Best Banks for Mortgages in Ontario – Top Mortgage Lenders in 2025

Ontario’s Competitive Mortgage Market

Ontario’s real estate market is highly competitive, making it essential to find the best banks for mortgages in Ontario. The right lender can impact your financial stability, interest rates, and repayment terms. With many options available, comparing the top mortgage banks in Ontario can help you secure the best loan for your home purchase You can also check the Government of Canada’s mortgage resources for additional guidance.

Best Banks for Mortgages in Ontario – Compare Top Lenders

1. Royal Bank of Canada (RBC) – A Top Mortgage Bank in Ontario

RBC is one of the best banks for mortgages in Ontario, offering competitive rates. It provides fixed-rate, variable-rate, and hybrid mortgages. The bank also has programs for first-time homebuyers, including cashback options and prepayment flexibility.

RBC’s digital mortgage pre-approval process is fast and convenient. Borrowers can check how much they qualify for in minutes. RBC also offers mortgage rate discounts for existing clients.

For current mortgage rates, visit RBC Mortgage Rates.

2. Toronto-Dominion Bank (TD Bank) – A Reliable Mortgage Lender in Ontario

TD Bank is known for its flexible mortgage solutions and personalized service. It provides fixed and variable-rate mortgages, as well as the option to blend and extend existing loans.

A unique feature of TD Bank is mortgage portability, allowing homeowners to transfer their mortgage to a new property without penalties. TD Bank also offers the Home Equity FlexLine, which combines a mortgage and a home equity line of credit (HELOC) for financial flexibility.

5. Bank of Montreal (BMO) – Competitive Mortgage Rates in Ontario

BMO is a preferred lender due to its low interest rates and flexible repayment plans. The bank provides mortgage options, including first-time homebuyer incentives, investment property mortgages, and prepayment privileges.

One standout feature is BMO’s CashBack Mortgage, which gives up to 5% cashback on the total mortgage amount. This extra money can help cover closing costs and home improvements.

For up-to-date mortgage details, check BMO Mortgage Rates.

4. Scotiabank Mortgage Solutions in Ontario

Scotiabank is a top mortgage lender in Ontario, offering competitive mortgage rates and financing options. One of its most popular products is the Scotia Total Equity Plan (STEP), which lets borrowers use home equity for future financing.

The bank also provides rate protection for up to 120 days, ensuring borrowers secure the best deal. Additionally, Scotiabank offers special incentives for newcomers to Canada, making it ideal for first-time immigrant homebuyers.

5. Canadian Imperial Bank of Commerce (CIBC) – A Trusted Mortgage Lender

CIBC is known for customized mortgage solutions and excellent customer support. The bank offers competitive mortgage rates, flexible payment options, and prepayment privileges.

CIBC’s GoalPlanner tool helps borrowers assess their financial situation and pick the best mortgage plan. Another standout feature is the CIBC Wealth Builder Mortgage, which allows homeowners to save while paying off their loan.

Best Alternative Mortgage Lenders in Ontario

If the best banks for mortgages in Ontario don’t fit your needs, consider alternative mortgage lenders. These lenders offer flexible approval processes and can be a great option for those with non-traditional income.

Top Alternative Mortgage Lenders:

• First National Financial – Competitive rates for self-employed individuals.
• Home Trust – Specializes in mortgages for borrowers with non-traditional income sources.
• Equitable Bank – Provides solutions for those with lower credit scores.

How to Pick the Best Banks for Mortgages in Ontario

Choosing the right lender involves looking at interest rates, loan terms, and customer service. Here’s what to consider:

• Interest Rates – Compare fixed and variable rates.
• Prepayment Privileges – Choose a lender that allows extra payments without penalties.
• Customer Service – A mortgage specialist can simplify the process.
• Loan Terms – Ensure the repayment schedule fits your financial goals.

When selecting the best mortgage lender in Ontario, always compare interest rates and repayment terms to find the right fit.

If you’re unsure about mortgage terms, check our Fixed vs. Variable Mortgage Rates in Ontario guide to make an informed decision.

Final Thoughts

The best banks for mortgages in Ontario—RBC, TD Bank, BMO, Scotiabank, and CIBC—offer great mortgage options tailored to different financial needs. If you need more flexible financing, alternative lenders like First National Financial and Home Trust are worth considering.

Ready to secure the best mortgage for your dream home? Work with top lenders in Ontario—contact us today!