True North Mortgage Review 2025
True North Mortgage: Our quick take
True North Mortgage has low advertised rates and appeals to home buyers with good credit and bad credit alike. While it operates as a typical mortgage brokerage, it stands out for having its own lending arm. Borrowers stand to benefit when True North has an incentive to deliver a rate you'll accept.
Who is True North best for?
True North Mortgage's versatile mortgage products make it a potential fit for a wide range of borrowers, particularly those with additional needs, like a low credit score, or those who are buying investment properties.
And considering that consistently advertises lower rates than some competitors, home buyers looking for a traditional mortgage might test whether True North can beat what the big banks are offering.
Who's eligible for a True North mortgage?
As a brokerage, True North works with a wide range of lenders, including those who lend to borrowers with less-than-perfect credit. These lenders often have lenient credit score and debt service ratio guidelines, making it easier to qualify for a mortgage with them.
If you apply for a mortgage with one of True North's mainstream lender partners, the qualification guidelines are typically:
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 types of mortgages does True North Mortgage offer?
True North Mortgage advertises a long list of mortgage types on its website, including:
Fixed-rate mortgages.
Variable-rate mortgages.
Mortgage renewals.
Mortgage transfers.
A home equity line of credit.
Mortgage refinances.
Construction mortgages.
Mortgages for newcomers to Canada.
Investment properties and second homes.
Mortgages for self-employed individuals.
Cash-back mortgages.
Open and closed mortgages.
Mortgages for those with low credit scores.
How do True North Mortgage rates compare?
You can see how offers from True North Mortgage stack up against bank and non-bank lenders on the following pages.
Review of True North Mortgage 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
STANDARD
True North Mortgage advertises eight term lengths online. That's less than you'll find at big banks, but on par with other mortgage brokerages.
We compared its advertised rates to other major mortgage brokerages and found True North's fixed-rate mortgages tended to be in the middle of the pack while its variable rates were not as competitive as the others. The rate you ultimately receive depends on your application details.
There isn't much information online about lenders True North Mortgage works with outside of THINK Financial, its in-house lender. The company says it accesses "several accredited lenders."
Area served
EXCELLENT
True North Mortgage serves all provinces and territories. The company advertises rates for six specific provinces, as well as the Atlantic provinces, a rarity among large lenders. Although rates don't vary too much from one province to the next, this makes it easy to spot differences where they do occur.
True North has a strong online presence, but it also has 12 in-person locations across five provinces plus a handful of mobile brokers.
What it’s like to apply at True North Mortgage
You don't apply for a mortgage directly on True North Mortgage's website. Instead, there's an intake form. After you submit that, a mortgage specialist will be assigned to assist you.
See where to submit your information to True North Mortgage
To start your online application, click or tap on the blue “apply online” button.
ScreenshotTo begin your application, select the “Purchase” option. If you are just beginning your home search and are wondering what rates you might qualify for, you may want to choose “pre-qualify” instead.
Next, you’ll need to share the amount of the mortgage you’ll need. Remember, the mortgage amount is not the purchase price; it’s only the amount you’ll need to borrow.
If you’re already working with a mortgage specialist at True North, you can state so on your application. If not, someone will be assigned to 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.
DIVE EVEN DEEPER
Clay Jarvis
Clay Jarvis
