True North Mortgage Review 2025

Fixed-rate mortgages.

Variable-rate mortgages.

Home equity lines of credit.

Bad credit mortgages.

Renewals and refinances.

Mortgages for new construction.

Mortgages for newcomers to Canada.

Mortgages for investment properties and second homes.

Vendor take back mortgages.

Renovation mortgage financing. 

Mortgages for self-employed people, or those with non-traditional income sources.

International home purchases.

Online pre-qualification: Yes. You can submit pre-qualification paperwork online.

Online pre-approval: No. True North doesn’t have a pre-approval form on its website. 

Online mortgage application: No. The “apply now” button on True North’s website leads to a form that is closer to a contact form.

In-person option: Yes. True North has 11 locations to choose from.

Posted rates: Unlike lenders that have standalone posted rates, True North shares a range of rates for different mortgages listed on its site. For example, once you expand the entry for 5-year fixed rates, you may see “4.74% – 5.39%.” 

Special rates: True North does not cite discounted rates on its website.

APR: True North doesn’t share annual percentage rate information, which may limit your ability quickly compare the cost of different mortgages, including fees.

Increase your payments: You can increase your standard payment by up to 20% without penalty.

Make lump-sum payments: You may be able to pay down up to 20% of your original loan on some fixed-rate closed mortgages up to once per year.

Range of terms: True North has rates for 6 months through 10 years, though not for every province.

Rate hold: You may see rate holds of 120 days, which is standard in the mortgage industry.

Programs for newcomers: Newcomers to Canada with limited or no credit history may be able to get a mortgage with True North. The company’s website lets you search for a mortgage agent who speaks your language — there are 37 languages listed as of April 2024. 

Fee disclosure: When considering a broker, it can be helpful to know how they get paid. True North discloses that their agents are salary-based (not commissioned). However, it’s important to note that even when mortgage brokers are commission-based, it’s typically the lender — not the borrower — who pays these commissions. 

Rate relief: True North’s Rate Relief program offers eligible customers a six-month mortgage with a lower-than-average rate. Upon completion of the six-month term, you can renew the mortgage with THINK Financial (True North’s in-house lender) for an additional term. Failing to renew with them will result in a 1% charge.

Minimum credit score: Typically 680, but lower-score options exist.

Credit history: Established accounts in good standing, no recent negative marks.

Income: Amount of income needed will vary depending on how much you want to borrow.

Down payment amount: At least 5% for a home 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.

Debt service ratios: For an insured mortgage, your gross debt service ratio must not exceed 39%; your total debt service ratio must not exceed 44%.

Type of employment and employment history: You must be able to demonstrate at least two years of consistent employment.