True North & Think Financial Mortgage Rates & Reviews

This Page's Interest Rates Were Last Updated: January 13, 2023
This Page's Content Was Last Updated: January 13, 2023
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True North Mortgage Background

True North Mortgage logo

True North Mortgage is a mortgage brokerage that has been operating in Canada for over 15 years. With its own in-house lender, THINK Financial, True North Mortgage provides its customers with the ability to shop around for different lenders and products, while also getting low rates from True North Mortgage themselves. In fact, True North Mortgage was the first mortgage brokerage in Canada to also be CMHC-approved as a mortgage lender. With glowing reviews, low rates, and a reliable team of salaried experts, it's no surprise that True North Mortgage has become a go-to source for Canadians looking to secure a mortgage at a good rate.

Salaried Mortgage Experts

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True North Mortgage’s mortgage specialists are salaried. This means that they provide unbiased, independent advice for their clients, rather than considering lenders that offer the best commission.

Best 5-Year Fixed Mortgage Rates in Canada CanadaLeaf
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BMOBMO
5.14%
TDTD
5.44%
CIBCCIBC
5.49%
RBCRBC
5.69%
ScotiabankScotiabank
6.34%
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True North Mortgage Fixed Mortgage Rates

True North Mortgage offers fixed rate mortgages with 1, 2, 3, 4, or 5-year fixed terms. The low fixed rates advertised by True North Mortgage are mainly for high-ratio mortgages. These are mortgages with a down payment of less than 20% and require the purchase of mortgage default insurance, such as CMHC insurance.

For other borrowers, True North Mortgage posts a range that your rate might fall within. This might be due to a borrower not meeting equity or credit score requirements, or if the property is a rental property or has an extended mortgage amortization. The table below lists True North Mortgage’s current fixed mortgage rates as of January 2023.

Mortgage Amount:
Amortization:
Payment Frequency:
TermRateMonthly Payment
1-Year Fixed
5.99%$2,557
2-Year Fixed
5.09%$2,347
3-Year Fixed
4.79%$2,279
4-Year Fixed
5.39%$2,416
5-Year Fixed
4.49%$2,212

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

True North Mortgage Variable Mortgage Rates

A variable rate mortgage is a type of loan where the interest rate is subject to change over time. This is usually based on your lender’s prime rate, which is affected by changes in the Bank of Canada’s policy interest rate. Rate hikes by the Bank of Canada will lead to an increase in your lender’s prime rate, which will cause your variable mortgage rate to increase. However, it’s also possible for your rate to decrease if rate cuts were to happen.

True North Mortgage’s variable mortgage rate is based on their prime rate. As of , True North Mortgage’s prime rate is %

True North Mortgage only offers variable rate mortgages with a 5-year term length. For high-ratio insured mortgages, True North Mortgages guarantees their variable mortgage rate at Prime - 1.20%. For example, if the current prime rate is %, then True North Mortgage's variable rate would be % for a 5-year term. This spread may change.

Mortgage Amount:
Amortization:
Payment Frequency:
TermRateMonthly Payment
5-Year Variable
5.50%$2,442

The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.

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True North Mortgage

True North Mortgage's Prime rate is currently %

True North Mortgage's Prime rate was changed to % from % on

Types of Mortgages Offered by True North Mortgage

Newcomer Mortgages

A newcomer mortgage is a type of mortgage that is offered to those who have recently relocated to Canada. This type of loan helps new immigrants to purchase property in Canada without having to wait for their credit scores and financial histories to be established. With True North Mortgage, the following options are available:

For Permanent Residents, an loan-to-value (LTV) ratio of up to 95%.

For Non-Permanent Residents, an loan-to-value (LTV) ratio of up to 90%.

This means that newcomers who are permanent residents can buy a home with a down payment as little as 5%, even with limited Canadian credit history. Both permanent and non-permanent residents may qualify for mortgage default insurance, through CMHC, Sagen, or Genworth's New to Canada programs, that allow a max LTV over 80%. However, non-permanent residents are restricted to 1-unit residential properties that they will occupy themselves, and require a slightly higher down payment of 10%.

True North Mortgage offers their newcomer mortgage programs across Canada. There's no maximum loan amount limit, and having an insured mortgage gives newcomers access to lower mortgage rates.

Self-Employed Mortgages

The main challenge for lenders when thinking about approving a self-employed mortgage is the ability of the applicant to show proof of their income. Did you know that you might not need to have your self-employed income validated with THINK Financial?

True North Mortgage offers self-employed mortgages, through the insurer Sagen's Business for Self program, that lets self-employed borrowers get a mortgage without proof of income, and allows for a down payment of as little as 10%. However, there are some requirements:

  • A “great” credit score
  • Self-employed for at least two years
  • At least 5% down payment must be from the borrower’s own resources, not borrowed or gifted
  • No income taxes owed
  • Stated income is reasonable

Even though you don’t need proof of income, it should still be reasonable. Being a self-employed borrower also means that your mortgage default insurance premium is higher, making it more expensive than a conventional mortgage.

LTV RatioPremium (% of Mortgage Amount)
Up to 65%1.50%
65.01% - 75%2.60%
75.01% - 80%3.30%
80.01% - 85%3.75%
85.01% - 90%5.85%

Source: Sagen

Cash Back Mortgage

True North Mortgage can connect you with lenders that offer cash back on mortgages. THINK Financial also offers cash back mortgages themselves. There are two types of cashback mortgages that you might see: cash promotion offers and cashback offers.

Cash back offers give you money back, from $500 to $10,000 or more, in exchange for a higher interest rate. Cash promotion offers give a smaller amount. In both cases, you may be paying a higher interest rate in order to get that cash back.

Bad Credit Mortgages

While True North Mortgage focuses on borrowers with good credit, they still offer alternative mortgage solutions for those with bad credit. This includes those that have difficulty obtaining traditional mortgage loans from conventional lenders. For example, True North Mortgage might be able to help those with a recent bankruptcy, have lost or reduced income, or high debt loads.

Equity-based mortgages are also available. If you have at least a 25% down payment, you might be able to get a mortgage based on the potential of your property. This includes the quality of your home, location, and marketability, rather than your personal finances or credit score.

True North Mortgage Rate Guarantee

True North Mortgage guarantees that you'll get the lowest rate with them. If you find a better rate within seven days of applying for a mortgage with TNM, then True North Mortgage will either beat that rate or give you $500 if you close the mortgage with the competing lender.

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Mortgages for Vacation Homes

Vacation home mortgages are a great way to finance the purchase of your dream vacation property. Whether you’re looking for a second home in a sunny destination or a mountain hideaway, taking out a mortgage can be an effective way to finance the purchase. For vacation homes and recreational properties, which can include buying a cottage, True North Mortgage requires these properties to have year-round road access. It also needs to have a water and septic system, as well as electrical and heating service.

Mortgages for Second Homes

With True North Mortgage, second homes must be single-family dwellings only. They also need to have year-round road access, have indoor heating and water supply, and be owner-occupied or occupied by a family member. In terms of down payment requirements, mortgages for second homes can be insured, allowing for a down payment as low as 5%. Conventional mortgages for second homes require a down payment of at least 20%.

Mortgages for Investment Properties

Whether you are an experienced real estate investor looking to expand your portfolio, or a novice interested in entering into the real estate market, there are mortgages available that can help you achieve your goals. With True North Mortgage, you can get a mortgage to purchase an investment property with a down payment as low as 20%, which gives a max LTV of 80%, for 1-4 unit rental properties. You can also get a mortgage amortization of up to 30 years.

Rate Relief Mortgage

THINK Financial is offering a 6-month fixed rate mortgage, called Rate Relief, at a rate of 3.99% for a limited time. It's only available for insured or insurable mortgages, which means the maximum amortization allowed is 25 years and the home value must be below $1 million.

At the end of the 6 months, you can renew with THINK Financial for another mortgage term. If you don't renew with THINK Financial, you'll be charged a 1% fee.

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Purchase Plus Improvement Mortgage

A Purchase Plus Improvement Mortgage is a type of mortgage that allows homebuyers to get additional funds to make improvements or repairs to the home they are buying. The mortgage covers not only the cost of purchasing the property but also pays for the cost of completing any necessary repairs or renovations.

With True North Mortgage, their Purchase Plus Improvement mortgage is only for homes where at least one unit will be your principal residence. It allows for a max LTV of up to 95%, or you can refinance to a max LTV of 80%. The amortization might also be able to be as long as 30 years. It’s important to note that you’ll only receive money for the cost of the renovations once the renovations are complete.

Reverse Mortgages

A reverse mortgage is a type of home loan that allows homeowners aged 55 or older to access the equity in their homes without having to make monthly mortgage payments. Instead of paying a lender, as with a traditional mortgage, the loan proceeds are paid to the borrower as either a lump sum, regular monthly payments, or a line of credit. True North Mortgage can help you negotiate reverse mortgage rates from one of Canada's main reverse mortgage lenders, HomeEquity Bank and Equitable Bank.

Non-Resident Mortgage

If you're a non-resident, you can still get a mortgage to buy a home in Canada. U.S. residents can buy a home with a down payment of at least 20%. Other residents will need to make a down payment of at least 35%. The source of a non-resident mortgage down payment must be from the borrower's own resources, rather than being borrowed or gifted.

Non-residents can also purchase second homes in Canada, but will require a minimum 35% down payment. You may also need to provide proof of income, proof of credit, and proof of availability of funds to make mortgage payments in a Canadian bank account.

True North Mortgage History

True North Mortgage was founded in Calgary, Alberta, by Dan Eisner, in 2003. They opened their first physical store location in downtown Calgary in 2006. Since then, True North Mortgage has grown to over 11 store locations in five provinces.

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True North Mortgage Reviews

True North Mortgage has been a leader in the mortgage industry for over 15 years, with thousands of satisfied clients across Canada. With their dedication to providing exceptional customer service, they have earned over 12,000 5-star reviews from clients who have experienced their outstanding services.

From finding the right mortgage solution to helping clients through the entire process, the team at True North Mortgage is passionate about making sure their clients get the best deal possible. They are dedicated to providing an excellent experience from start to finish.

On Google, True North Mortgage is rated 5/5 from over 6,500 reviews.

On Facebook, they are rated 4.9/5 from 1,200 reviews.

Trustpilot gives True North Mortgage an Excellent rating, with 5/5 stars from 3,800 reviews.

True North Mortgage is also an accredited business by the Better Business Bureau (BBB), with an A+ rating.

True North Mortgage Locations

True North Mortgage has 12 stores across Canada. At these stores, you can meet with a True North Mortgage broker. If you can't make it to a store, one of True North Mortgage’s 30 mobile brokers can come to you on your schedule if you live within their coverage area. You can also apply online, or get in touch by calling, emailing, or through live chat with an agent.

Calgary, Alberta

Market Mall

3625 Shaganappi Trail NW,

Calgary, AB, T3A 0E2

Stephen Avenue Place

225 7th Ave SW

Calgary, AB T2P 2W3

Intact Place

311 - 6th Ave SW

Calgary, AB T2B 0K6

Calgary Place

340 - 5th Ave SW

Calgary, AB, T2P 1R2

Edmonton, Alberta

Edmonton City Centre

Unit 140, 1 Edmonton City Centre NW

Edmonton, AB T5J 2Y9

Vancouver, British Columbia

Royal Centre

212 - 1055 West Georgia Street

Vancouver, BC, V6E 3P3

Metropolis at Metrotown

Unit 1143 - 4700 Kingsway

Burnaby, BC, V5H 4M1

Toronto, Ontario

King Street

145 King Street W

Toronto, ON M5H 1J8

Richmond Adelaide Centre

Lower PATH - Unit R01

120 Adelaide St W

Toronto, ON M5H 1T1

North York

Unit 105, 5140 Yonge Street

North York, ON M2N 6L7

Montreal, Quebec

Montreal Store

1253 McGill College, Suite W6

Montréal, Québec

Bedford, Nova Scotia

Bedford Office

Bedford House - Suite 308

1595 Bedford Hwy

Bedford, NS B4A 3Y4

This calculator is provided for general information purposes only. WOWA does not guarantee the accuracy of the information shown and is not responsible for any consequence that arise from the use of the calculator and its results. Any financing products shown are subject to terms and conditions and may not be available in certain regions.