yes, you want the most competitive rate possible, but it’s also important to weigh the reputation of the lender, the quality of customer service they provide, the types of loans they offer, the fees they charge, and the flexibility of terms they may offer.

    » LEARN MORE: Read our guide to choosing a mortgage lender

    Estimate your monthly mortgage payment.

    Use our mortgage payment calculator to compare different borrowing scenarios.

    Monster Mortgage feature overview

    Mortgage variety

    Monster Mortgage states that it has relationships with more than 20 Canadian lenders. That should equate to a fair amount of choice in terms of mortgage options, but it’s far less than what some other Ontario-based brokerages offer. 

    Ease of application

    The Monster Mortgage website offers an “Apply Now” feature, but it’s a bit of a misnomer. You can fill in the form provided to get the application process started, but you’ll need to speak with one of the brokerage’s agents and provide far more detailed financial information before you can get pre-approved. 

    Filing in this initial form might be difficult for some borrowers, since only those who have already purchased a home will be able to provide accurate purchase price, total mortgage amount required and closing date information.

    Fortunately, Monster Mortgage also provides the option to call or email the brokerage and start the application process that way. 

    Loan amounts & terms

    Because Monster Mortgage is a brokerage, the mortgage amounts and loan terms you’re offered will be determined by each individual lender. Monster does, however, post rates for fixed terms of one, three, five and 10 years.

    Mortgage rate transparency

    Monster Mortgage’s online rate information leaves a little to be desired. The Monster website only posts five rates — four fixed, one variable — and doesn’t say which lenders provide them or the qualifying criteria you might have to meet in order to be offered one of these rates.

    For a brokerage that boasts 20-plus lending partners, there could probably be more clarity around the rates borrowers might actually have access to.

    Rate types

    Monster Mortgage offers both fixed and variable mortgages. 

    Mortgage fees

    Monster Mortgage agents earn commission once a mortgage application is completed, which will be paid by the lender who funds the mortgage. 

    That means Monster Mortgage’s services will typically be free, although unique or difficult mortgage scenarios may incur a fee that should be disclosed to you well in advance of closing day. 


    One of the most detailed pages on the Monster Mortgage website is dedicated to its privacy policy, which describes the company’s data collection and protection measures. The company’s “Ten Privacy Principles” are based on the Personal Information Protection and Electronic Documents Act.

    Monster Mortgage encourages visitors to their site to contact the company’s chief privacy officer if they have any questions. 

    Customer satisfaction ratings

    Based on NerdWallet analysis of a limited number of customer satisfaction ratings on popular review sites, Monster Mortgage may provide a satisfactory experience for most customers.

    • Monster Mortgage had 4.7 out of a possible 5 stars, according to more than 320 customer reviews on Google, at the time of this writing.
    • Monster Mortgage does not have a Trustpilot rating. 
    • Monster Mortgage is not accredited by the Better Business Bureau and has received no rating from the BBB itself.
    • Monster Mortgage has no Customer Service Scoreboard rating.

    With any mortgage brokerage, your satisfaction will often depend on the skills and experience possessed by the individual mortgage agent or broker you choose to work with.

    Monster Mortgage eligibility requirements

    Because it is a brokerage and not a mortgage lender, Monster Mortgage isn’t able to provide specific eligibility requirements. Each lender has its own eligibility requirements, which are based on their own risk tolerance and Canada’s lending guidelines.

    In general, lenders will consider the following factors when qualifying you for a mortgage:

    Nerdy Tip: Use a mortgage affordability calculator to determine how much you can afford to pay for a home. If you have a unique situation or need additional information about the eligibility requirements, it’s best to speak directly with a mortgage specialist.

    How to apply for a mortgage with Monster Mortgage

    To apply for a mortgage with Monster Mortgage, you can either call or email the brokerage for more information, or you can fill in its online application form, which requires you to enter:

    If you’re familiar with a particular Monster Mortgage agent, you can select which one you’d prefer to work with. Otherwise, you can declare yourself a first-time visitor and have the company pair you with an agent.

    Alternatives to Monster Mortgage

    True North MortgageRBC MortgageFirst National Financial
    Lender typeMortgage brokerageBig Bank lenderNon-bank lender
    Service areaNationalNationalNational
    In-person service?YesYesYes
    Ease of applicationEasy (online, phone, in-person)Easy (online, phone, in-person)Difficult (online, phone, in-person)
    Mortgage varietyAbove averageAverageAbove average

    Frequently asked questions about Monster Mortgage

    What are the mortgage rates at Monster Mortgage?

    At time of writing, the rates advertised on the Monster Mortgage website were lower than those offered by some competing mortgage brokerages, but higher than those offered by high-volume brokerages. 

    Is Monster Mortgage a good brokerage?

    Monster Mortgage has received a healthy number of positive Google reviews from past customers. Certain Monster Mortgage agents, however, are called out for providing excellent service more often than others. 

    About the Author

    Clay Jarvis

    Clay Jarvis is NerdWallet’s mortgage and real estate expert in Canada. Thus far, his entire professional writing career has revolved around real estate. Prior to joining NerdWallet, he was the…

    Read More
    Mortgage Affordability Calculator: How Much Mortgage Can I Afford?

    Mortgage Affordability Calculator: How Much Mortgage Can I Afford?

    Using a mortgage affordability calculator can help set realistic home buying expectations and show where your finances might need improving.

    Image Placeholder

    Butler Mortgage Review 2023

    Butler Mortgage is a high-volume mortgage brokerage based in Ontario but serving all of Canada. It advertises competitive rates sources from hundreds of lenders.

    Find The Best 5-Year Fixed Mortgage Rates In Canada

    Find The Best 5-Year Fixed Mortgage Rates In Canada

    Compare customized 5-year fixed mortgage rates from Canada’s best lenders and brokers for free. Find the lowest mortgage rate and apply for the home loan that best fits your needs.

    Understanding B Lender Mortgages

    Understanding B Lender Mortgages

    If the chartered banks, or A lenders, turn you down for a mortgage, there’s an entire industry of alternative, or B, lenders you can turn to for your financing needs.

    Back To Top