In the 21st century, companies are inventing new technologies every day. Yet the process of getting a mortgage or buying a house hasn’t changed to match this rise in digital tools.

For years, we were stuck purchasing mortgages the same way our parents and grandparents did. Such as calling or going into a bank, sifting through endless paperwork, and trying to haggle for a better deal.

Until Nesto came along! With over 1000 different lenders in its database, Nesto helps you quickly find the lowest interest rates and the best deals on mortgage products, 100% virtually.

5-year Variable Mortgage Rates 4,75 %*
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*Prime -1.20% Insured loans. Other conditions apply. Rate in effect as of today

Who is Nesto?

Nesto is a fully online mortgage brokerage offering some of the lowest mortgage rates in Canada. Most people know Nesto for its dedication to finding the lowest mortgage rates possible.

Recently, Nesto has also started acting as a lender by selling its own mortgage products. Nesto mortgage’s reputation is growing fast, especially among new homeowners. As of 2022, 53% of Nesto’s deals in Ontario came from millennials.

How do Nesto mortgages work?

Are you feeling a little confused about Nesto’s offerings? Don’t worry. This mortgage company is so innovative that it might take a little while to wrap your head around the concept.

You can think of Nesto as an online mortgage brokerage. Nesto employs mortgage brokers that help their clients find the best rates.

The mortgage products and rates that Nesto offers come from banks and other lenders who have partnered with Nesto. Recently, Nesto has started offering its own mortgage products.

People already know Nesto for providing the lowest rates, so Nesto’s new mortgage products may give traditional lenders a run for their money. Keep in mind that because Nesto is now offering its own mortgage products, they could be biased and push its own products over other mortgage partners.

Why are Nesto mortgage rates so low?

Mortgage brokers traditionally earn most of their money on commissions. This means that when you apply for a mortgage through a broker, the company pays them an incentive for getting a customer to sign with the lender.

To get you a lower rate, mortgage brokers can use their commission to buy down your mortgage rate. The use of commissions is why you may receive different rates from the same lender depending on your mortgage broker.

Nesto does not pay their mortgage brokers on commission. Instead, Nesto pays its brokers on a salary.

So there is never a conflict between a broker’s income and finding the lowest rate for a Nesto customer. Nesto’s system ensures that its customers always get the lowest rate, and not the rate a mortgage broker gives you.

5-year Variable Mortgage Rates 4,75 %*
nesto - Mortgage Experts

Powered by the most advanced technology, nesto screen the whole market in seconds to find the most affordable mortgage while our commission-free experts provide you with unbiased support along the process.

Get a quote
*Prime -1.20% Insured loans. Other conditions apply. Rate in effect as of today

Applying for a Nesto mortgage

Applying for a mortgage with Nesto is easy, thanks to its totally virtual platform. First, you will want to get a quote by going to their website.

After filling out a quick survey to help Nesto understand your mortgage needs. Those needs are

  • What type of property you are looking to purchase
  • The price of the house
  • Your down payment amount, etc.

They will email you a quote with three options. See below for examples of questions included in the survey.


In your quote, the first option will be the absolute lowest rate on the market. The second option will be the best bang for your buck (low rates and flexible terms). The third option is a product from one of the Big Six banks that you will probably have seen before.

From there, you have a few options. If you know which product you’d like, you can accept the offer immediately without needing to speak with an advisor.

After seeing the initial quotes, most people will have questions. You can schedule a call with a Nesto advisor to discuss your options and learn more about other product offerings. Ensure you have important personal and financial information (address, employment history, income, assets, liabilities, etc.) on hand during the mortgage application process.

A mortgage comparison tool will show you whether Nesto’s claims of having the lowest possible rate are valid or not. If you find a lower rate than what Nesto is offering, they will “match it, beat it, or give you $500”.

Nesto mortgage pre-approval

Getting pre-approved for your mortgage can be a huge convenience. Being pre-approved for a mortgage can help you understand your budget.

As well as make you a strong applicant with sellers and quell anxiety. With pre-approval, you will know exactly how much your mortgage will be. Many lenders, especially the Big Six banks, offer pre-approval.

A 150-day locked in interest rate? That is five months!

Still, Nesto is again upping the game by offering a 150-day rate lock on pre-approved mortgage rates. This is the longest rate-hold ever offered in Canada.

This rate lock is a huge deal, as most banks only provide 90-120 day secured rates. Getting your pre-approved rate locked in for 150 days means your quoted mortgage interest rate will stay the same for five months, even if the prime rate goes up. In this chaotic housing market, locking in your rates can be a huge bonus. It can also help you avoid a higher mortgage payment.

Switching to a Nesto mortgage

Nesto can also help you switch mortgage providers if you want to renew or refinance your mortgage. Changing your provider is also relatively simple and starts with filling out the online application.

Nesto recommends starting this process up to 5 months before your current mortgage term ends. This way you can lock in rates and be ready to switch right away when the time comes.

It is important to remember that switching providers can be pricy. Especially if you get a new lender before your term is over.

If you switch providers at the end of your term, most of Nesto’s partners will cover your notary and transfer fees. Breaking a contract with your current lender will result in significant fees that your new lender will not cover.

If you are considering breaking a mortgage contract, Nesto recommends speaking with an advisor. Switching providers for a lower interest rate may still save you more money, even with extra fees.

Can I get a Nesto mortgage if I have a complicated financial history?

Unfortunately, Nesto mortgages have strict application requirements. Like many lenders, Nesto’s lowest interest rates are only available to applicants with outstanding credit scores.

For Nesto, this means having a credit score of at least 680. As well as no history of bankruptcy or a consumer proposal. Nesto works with A lender partners who typically only lend to applicants with high credit scores and impressive financial histories.

If you have a low credit score, have filed for bankruptcy, or have a fluctuating income, subprime mortgage lenders (also known as B lenders) may be able to help you with your mortgage needs. B lenders have specialized programs for applicants with more complicated financial histories.

They lend to many Canadians with low credit scores. After the pandemic affected many Canadian households, it is no wonder that subprime mortgages are becoming more popular in Canada.

Some of Nesto’s partners, including MCAP, are B lenders with an A lender department. Nesto only works with the A lender departments.

So if a Nesto partner has subprime mortgage offerings, they will not show up in your Nesto quote. Subprime mortgages often come with much higher interest rates. Including their rates wouldn’t match with Nesto’s mission of providing the lowest possible mortgage rates.

What makes Nesto mortgages unique?

Aside from being the only mortgage brokerage to get the lowest rates by paying their brokers a salary instead of commission, Nesto also stands out with its completely online services and quick turnaround times. They are revolutionizing the mortgage industry by eliminating trips to stuffy banks and the need to fill out tons of paperwork.

Other lenders are catching up with Nesto’s online platform, but Nesto is one of the only lenders in Canada with fully remote offerings. Its streamlined digital process also boasts quicker turnaround times (sometimes even less than 24 hours) for approvals.

That said, Nesto could be a hassle if you have a more difficult mortgage request or a unique situation. For example, if you are looking to buy a property that needs significant work, or you are looking for very specific terms on your mortgage.

In these cases, some prospective Nesto clients have complained about slow turnaround times or not receiving a reply from Nesto at all. Reading online comments with a grain of salt is important, but keeping this in mind could be helpful if you have an atypical request.

Nesto mortgage for new Canadian residents

Many immigrants to Canada look forward to purchasing their first home. Unfortunately, new Canadians often face barriers when receiving approval for a mortgage, like limited Canadian credit history, savings, or Canadian employment history.

Luckily, Nesto has a program specifically dedicated to Canadian newcomers. Given estimates that 1 in 5 new mortgages in Canada are for recent immigrants or newcomers, this program is obviously needed.

Because those new to Canada may have a more challenging time meeting Canadian mortgage application requirements, Nesto has different mortgage qualifications. To apply, you must have at least three months of full-time Canadian work experience.

As well as be able to provide a valid work permit or be a permanent resident. If you are moving to Canada as part of a corporate relocation program, you can bypass the three months of full-time work requirement.

You will need documents such as income confirmation, international credit report or other credit sources like rental or utility payments, and bank statements. You may even qualify for a Nesto mortgage with as little as 5% for a down payment.

Nesto mortgage pros and cons


  • Some of the lowest rates in Canada
  • Partners with leading Canadian lenders
  • Quick turnarounds
  • Completely online process
  • Mortgage broker is assigned to you
  • Longest pre-approval rate lock in Canada


  • No options for Canadians with low credit scores
  • Can’t bring your own mortgage broker
  • Could be biased towards offering its own products

The takeaway

If you want to eliminate trips to the bank, receive approval for a mortgage ASAP, and find the best mortgage deals, Nesto may be the right brokerage for you. Its innovative business model shows dedication to its customers and is revolutionizing the mortgage industry. Whether you want to try Nesto’s new mortgage products or stick with them as a broker, Nesto seems to be a reputable choice gaining popularity across the country.

Frequently asked questions about Nesto

Who owns Nesto mortgage?

Nesto is a startup company that has had significant growth in Canada over the last few years. Nesto was founded by Malik Yacoubi, Karim Benabdallah, Chase Belair, and Damien Charbonneau in Montreal as part of the startup incubator Diagram. Although it’s impossible to know what stake they still hold in the privately held company, it’s fair to assume that its CEO Malik Yacoubi, along with his co-founders, still own a sizable stake in the company. Diagram, which is backed by Power Corporation, also hold an important stake in the company. Diagram provided the initial capital to start the Nesto, but it also reinvested in its 76 millions growth round in 2021, along with Portage Ventures, another Power Corporation entity, and other investors including Breyer Capital and Marc Alloul. 

Is Nesto mortgage legit?

Dealing with online businesses can be scary. A company offering great prices with no physical office location or representatives to meet may seem like a potential scam to some. The good news is that Nesto is totally legit. They are a newer company, incorporated in 2004 and only started receiving national attention in recent years, and they are established and licensed in all provinces across the country.

Who is the guy starring in most Nesto commercials?

If you are a fan of quirky commercials, you may have noticed Aaron Takahashi’s appearance in the recent Nesto ad campaign. Nesto’s commercial advertising its “low from the get-go” rates gained a lot of attention for the main character’s unassuming basketball skills. Aaron Takahashi has starred in many commercials, so this may not be the first or last time you’ll see him on the screen.

Is Nesto a good mortgage company?

Nesto is a reputable mortgage brokerage that seems to have positive reviews in Canada. Its Nesto-specific mortgage offerings are still very new, so time will tell if Canadians enjoy Nesto products as much as the Nesto platform. It is important to remember that what makes a “good” mortgage company can differ from person to person. Using a mortgage comparison tool and speaking directly with lenders can help you decide which company is right for you.

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