Monster Mortgage Review 2025
Monster Mortgage: Our quick take
Monster Mortgage is a Toronto-based mortgage brokerage. The company offers mortgages that fit a variety of buyer situations and credit scores.
Who is Monster Mortgage best for?
Monster facilitates traditional mortgages, construction loans, reverse mortgages and mortgages for those with bad credit.
If you’re not sure what type of mortgage you need and want help exploring your options, Monster Mortgage might be a good place to start.
Who's eligible for a mortgage at Monster Mortgage?
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, but generally considers the following factors when qualifying you for a mortgage:
Credit score. The minimum allowable credit score at the A lenders Monster Mortgage works with is typically 680. But Monster Mortgage advertises that it also has options for people with "a less-than-perfect credit history."
Down payment amount: For a traditional mortgage, you'll need at least 5% for a home under $500,000. For homes between $500,000 and $1,499,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. For a home that costs $1.5 million or more, you’ll need 20% of the purchase price. If you're looking at alternative mortgage lender, the down payment minimum may be 20% regardless of mortgage amount.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%. You may see more flexibility with these ratios if you're working with an alternative mortgage lender.
What types of mortgages does Monster Mortgage offer?
Monster Mortgage advertises a long list of mortgage types on its website, including:
Fixed-rate mortgages.
Variable-rate mortgages.
Mortgages for newcomers to Canada.
Mortgages for those with low or limited credit scores.
Reverse mortgages.
Home equity loan.
Mortgages for newcomers to Canada.
Construction and renovation loans.
Self-employed mortgages.
Best mortgage rates in Canada
Compare offers from Canada’s top mortgage lenders and brokers.
Review of Monster Mortgage features
NerdWallet Canada's editorial team sifted through dozens of lender websites looking for features borrowers are interested in. Then, we summarized how each lender compares to its competitors using the labels "limited," "standard" or "excellent."
To see the details that led to each summary, expand the box below each entry.
Advertised rates
EXCELLENT
Monster Mortgage advertises five rates online. That's less than other mortgage brokerages we've looked at, though the rates advertised are competitive.
The rates you see online are just a sampling of what you can get with Monster Mortgage. The company says it has "relationships with more than 20 Canadian lenders." You'll need to contact Monster Mortgage to learn more, but, with that many lenders, chances are high that they'll have mortgage products that suit your needs.
The rates Monster Mortgage advertises The rate you ultimately receive depends on your application details.
Area served
LIMITED
Monster Mortgage bills itself as a "Toronto mortgage broker." If you don't live near Toronto and you're looking for a mortgage brokerage with an in-person option, or if you want to work with a mortgage broker who has in-depth knowledge of your area, Monster Mortgage may not be the best fit.
What it’s like to apply at Monster Mortgage
You don't apply for a mortgage directly on Monster Mortgage's website. Instead, there's an intake form. After you submit that, a mortgage specialist will be assigned to assist you.
About NerdWallet mortgage reviews
When the NerdWallet Canada editorial team reviews a mortgage lender, we look for the options it offers customers, transparency in advertising, ease of application and flexibility it offers mortgage-holders.
Of course, a mortgage is a highly personalized product. The offer you receive depends on the details of your financial situation. A lender may have a less-than-transparent website but offer you a great rate.
Use this review to familiarize yourself with this mortgage lender. To get the best mortgage rate, work with a mortgage broker or negotiate directly with multiple lenders.
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Clay Jarvis
Clay Jarvis
Clay Jarvis
Clay Jarvis