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Published May 9, 2024
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10 minutes

QuestMortgage Review 2024

Brought to you by the creators of Questrade, the investing platform, QuestMortgage is a direct lender with an online application and solid prepayment options.

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.

QuestMortgage at a glance

Launched in 2022, QuestMortgage is an online-only lender offering mortgages directly to consumers.

    • Launched in 2022.
    • Offered by the same financial institution behind the popular self-investing platform, Questrade.
    • Apply and get pre-approved for a mortgage online, at anytime.
    • Generous fee-free prepayment options to help you pay down your mortgage quicker.
    • Fixed-rate mortgages (purchase and refinance).
    • Variable-rate mortgages (purchase and refinance).
    • Cash-back mortgages.


    • Posted mortgage rates are typically lower than those from the Big Six banks.
    • Straightforward online application process with phone or chat support if needed.
    • Good prepayment options.


    • Doesn’t provide mortgages for properties in Quebec, the Northwest Territories, the Yukon or Nunavut. 
    • A purely online mortgage experience might not be comfortable for all borrowers.
    • Loan offers appear to be limited to offer second mortgages or specialty loans.

    QuestMortgage review

    QuestMortgage is not a financial institution; it’s a direct lender powered by Community Trust Company[1]. If the name sounds familiar, that’s because QuestMortgage is part of Questrade Financial Group, the same people behind Questrade, one of the more popular online brokerage platforms in Canada. 

    Although Questrade was founded in 1999, it didn’t begin offering mortgages until early 2022. QuestMortage aims to stand out in a crowded field by simplifying the application process, removing in-person meetings and offering competitive interest rates.

    QuestMortgage offers fixed- and variable-rate closed mortgages. If you’re willing to pay a slightly higher interest rate, you can also earn up to $5,000 in cash back when you get an eligible fixed or variable QuestMortgage.

    Whether you’re looking for your first mortgage or you want to refinance, QuestMortgage is worth considering due to its convenience, simplicity and competitive rates.

    Who is QuestMortgage best for?

    QuestMortgage may be a good choice for home buyers or refinancers with a strong credit score who want the convenience of a digital application experience.

    QuestMortgage offers a typical but limited selection of mortgage types designed to serve prime borrowers — aka those who can meet the stricter qualifications of federally regulated lenders and the mortgage stress test. Also, because QuestMortgage is a direct-to-consumer, online-only lender, borrowers will need to be comfortable communicating with a mortgage advisor online or over the phone — with no ability to visit a branch in person.

    QuestMortgage feature overview

    Mortgage variety

    QuestMortgage doesn’t provide many details regarding the variety of mortgages it offers. Those it does advertise include:

    Estimate your monthly mortgage payment.

    Use our mortgage payment calculator to compare different borrowing scenarios.

    Ease of application 

    QuestMortgage offers some online mortgage application capabilities, including:

    Mortgage rate transparency 

    QuestMortgage provides a good amount of insight into the mortgage rates it provides. 

    Other details:

    Customer satisfaction ratings

    Based on NerdWallet analysis of satisfaction scores on several customer review websites, it’s unclear whether QuestMortgage provides a satisfactory experience for most customers.

    You can reach a QuestMortgage mortgage advisor online through the chat option Monday to Friday from 8 a.m. to 8 p.m. ET and Saturday from 9 a.m. to 5 p.m. ET. You can also reach them during the same hours via phone at 1-888-909-5588. Another option is to send an email to [email protected].

    QuestMortgage eligibility requirements

    To be eligible for a mortgage with QuestMortgage, you’ll need to meet certain eligibility requirements:

    Other typical mortgage requirements include:

    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 QuestMortgage 

    QuestMortgage provides a fairly straightforward online application process. Here’s how to navigate it.

    On the QuestMortgage homepage, scroll down until you see this image and choose “Purchase a home.”

    If you’ve put an offer in on a home, you’ll be taken through QuestMortgage’s mortgage application.

    If you haven’t made an offer, you’ll go through a quick pre-qualification process.

    The application process starts with you providing some basic information about your home purchase — the closing date, the property’s price and intended use, and your down payment amount.

    Once those details have been entered, you’ll be provided a rate and the option to continue with your application.

    Answer a series of six questions, which focus on the home’s use and location and your personal eligibility details.

    Then it’s time to either create a user ID or, if you’re already a Questrade customer, login.

    Applying online with QuestMortgage takes about 35 minutes.

    Start by verifying your identity and consenting to a soft credit check that won’t affect your credit score.

    After you tell Quest whether you’ll be applying individually or with a co-applicant or guarantors, you can choose whether to continue with your application on your own or with the help of a QuestMortgage mortgage advisor.

    Enter details regarding:

    • The property (size, property type, age, heating source).
    • Your purchase price, down payment amount and down payment sources
    • Your property expenses, including annual property taxes.

    Enter details about yourself, including your:

    • Personal information, including relationship and living status.
    • Current housing costs.
    • Employment information, including your current employer, full-time/part-time status and annual income.
    • Assets, debts and ongoing expenses.

    To get a personalized rate offer, make some decisions regarding your mortgage, including the:

    • Rate type.
    • Term length.
    • Amortization period.
    • Payment frequency.

    Review the details of your mortgage application, consent to a hard credit check and you’re pretty much done.

    Alternatives to QuestMortgage

    Home TrustRBC MortgageFirst National Financial
    Lender typeTrust companyBig 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 varietyAverageAverageAbove average

    Frequently asked questions about QuestMortgage

    Is QuestMortgage a bank?

    QuestMortgage is not a bank. QuestMortgage is a service provided by a financial institution known as Community Trust Company, which is a subsidiary of Questrade Financial Group. According to its website, CTC is regulated by the Office of the Superintendent of Financial Institutions and a member of the Canada Deposit Insurance Corporation.

    Is Questrade a mortgage broker?

    Questrade is not a mortgage broker. QuestMortgage, a subsidiary of the same financial group as Questrade, is a direct-to-consumer mortgage lender.

    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 some comparing offers from the different types of 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 too much 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

    How does QuestMortgage calculate your mortgage payment?

    Like most mortgage brokers and lenders, QuestMortgage lending partners will consider the following when estimating what the regular payment might be for your future mortgage:

    • Home price: the total amount you agree to pay for a home.
    • Down payment: the total amount you’ll pay upfront toward a home purchase.
    • Amortization period: the number of years over which you’ll repay your mortgage.
    • Mortgage term: the length of the contract you’ll have with your mortgage lender.
    • Payment frequency: how often you’ll make mortgage payments.
    • Mortgage interest rate: the fee you’ll pay to borrow money from the lender; expressed as a percentage of the loan amount.
    • Property taxes or title transfer fee: an annual fee based on your property value.
    • Mortgage default insurance: an extra cost you’ll pay if your down payment is less than 20%.


    • Home price: $650,000
    • Down payment: $58,500 (9%)
    • Amortization period: 25 years
    • Mortgage term: 5 years
    • Payment frequency: Monthly
    • Mortgage interest rate: 5.5%
    • Mortgage insurance: $23,660

    TOTAL MORTGAGE: $615,150

    Article Sources

    Works Cited


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