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How to Apply for a Mortgage Online in Canada


Nov 15, 2022 4 min read

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Best online mortgage in Canada

This blog post is sponsored by Pine. Read our advertiser disclosure.

We tend to associate mortgages with a huge administrative headache, but there are some companies emerging in Canada, like Pine, that are simplifying the process and allowing you to secure a mortgage from the comfort of your own home.

Let’s take a look at how online mortgages work, and whether there are any benefits to completing the process online compared to the more traditional method.

How does an online mortgage work?

Simply put, an online mortgage is a mortgage where the entire process can be completed digitally. They’re becoming increasingly popular in Canada as many potential homeowners turn to the ease and convenience of the digital experience. Gone are the days of taking time out of work for lengthy appointments, faxing documents and trying to obtain hard copies of bank records; online mortgage providers are streamlining this typically very complicated procedure.

One common misconception about online mortgages is that you won’t be able to speak to anyone as you work through the process. While this may be the case for some mortgage providers, many will offer you a specific point-of-contact to assist you as you secure your mortgage. For example, Pine assigns each of its customers with a dedicated Pine advisor to guide you through each step.

The digital process is not exclusive to new mortgages. Many online providers will also allow you to refinance an existing mortgage, switch your mortgage, or simply get pre-approved.

Can I get approved for a mortgage online?

What are the benefits of an online mortgage?

There are many advantages to pursuing an online mortgage over a traditional one:

No in-person appointments needed

Forget having to take time off work or rushing around on your lunch hour. One of the biggest benefits of an online mortgage is that you can apply anywhere, any time, making it a very convenient way to secure a mortgage.

You’re in control of the process

No more waiting for phone calls and emails to get the latest updates on your application. With an online mortgage, you’re able to view the status of your application whenever you want.

Apply entirely from your mobile phone

We do almost everything else from our phones, so why not your mortgage application? Online mortgage providers are making this possible, meaning you can secure your mortgage from just about anywhere!

Lower fees

Because they have fewer overhead costs, some online mortgage providers are able to charge lower fees than their brick-and-mortar counterparts. For example, Pine never charges application fees, origination fees, processing fees or underwriting fees.

Quicker processing times

The online mortgage process tends to be a lot faster than that of traditional mortgages, which can be essential when looking at homes in a hot real estate market. As an example, Pine is usually able to complete pre-approvals within 48 hours.

Using online mortgage lenders

Are online mortgages safe?

Understandably, some people express concern around the security of applying for a mortgage online. Fortunately, there are some easy checks you can do as a consumer to ensure the mortgage provider you’re dealing with is trustworthy:

Check they’re based in Canada

In order to offer mortgages in Canada, Brokerages and Lenders need to be licensed to operate. Always make sure you’re dealing with a licensed entity by checking for the license or registration number.

Check they have a secure website

Look for a padlock symbol to the left of the URL when you’re on their site. The padlock indicates that the website uses a secure socket layer. Another way to verify website security is by checking that their URL starts with ‘https’.

Check their privacy policy

You should read through the privacy policy of any lender you’re considering, to ensure they will handle your data securely. Pine has implemented the highest standards in cyber and physical security, surpassing industry standards.

The bottom line

If you’re looking for an easier and more convenient way to secure a mortgage, then an online mortgage could be a great choice for you.

Online mortgage providers like Pine are removing the stress and hassle associated with applying for a mortgage, and empowering Canadians to access better rates, lower fees and a more streamlined pathway to their next home.

Get a no-obligation online mortgage quote with Pine

You’ve got nothing to lose, except higher rates

Get Started

Pine Online Mortgages
Online Mortgage Specialists

Home financing that's simpler, faster, and from the comfort of your own home. Pine makes it happen through innovative technology and talented, understanding people.

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Some of the products that appear on our website are from partners who pay us a referral fee. This compensation allows Borrowell to provide services such as free access to your credit report and score. We also own Refresh Financial, a financial services company that provides credit products.

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