Pine Mortgage Review, Rates 2024
verified information
Information verified by Adeline Harmant
Our articles are written by experts in their fields (finance, trading, insurance etc.) whose signatures you will see at the beginning and at the end of each article. They are also systematically reviewed and corrected before each publication, and updated regularly.
Discover the methodologyPine Mortgage is a Canadian, digital direct lender and mortgage broker aiming to disrupt the stagnant mortgage industry. With a technology-driven approach, they promise a sub 10-minute mortgage application process, average turnaround times of 48 hours alongside extremely competitive rates.
In this Pine Mortgage review, we’ll dive into Pine Mortgage’s offerings, any possible advantages and disadvantages and ultimately help you identify if they are the right lender for you.
Pine Mortgage: Key Takeaways
- Pine Mortgage’s 5-year fixed rate is 4.29%
- The variable mortgage rate is currently 5.20%.
- Pine Mortgage and WealthSimple have partnered to provide the best offers to borrowers
- The company operates a Zero Commission brokerage
- 2 out of every 3 applications are completed entirely online
Our Pine Mortgage review
Pine Mortgage is a relatively new player in the Canadian mortgage market, established in 2021 to bring a modern, digital-first approach to home financing. What sets Pine apart is its ability to offer highly competitive rates by operating as a direct lender, cutting out middlemen and traditional brokerage fees.
Pine mortgage rates often beat those provided by traditional lenders such as Scotiabank and RBC Mortgage, while also providing some of the best resources available for first-time homebuyers. Their fully digital process allows customers to apply, submit documents, and get pre-approved entirely online, making the experience smooth and efficient.
Pine’s offerings include fixed and adjustable-rate mortgages, mortgage refinancing options, and second mortgages, catering to a broad spectrum of needs for first-time homebuyers and existing homeowners alike. Their competitive 4.29% fixed rate for a 5-year term is appealing, especially when compared to traditional banks like RBC and TD, which often have higher rates due to their larger operational costs.
One key differentiator for Pine is their unbiased, commission-free advice from salaried advisors, ensuring that customers receive guidance that aligns with their best interests rather than pushing for sales. Additionally, Pine’s transparent rate-lock policy for 120 days provides peace of mind for borrowers looking to secure favorable rates in an unpredictable market.
Currently, Pine operates in several provinces, including Ontario, British Columbia, and Alberta, and is working to become a CMHC-approved lender to gain more control over its mortgage products. While Pine’s digital experience is ideal for tech-savvy individuals who prefer convenience, those seeking more personalized, in-person support may still prefer traditional banks.
As far as online Pine Mortgage reviews from customers go, Google reviews show a 4.7/5 star rating from 308 reviews, with the vast majority praising the company’s customer service and good interest rates.
Overall, Pine Mortgage stands out as an excellent choice for those who value a transparent, low-cost, and easy-to-navigate mortgage process.
Who is Pine Mortgage best for?
Pine is ideal for tech-savvy homeowners and first-time buyers looking for a straightforward, digital-first mortgage process. Its competitive rates and transparent operations make it an excellent choice for those who want to avoid the hassles of traditional banks. If you prioritize convenience, fast pre-approvals, and no hidden fees, Pine mortgage could be a great fit.
The best way to get a mortgage that fits you perfectly is by comparing your options. Use our free tool below to compare the best mortgage rates in Canada and get instant quotes online.
Compare mortgage rates now
What are the pros and cons of Pine Mortgage?
With an overall positive online presence and decent representation, it can be hard to zoom in on the good and bad of a company. So, we’ve tried to highlight some of the advantages and disadvantages of Pine Mortgage Canada below.
Pros of Pine Mortgage Canada
- Technology-driven simplified mortgage application process
- Competitive interest rates, often cheaper than traditional mortgage lenders
- Fast turnaround with most mortgages being secured within 48 hours
- 2 out of 3 applications are completed in their entirety on a mobile phone
- Purchase, renewal and refinancing options available
- Zero commission mortgage brokerage structure
- 120-day lock-in period for mortgage consideration
Cons of Pine Mortgage Canada
- Loans cannot be offered for investment properties
- Not optimized for more complex mortgage solutions
- Available throughout Canada except in Quebec or Yukon
- Is a pure online lender/broker and does not have in-person availability
- Customer experiences vary depending on the assigned mortgage advisor
What are the Pine Mortgage Rates in 2024?
Pine Mortgage rates are among the lowest in Canada and start from 5.20% for the 5-year variable mortgage rate and 4.29% for the 5-year fixed mortgage rate. While the final rate may vary, all Pine Mortgage rates are displayed on their website and can be compared to the rates offered by traditional lenders.
To simplify, we have also combined the current Pine Mortgage rates in the table below. These are the general rates advertised on the company’s website and are not province-specific.
| Mortgage Solution | Pine Mortgage Interest Rates |
|---|---|
| Pine Mortgage 2-year fixed rate mortgage | 6.24% |
| Pine Mortgage 3-year fixed rate mortgage | 4.44% |
| Pine Mortgage 4-year fixed rate mortgage | 4.54% |
| Pine Mortgage 5-year fixed rate mortgage | 4.29% |
| Pine Mortgage 5-year variable rate mortgage | 5.20% |
What do Pine Mortgage Rates depend upon?
Just like with all lenders and mortgage providers, interest rates do vary. The rises and dips of the Prime Rate set by the Bank of Canada have a direct impact on the rates established by providers. Of course, other Pine Mortgage rates also depend on other factors, including:
- Property value: The more expensive the property, the higher the rates. Mortgage providers aim to protect their loans through interest rates and, as such, the higher the property value, the higher the risk.
- Down payment: A Larger down payment shows the mortgage provider that you are likely good with money and, thus, less of a risk when it comes to repayment.
- Mortgage term: The term of the mortgage directly affects the rate provided.
- Amortization: The years over which the mortgage is repaid is also a large contributing factor to the interest rate.
- Fixed or variable rate: Fixed and/or variable rate mortgages come with different interest rates. It is impossible to say which will be cheaper since the variable interest rate will rise and fall.
- Type of residence: Some properties are safer than others. Ones with lower risk are subsequently linked to cheaper interest rates.
How much mortgage can I afford?
Just because a mortgage rate may be cheap, doesn’t mean the subsequent payment is affordable. However, calculating affordability is difficult. That’s why we’ve created this free online Mortgage Affordability Calculator that you can use to identify properties within your budget!
What does Pine Mortgage offer?
Pine Mortgage solutions include fixed and variable-rate mortgages for house purchases, mortgage renewals, as well as mortgage refinancing. So whether you are a first-time homebuyer, in search of your second home or simply looking for a better deal, a Pine Mortgage solution will be available to you.
One of many exceptional perks of Pine Mortgage is the ability to port your mortgage to a new home in order to avoid penalty fees incurred when breaking a mortgage. Porting the mortgage entails keeping your current loan, but moving it to a new property if you decide to move. Porting your mortgage with Pine is a simple process and all you have to do is contact your current advisor to start the process.
Did Pine Mortgage and WealthSimple partner?
Pine Mortgage and WealthSimple have partnered up to provide an innovative personal finance solution to all borrowers. By combining a mortgage loan, with savings or investments through an RRSP, WealthSimple provided all new clients with a reduction on their Prime Mortgage interest rate.
Specifically, this WealthSimple, Pine Mortgage collaboration brings even cheaper rates to new borrowers by rebating a set percentage of the overall value of one’s savings when you are a customer of both companies. It works in the following way.
As a Pine Mortgage borrower and WealthSimple client, if you have less than $100,000 with WealthSimple you receive a 0.05% rebate on your Pine Mortgage loan. If you have between $100,000 to $499,999 with WealthSimple you get a 0.10% rebate, and if you have over $500,000 with WealthSimple the rebate will equal 0.15%.
This rebate is applied to your Prime Mortgage loan balance and the cash is paid directly into your WealthSimple account.
Prior to August 31, 2024, new Prime Mortgage borrowers could boost their rebate by 0.05% for every $50,000 that they transferred to WealthSimple within 30 days of closing on their mortgage. However, this increased saving option is no longer available.
Unsure if Pine Mortgage is the right mortgage provider for you? Get an instant comparison of mortgage interest rates by using our comparison tool below.
Compare mortgage rates now
How to contact Pine Mortgage?
Potentially new and current Pine Mortgage borrowers can contact the company’s mortgage experts using any of the contact details below.
| Method of Contact | Pine Mortgage Contact Details |
|---|---|
| Phone | 1-647-360-4555; or, 1-855-424-7317 Weekdays 9 am - 5 pm |
| [email protected] | |
| Mail address | 1 University Avenue, 3rd Floor, Suite 120, Toronto, ON M5J 2P1 |
Pine Mortgage FAQs
Still have more questions regarding Rocket Mortgage? The following Rocket Mortgage FAQs may answer your questions.
As Pine Mortgage is an online-only broker, they do not have in-person meeting availability.
Pine Mortgage’s 5-year fixed rate is 4.29% and its variable mortgage rate is currently 5.20%. These rates may vary.
Yes. While it is still a relatively young business, Pine Mortgage is a legitimate company and has been operating successfully in Canada since 2021.
You can use Pine Mortgage’s calculator to determine what your monthly payments will look like and how much you can afford. It is fairly comprehensive and includes many variables such as your outstanding debt, monthly expenses and income to see how much mortgage you may qualify for.
