Monster Mortgage Review 2025
Monster Mortgage at a glance
Monster Mortgage is a Toronto-based mortgage brokerage that offers a modest selection of loan types and 20-plus lender partners.
Residential mortgages.
Fixed-rate mortgages.
Variable-rate mortgages.
Cash-back mortgages.
Second mortgages.
Home renovation loans.
High-ratio mortgages
Fixed & variable-rate mortgages
Open & closed mortgages
Convertible mortgages
Home equity loans and HELOCs
Cash-back mortgages
Investment property, vacation/second home mortgages
Mortgages for self-employed borrowers
Pros
- Earn a $1,000 discount through Monster’s VIP Realtor Program.
- Website provides some useful information for home buyers in exchange for their contact information.
Cons
- Limited number of products and lender partners compared to some other Ontario mortgage brokerages.
- Website features outdated information.
- You’ll need to contact the brokerage for information about specific loan products.
Monster Mortgage review
Monster Mortgage is a modestly sized mortgage brokerage located in Toronto, Ontario, that has won the Mortgage Brokerage of the Year award at the Canadian Mortgage Awards three times.
Launched in 1997 by a former senior manager of MCAP Mortgage Corporation, Monster Mortgage offers a range of typical mortgage products for home buyers, homeowners and investors, including purchase mortgages, renewals, refinances and second mortgages.
Monster Mortgage is a part of local television station CP24’s Hot Property program, where its mortgage agents have been answering viewer questions about home loans and the Greater Toronto Area’s housing market, for more than a decade.
and a three-time winner of the Mortgage Brokerage of the Year award at the Canadian Mortgage Awards.
Monster deals with lenders who have less stringent borrowing criteria than Canada’s major banks. If you’ve experienced a negative credit event in the past and have a less than glowing credit profile, a Monster Mortgage broker may be able to get you financed by one of their B lender partners.
Monster Mortgage may also be able to connect new arrivals to Canada and the self-employed with lenders who are willing to finance their home purchases.
Who is Monster Mortgage best for?
Monster Mortgage may be a fit for borrowers who aren’t able to secure a favourable mortgage offer from a Big Six bank.
Feature overview
Mortgage variety
Fixed-rate mortgages.
Variable-rate mortgages.
The Monster Mortgage website is short on details regarding the products the brokerage offers, but its claim of having relationships with more than 20 Canadian lenders implies a decent selection of options.
Ease of application
The Monster Mortgage website offers an “Apply Now” feature, but it’s a bit of a misnomer. You can fill in an online form to get the application process started, but you’ll need to speak with one of the brokerage’s agents and provide more detailed financial information before you can get pre-approved.
Online pre-qualification: No.
Online pre-approval: No.
Online mortgage application: Technically, yes, but it’s really only a starting point.
In-person option: Yes. Monster Mortgage has a physical location in Toronto.
You can download a more thorough PDF application form from the website, but you’ll have to deliver it in person, fax it or mail it in.
Mortgage rate transparency
Monster Mortgage’s online rate information leaves a little to be desired. The company’s website only posts five rates — four fixed, one variable — and doesn’t state which lenders provide them or list the relevant qualifying criteria.
Posted rates: Because Monster is a brokerage and not a lender, it doesn’t have much reason to publish lenders’ posted rates, which tend to be their highest rates available.
Special rates: Like most brokerages, Monster shares its lowest rates, which will have already been discounted at the lender level.
APR: Monster doesn’t indicate whether its rates are annual percentage rates.
Other details
Monster Mortgage doesn’t publicly provide details about prepayment options, fees or which institutions make up its pool of lender partners.
Term lengths appear to range from one to 10 years.
Customer satisfaction ratings
Customer review websites can be helpful, but keep in mind that the reviews aren’t verified and may not accurately reflect the average option of Monster customers; for example, unhappy customers may be overrepresented or very few reviews may be posted at all. Nevertheless, these sites are one way to learn about possible downsides to consider.
Monster Mortgage had 4.8 out of a possible 5 stars, according to more than 330 customer reviews on Google, at the time of this writing.
Monster Mortgage does not have a Trustpilot rating.
Monster Mortgage is not accredited by the Better Business Bureau and has received no customer reviews on the BBB website.
Monster Mortgage has no Customer Service Scoreboard rating.
Eligibility requirements
Because it is a brokerage and not a mortgage lender, Monster Mortgage isn’t able to provide specific eligibility requirements. Each lender has its own eligibility requirements, but generally considers the following factors when qualifying you for a mortgage:
Credit score. The minimum allowable credit score at Canada’s A lenders is typically 680. Options may exist for you at B lenders if your credit score is lower..
Credit history. Lenders want to see that your credit accounts are in good standing, and that you’ve had no recent negative credit events.
Income. The income needed to cover the costs of your mortgage will vary depending on how much you want to borrow.
Down payment. You’ll need to provide a down payment of at least 5% of a home’s value if it’s priced under $500,000. For homes between $500,000 and $999,999, you need 5% of the first $500,000 and 10% of the amount above $500,000. A lender may require a higher down payment in some cases.
Debt service ratios. Your gross debt service ratio must not exceed 39%; your total debt service ratio must not exceed 44%.
Employment and employment history. You must be able to demonstrate at least two years of consistent employment.
How to apply with Monster Mortgage
Monster Mortgage is a brokerage firm, which means they have access to multiple lenders. You’ll need to contact the company directly to talk about pre-approval, but they do have their mortgage application form available online.
You’ll need to provide information about the property you want to buy, including its size and age.
Be ready to share the balance of your assets and liabilities. For each liability, you’ll include repayment details.
The application requires three years of employment history.
Alternatives to Monster Mortgage
Lender type | Online-only bank | Big Bank lender |
Service area | National | National |
In-person service? | No | Yes |
Ease of application | Easy (online) | Easy (online, phone, in-person) |
Mortgage variety | Average | Average |
Frequently asked questions
What are the mortgage rates at Monster Mortgage?
What are the mortgage rates at Monster Mortgage?
At time of writing, the rates advertised on the Monster Mortgage website were competitive with those offered by competing mortgage brokerages.
Is Monster Mortgage a good brokerage?
Is Monster Mortgage a good brokerage?
Monster Mortgage has received a healthy number of positive Google reviews from past customers. Certain Monster Mortgage agents, however, are called out for providing excellent service more often than others.
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Clay Jarvis
Clay Jarvis
Clay Jarvis
Clay Jarvis