Nesto Mortgage Review 2025
Nesto: Our quick take
Nesto is an excellent choice if you’re looking for a fully online mortgage experience that takes you from rate-shopping to final approval, and beyond.
Who is a Nesto mortgage best for?
Nesto is a solid option for borrowers who want a low mortgage rate and a self-directed application process.
Nesto offers the competitive rates, educational resources, and fun branding you’d expect from a national brokerage — but stands out by offering one of the most seamless online mortgage experiences in Canada.
Who's eligible for a Nesto mortgage?
Nesto doesn’t publish its mortgage eligibility guidelines, but we noticed that it describes its standards as “strict” and says it will not loan to borrowers with recently missed debt payments.
On its website, Nesto explicitly states that it cannot help borrowers who have previously gone through bankruptcy or a consumer proposal, so their lending standards are more stringent than what you’d encounter at a B lender.
To qualify for a prime mortgage with Nesto, as with any lender or brokerage, you’ll need to meet certain eligibility requirements. These generally include
Minimum credit score: Typically 680.
Down payment amount: 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.
Debt service ratios: Your gross debt service ratio should not exceed 39%; your total debt service ratio should not exceed 44%.
What type of mortgages does Nesto offer?
Nesto’s mortgage offerings are limited to residential properties and owner-occupied investment properties.
Nesto provides:
Fixed-rate mortgages.
Variable-rate mortgages.
A home equity line of credit.
Mortgage renewals and refinances.
Mortgage switches.
How do Nesto's mortgage rates compare?
Once you've checked out Nesto's rates, find out how they stack up against other bank and non-bank lenders.
Review of Nesto mortgage features
NerdWallet Canada's editorial team sifted through dozens of lender websites looking for features borrowers are interested in. We then 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.
Special offers available
LIMITED
While Nesto’s mortgage rates are often lower than what you’ll see at a Big Six bank, it only advertises one special offer on its five-year fixed-rate loan..
Why this might matter for you: Special rates can be a window into the types of rates you'll actually get from a lender. It's frustrating when one lender clearly displays them online and another doesn't.
Why this might not matter: If you work with a mortgage broker, they're the ones who will gather rate information. Also, because every mortgage offer is unique to the applicant, a special rate you see may not reflect the rate a lender will offer you.
Expand for details
Nesto advertises special rates for:
5-year fixed-rate loans
Term length options
LIMITED
Nesto offers fewer term options than other direct lenders in Canada. Notably, it doesn’t offer terms less than two years long.
Why this might matter for you: Some borrowers need financing for an unusual amount of time (six months, six years or 25 years, for example).
Why this might not matter: If you intend to get a standard three- or five-year term, having access to less common terms doesn't matter as much.
Expand for details
Term lengths at Nesto include:
Two-year fixed.
Three-year fixed.
Three-year variable.
Four-year fixed.
Five-year fixed.
Five-year variable.
Seven-year fixed.
10-year fixed.
Prepayment limit
EXCELLENT
We couldn't find prepayment limits on Nesto's website, so NerdWallet reached out to its customer service team to learn more.
They responded by saying Nesto allows borrowers to prepay up to 20% of their mortgage principal each year, which puts it in the top tier of Canadian lenders. Exceed the limit and you'll be charged prepayment penalties.
Why this might matter for you: Paying off a mortgage early is a goal many homeowners have. The bigger your lender's lump-sum prepayment limit, the more flexibility you'll have.
Why this might not matter: If you don't expect to have funds available for prepayments, this limit is irrelevant.
What it's like to apply at Nesto
Starting the mortgage process at Nesto is fairly easy. You can call the company using the number prominently displayed on the company’s homepage, or click your way through a brief contact form, which took us about a minute.
A mortgage application is generally going to take you a little longer. But if you have digital versions of all the required documents handy, you should be able to upload them in less than 10 minutes.
Expand to preview Nesto's online application process
1. On the Nesto homepage, you’ll see a box where you can indicate whether you’re buying, renewing or refinancing, and whether you’re a first-time home buyer.
Once you’ve made your selections, click “Explore rates.”
1. Provide employment and income information, including the name of your current employer.
2. Answer a few questions related to the home you intend to buy, including property type, cost, your down payment savings and where in the home buying process you are.
3. Enter your contact information, agree to the terms and conditions and click “See rates.”
You’ll then be prompted to sign up for a Nesto account, or log in to one if you’ve already signed up.
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.
DIVE EVEN DEEPER
Kurt Woock
Clay Jarvis
Clay Jarvis