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Published May 9, 2024
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8 minutes

Monster Mortgage Review 2024

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

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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.

    • 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.

    Pros:

    • Earn a $1,000 discount through Monster’s VIP Realtor Program.
    • Website provides some useful information for home buyers in exchange for their contact information.

    Cons:

    • Limited number of products and lender partners compared to some other Ontario mortgage brokerages.
    • Website features outdated information.
    • You’ll need to contact the brokerage for information about specific loan products.

    Monster Mortgage 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.

    Estimate your monthly mortgage payment.

    Use our mortgage payment calculator to compare different borrowing scenarios.

    Monster Mortgage feature overview

    Mortgage variety

    The Monster Mortgage website is short on details regarding the products the brokerage offers, but its claim of having relationships with more than 20 Canadian lenders implies a decent selection of options. The company currently advertises:

    Ease of application

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

    You can download a more thorough PDF application form from the website, but you’ll have to deliver it in person, fax it or mail it in.

    Mortgage rate transparency

    Monster Mortgage’s online rate information leaves a little to be desired. The company’s website only posts five rates — four fixed, one variable — and doesn’t state which lenders provide them or list the relevant qualifying criteria.

    Other details

    Customer satisfaction ratings

    It’s difficult to gauge how satisfied Canadians are with Monster as a mortgage provider. Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average option of Moster customers; for example, unhappy customers may be overrepresented or very few reviews may be posted at all. Nevertheless, these sites are one way to learn about possible downsides to consider.  

    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

    Monster Mortgage is a brokerage firm, which means they have access to multiple lenders. You’ll need to contact the company directly to talk about pre-approval, but they do have their mortgage application form available online.

    You’ll need to provide information about the property you want to buy, including its size and age.

    Be ready to share the balance of your assets and liabilities. For each liability, you’ll include repayment details.

    The application requires three years of employment history.

    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. 

    How do you 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

    DIVE EVEN DEEPER

    Calculator: How Much Mortgage Can You Afford?

    Calculator: How Much Mortgage Can You Afford?

    Use our mortgage affordability calculator to see how your interest rate, down payment and debt ratios affect your housing budget.

    Compare the Best 5-Year Fixed Mortgage Rates in Canada

    Compare 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 B-lenders you can turn to for your financing needs.

    What Is An Alternative Mortgage Lender?

    What Is An Alternative Mortgage Lender?

    Alternative lenders in Canada can help borrowers who can’t get mortgages through banks.

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