True North Mortgage is a Canadian mortgage brokerage that provides access to competitive mortgage rates from multiple lenders, including its own in-house lender, THINK Financial. The company advertises fixed mortgage rates starting from 2.49% and offers a range of terms and specialized mortgage products. As a brokerage with salaried brokers, True North aims to provide unbiased advice while helping clients with the mortgage process both online and at its branch locations. Understanding True North's rate structure and offerings is important for Canadians comparing mortgage options in a complex market.
Understanding True North Mortgage's Structure and Offerings
True North Mortgage operates as a mortgage brokerage, not a bank, which means it provides access to mortgage products from various lenders across Canada. A key component of its business is its own in-house lending arm, THINK Financial, which allows the company to offer its own mortgage rates directly. The brokerage has been operating in Canada for over 15 years and was the first mortgage brokerage in the country to also be approved as a mortgage lender by the Canada Mortgage and Housing Corporation. This dual role as both broker and lender provides clients with a broad range of options. True North Mortgage emphasizes its salaried broker model, where specialists are paid a salary rather than working on commission, which the company states reduces conflicts of interest and aligns broker incentives with client needs.
The company maintains a physical presence with 12 branch locations in major metropolitan areas, supplementing its online application platform. This blend of in-person and digital services is designed to cater to different customer preferences. True North Mortgage also promotes specific programs like its Rate Relief product, which offers a short-term, low-rate mortgage for six months to help borrowers manage closing costs and initial home expenses. The company's marketing highlights its volume discount capability, suggesting it can negotiate better rates on identical mortgage products due to its large transaction volume. Client testimonials frequently mention the guidance provided by brokers through processes like home purchases, refinances, and renewals.
Current Mortgage Rate Products and Terms
True North Mortgage advertises a range of fixed-rate mortgage terms, typically including one-year, two-year, three-year, four-year, and five-year closed terms. The exact number of advertised fixed-rate products can vary by province. As of October 2026, sample advertised rates from the company's materials include a 1-year fixed at 4.54%, a 2-year fixed at 4.19%, a 3-year fixed at 4.29%, and a 5-year fixed rate that was previously taken by a client at 4.42%. It is crucial to understand that the lowest advertised rates, such as the starting rate of 2.49%, are primarily for high-ratio insured mortgages, which require a down payment of less than 20% and carry mandatory mortgage default insurance.
For variable-rate mortgages, True North Mortgage generally lists one primary option: a five-year variable-rate term. This rate is based on the lender's prime rate. For high-ratio insured mortgages, the company has guaranteed its variable rate at Prime minus 1.20%. As of October 29, 2025, True North Mortgage's prime rate was 4.45%, which would result in a variable rate of 3.25% under that guarantee. The spread between the prime rate and the offered variable rate can change. The company notes that variable rates can fluctuate between 0.90 and 0.05 percentage points lower than the prime rate based on the advertised range. All mortgage rates are subject to daily fluctuations and depend on individual borrower qualifications, property type, and down payment size.
Specialized Mortgage Programs for Specific Borrowers
True North Mortgage offers several programs tailored to borrowers with unique financial situations. For newcomers to Canada, the company provides a mortgage program that helps recent immigrants purchase property without an established Canadian credit history. Permanent residents can access a loan-to-value ratio of up to 95%, meaning a down payment as low as 5%. Non-permanent residents can access an LTV of up to 90%, requiring a 10% down payment. These programs can be insured through Canada Mortgage and Housing Corporation, Sagen, or Genworth's New to Canada programs, which allows access to typically lower insured mortgage rates. Non-permanent residents are restricted to purchasing one-unit residential properties they will occupy themselves.
For self-employed borrowers, True North Mortgage offers access to mortgages through the insurer Sagen's Business for Self program. This program can allow self-employed individuals to qualify for a mortgage without traditional proof of income, accepting a stated income instead. The minimum down payment under this program is 10%. Mortgages obtained through this program carry higher mortgage default insurance premiums compared to conventional mortgages. True North Mortgage also assists with other specialized needs like renovation loans, international property purchases, and home equity lines of credit, though rates for these products are typically not advertised online.
Factors That Influence Your Offered Mortgage Rate
The mortgage rate a borrower is offered by True North Mortgage, or any lender, is not solely based on advertised numbers. Several key factors determine the final rate. Your credit score is a primary determinant. A higher score generally qualifies you for lower rates. The size of your down payment is equally critical. A down payment of less than 20% requires mortgage default insurance, which often results in access to the lowest advertised insured rates. Conversely, a conventional mortgage with 20% or more down may have different, sometimes higher, rate offerings. The property type also matters, as rental properties or those with non-standard features may not qualify for the best rates.
Debt service ratios, which compare your income to your debt obligations, are heavily scrutinized. Federally regulated lenders must qualify borrowers using a stress test rate, which is either 200 basis points above the contract rate or 5.25%, whichever is higher. This test can affect qualification for certain terms. Other rate premiums can apply for specific situations, such as extended amortizations over 30 years, which are only offered by non-prime lenders, or for mortgage pre-approvals, which often carry a cost due to lender hedging expenses.
Comparing Rates and the Mortgage Insurance Landscape
To understand True North Mortgage's rate positioning, it is helpful to consider the broader Canadian mortgage landscape. Mortgage rates are commonly categorized as insured, insurable, or uninsured. Insured rates apply to high-ratio mortgages with less than 20% down payment and mandatory default insurance from Canada Mortgage and Housing Corporation, Sagen, or Genworth. These are typically the lowest rates available because the insurance reduces the lender's risk. Insurable rates apply to conventional mortgages with at least 20% equity, an amortization of 25 years or less, on an owner-occupied home purchased for under $1 million. These rates can be 10 to 25 basis points lower than standard uninsured rates.
Independent rate comparisons have noted that True North Mortgage generally offers highly competitive rates. For context, a comparison in October 2026 showed that another brokerage's 5-year fixed rate was 59 basis points lower than the similar average rate from Canada's Big Six banks. Saving 10 basis points on a rate can keep over $470 in a borrower's pocket over five years for every $100,000 borrowed on a 25-year amortization. It is recommended that borrowers compare True North's rates with those from other brokerages, non-traditional lenders like Butler Mortgage and First National, and the major banks. The company itself encourages negotiation, suggesting borrowers ask if a better rate is available and informing their broker they are checking other lenders.
Steps to Secure a Mortgage Rate with True North
Engaging with True North Mortgage typically begins with an initial contact, either online through their website or by visiting one of their branch locations. The process involves working with a salaried mortgage specialist who will assess your financial situation. You can apply for a mortgage completely online if you prefer. The broker will gather information about your income, debts, credit score, and the property you intend to purchase or refinance. They will then use this information to search for suitable mortgage products from their panel of lenders, including THINK Financial. This step is where the broker's salaried status is emphasized as promoting unbiased product selection.
Once options are presented, you can discuss the terms, including the interest rate, amortization period, and any special features or penalties. True North Mortgage encourages clients to negotiate on the rate and to shop around. If you are in the home buying process, getting a pre-approval can lock in a rate for a specified period, though it is noted that pre-approval rates sometimes carry a premium. For existing homeowners approaching renewal, True North can assist with the renewal process, and they offer a service to send reminders when a renewal is upcoming. Throughout the process, the company highlights its use of mortgage calculators and tools to help clients understand their payments and affordability.
- Initiate contact online or at a branch.
- Work with a salaried broker for an unbiased assessment.
- Provide details on income, credit, debts, and property.
- The broker searches rates from multiple lenders, including THINK Financial.
- Review and negotiate the presented mortgage options and rates.
- Consider a pre-approval for home buying or prepare for renewal.
Common Considerations and Potential Challenges
While True North Mortgage markets its low rates and salaried broker advantage, borrowers should be aware of several practical considerations. Advertised rates are snapshots and change daily. The rate you see online may not be the rate you are ultimately offered after a full application and credit check. The most attractive rates are usually reserved for insured, high-ratio mortgages, which come with the added cost of mortgage default insurance premiums. For conventional borrowers or those with complex files, the rate may be higher than the advertised headline number. The company's physical footprint, while present in major cities, is not as extensive as a large bank's network, which may be a factor for those who strongly prefer in-person service in smaller communities.
Another consideration is the stress test for mortgage qualification. For most new mortgages and refinances with a new lender, borrowers must prove they can afford payments at a qualifying rate that is higher than their contract rate. An update effective November 21, 2024, created an exception: the federal stress test no longer applies when borrowers switch lenders at maturity, provided the mortgage amount and amortization remain the same. This can be a significant advantage for renewing borrowers looking to shop around. Furthermore, for products like home equity lines of credit, the structure is different from a mortgage. It is a revolving line of credit using your home as collateral, with interest-only payments that create an effectively infinite amortization if no principal is paid.
Frequently asked questions
What is True North Mortgage's lowest advertised rate?
True North Mortgage advertises mortgage rates starting from 2.49%. This low starting rate is typically for high-ratio insured mortgages, which require a down payment of less than 20% and include mortgage default insurance. Sample rates from their materials include a 1-year fixed at 4.54% and a 2-year fixed at 4.19% as of October 2026. The actual rate offered to any individual borrower will depend on their credit score, down payment, property type, and other qualifying factors.
How does True North Mortgage's variable rate work?
True North Mortgage offers a five-year variable-rate mortgage based on its prime rate. For high-ratio insured mortgages, the company has guaranteed the rate at Prime minus 1.20%. As of October 29, 2025, with a prime rate of 4.45%, this would result in a variable rate of 3.25%. The spread can change, and advertised variable rates generally range from 0.90 to 0.05 percentage points below the prime rate. The rate will fluctuate with changes to the lender's prime rate, which is influenced by the Bank of Canada's policy rate.
Can newcomers to Canada get a mortgage with True North?
Yes, True North Mortgage offers a newcomer mortgage program. Permanent residents can qualify for a loan-to-value ratio of up to 95%, allowing a down payment as low as 5%. Non-permanent residents can access an LTV of up to 90%, requiring a 10% down payment. These programs are designed for those with limited Canadian credit history and can be insured through Canada Mortgage and Housing Corporation, Sagen, or Genworth's New to Canada programs, providing access to competitive insured mortgage rates. Non-permanent residents are restricted to owner-occupied, one-unit properties.
Are True North Mortgage brokers paid on commission?
No, True North Mortgage states that its mortgage brokers are fully salaried. The company highlights this as a key differentiator in the mortgage industry. According to True North, this salaried structure removes potential conflicts of interest that might arise if brokers were paid commissions by lenders. The company says salaried brokers are incentivized to find the best mortgage product for the client.
What is the THINK Financial lender?
THINK Financial is the in-house lending arm of True North Mortgage. It is a Canada Mortgage and Housing Corporation-approved mortgage lender. This structure allows True North to offer its own mortgage products directly to clients. These products are offered alongside the mortgages it brokers from other external lenders. True North can therefore act as both a mortgage broker and a direct lender.
How can I qualify for the best rates from True North Mortgage?
To qualify for the best rates, you typically need a strong credit score, a stable income with verifiable documentation, and a property that is owner-occupied. For the lowest advertised rates, you usually need a high-ratio mortgage with a down payment of less than 20%, which includes mortgage default insurance. Saving for a larger down payment, improving your credit score, and lowering your debt service ratios can all help you secure a better rate. Shopping around and negotiating with your broker are also recommended steps.
Sources and further reading
- Canada Mortgage Rates from 2.49% | 19,000 Five Star Reviews truenorthmortgage.ca
- Today's Best True North Mortgage Rates nerdwallet.com
- The best mortgage rates in Canada right now financialpost.com
- True North Mortgage Rates and Reviews wowa.ca
- True North Mortgage Payment Calculator nesto.ca
This article explains how things work and is not financial, tax or legal advice. Rules, limits and rates change, so check the current figures with the Canada Revenue Agency, your province or your financial institution before you act.