If you’re in the market to buy a home, chances are you’ve already done some preliminary research and discovered there are many different types of lender options – each offering their own unique perks.


Historically, securing a mortgage in Canada meant borrowing from a traditional financial institution such as a bank. Today, however, there are many more options to consider, including monoline lenders – a significant player in the mortgage lending space.


Monolines must adhere to the same rules that govern the banks, so they’re completely trustworthy.


One main difference – as the term ‘mono’ suggests – is that monolines have a singular focus, and that’s mortgages. They won’t offer you a bank account or other type of financial service.


Monolines also work exclusively through the mortgage brokering channel. While a bank represents a more traditional option, progressive lenders such as monolines offer very competitive pricing and specialized products that help ensure our mortgage agents find the products and rates that best match your unique needs. This flexibility means more choices for non-traditional borrowers such as self-employed individuals and newcomers to Canada.


Monoline lenders often source their funds through the big banks – even ones that don’t lend directly through the mortgage brokering channel. And monolines are frequently able to pass along better deals to borrowers because they don’t face the high overhead costs associated with branch locations.


Other key benefits to placing your mortgage with a monoline often include:  

  • Lower rates
  • Favourable terms
  • Flexible prepayment privileges
  • Lower early payment and refinancing penalties
  • No attempts to cross-sell or upsell other financial products


Mortgage requirements and qualification are unique to every borrower. That’s why the added choice and flexibility you receive through working with a mortgage agent is invaluable, regardless of whether you’re obtaining your first or fifth mortgage.


Have questions about the value of securing your mortgage with a monoline lender? Answers are a call or email away!