Since we do just about everything online these days, the brains behind nesto figured we should be able to get mortgages online too, so they created a convenient platform for doing just that. Whether you're looking for a new mortgage, or even to refinance, nesto can help.
Instead of working on commission, nesto's mortgage experts are salaried, which can give you more confidence they have your best interests in mind. And since nesto is an online mortgage lending company, that saves them on overhead costs of a brick-and-mortar location – which translates to valuable savings for clients.
nesto features
It might be a newcomer, but the nesto mortgage service doesn't lack for impressive features.
Why You Want It
Get the lowest rate guaranteed + 150 day rate lock
Special Features
- Canada's first digital mortgage lender
- Mortgage advisors are salaried instead of commission-based
- Rates are locked for 150 days, the longest of any lender in Canada
- Earn 1% of your total mortgage value as cash back when you fund your mortgage through nesto
Eligibility
- Age of majority in your province
- Canadian citizen or resident
Provinces
ALL
Mortgage Rates
Fixed Closed
2 Years
6.91%
3 Years
3.94%
4 Years
4.47%
5 Years
3.74%
7 Years
5.94%
10 Years
6.14%
Features
Rate Type
Fixed Closed
Pre-approval
Rate Guarantee (days)
150
Bank Prime Rate
4.7%
# Of Prepayments Allowed Per Year
See Issuer for Details
% Of Prepayment Allowed
20%
# Of Payment Increases Allowed Per Year
See Issuer for Details
Max Payment Increase Allowed
20%
Promotion Available
N/A
Promotion End Date
N/A
nesto product rating: 3.4 stars
While we'd give nesto a 10/5 for convenience, if we could, the 3.4 is a more accurate representation of what this service has to offer. As the first completely digital mortgage solution in the country, nesto is a new type of service that's not exactly well-established yet, but they certainly seem to have been paying attention to the details regarding what Canadians want.
Rating methodology
To calculate our Genius Ratings, we compare the features of the account or product in question with other similar products in Canada. We give each feature a score out of 5 based on that comparison. Once we’ve rated all the features, we run them through our proprietary algorithm to produce a final rating out of 5.
Learn more about our rating methodology.
The pros of nesto
Here are some of the best features nesto has to offer.
Pros
Super quick and easy application process
Everything with nesto is online, so there's no need to make an appointment, take time off from work, and travel to see agents at the bank or mortgage brokerage. The whole process can be done on your own time, from the comfort of your own home. You'll be sent an email with your top 3 mortgage options, you follow the instructions in the email, a nesto agent calls you…and bam. The whole process, from the initial inquiry to the final mortgage approval can take less than a day.
You're guaranteed to get the lowest rate available
nesto offers a literal guarantee that you won't find a rate lower than what they can offer you. They're so committed to this that if you find a better rate somewhere else and they can't match or beat it, they'll actually give you $500 in cash. Keep in mind, though, that this only applies to rates from the "top banks" and the offer is only valid for 5 days after nesto secures your rate.
Get up to $13,754 cash back on your mortgage
When you fund your new mortgage through nesto, you'll get 1% of your total mortgage value as cash back (with a max of $13,754 cash back). This used to be a promotional bonus but is now a standard feature for all clients. What you choose to do with that money is up to you!
Limited time product – Prime Time Mortgage
For a limited time, nesto is offering a Prime Time Mortgage. With this new product, you'll sign-up for a 3 or 5 year variable rate mortgage, but at the fixed rate (which is currently lower than a variable rate). After 6 months, you can keep your variable rate, or switch to a fixed rate whenever you like for no penalty.
The cons of nesto
On the other hand, there are a few things you should be aware of with nesto.
Cons
Speaking to a human, in person, isn't an option
While some find it a perk that nesto's process and services are entirely online, anyone who isn't comfortable with computers or technology isn't going to benefit from this. If you're someone who prefers to meet face-to-face with your mortgage lender or broker, you'll be better off doing just that as you won't get that opportunity with nesto. That said, you will be called by a live representative within 10 seconds of inputting your phone number, so you do have human interaction that way.
Doesn't yet have a well-established reputation
nesto was first launched in 2018, which really isn't that long ago. Although it has some impressive backers like Diagram and Portag3, and it certainly seems to be gaining a solid presence in the Canadian mortgage market, nesto just doesn't have the longevity or solid reputation of other lenders.
Your mortgage calculator
If you need a bit of help figuring out how much of a mortgage you can afford, feel free to use our handy mortgage calculator:
Mortgage Information
nesto alternatives
Take a look at how nesto compares to these other mortgage lenders.
 |  |  |  | |
|---|---|---|---|---|
| Account | nesto | Coast Capital Closed Fixed Rate Mortgage | Meridian Closed Fixed Mortgage | Scotiabank Open Fixed Mortgage |
| Genius Rating | ||||
| Why You Want It | Get the lowest rate guaranteed + 150 day rate lock | Rates as low as 3.96%* APR on a high-ratio 5-year fixed mortgage | Get up to 5% cash back + Competitive rates and excellent customer service. | Get flexible prepayment options + Choose from 6 and 12 month terms. |
| Mortgage Rates | Fixed Closed
| Fixed Closed
High-Ratio Closed
| Fixed Closed
| Fixed Open
|
| Rate Type | Fixed Closed | Fixed Closed | Fixed Closed | Fixed Open |
| Pre-approval | | | | |
| Rate Guarantee (days) | 150 | 120 | 120 | 120 |
| Bank Prime Rate | 4.7% | 4.45% | 4.45% | 4.95% |
| # Of Prepayments Allowed Per Year | See Issuer for Details | 1 | Unlimited | N/A |
Show More | ||||
| See rates & details See more nesto products Compare | See rates & details See more Coast Capital Savings products Compare | See rates & details See more Meridian Credit Union products Compare | Learn More See more Scotiabank products Compare |
FAQ
What can you tell me about nesto mortgages?
Yes, nesto's entire premise is that they can offer the lowest rates possible since everything is automated and their staff advisors are salaried instead of commission-based.
Is nesto legit?
Yes, nesto has been around for a few years now and is backed by some solid names in the Canadian finance and business sectors, like Diagram and Portag3. Their site states that they have 250+ mortgage advisors working for them, with an average of 6 years experience each, and that the company has helped more than 210,000 Canadian clients.
Are the nesto mortgage rates good?
Yes, nesto's entire premise is that they can offer the lowest rates possible since everything is automated and their staff advisors are salaried instead of commission-based. They even offer a Low Rate Guarantee that says they'll give you $500 if you find a better rate somewhere else that they can't match or beat. You can read more about this guarantee and other nesto benefits here.
What do the nesto reviews say?
Well, our review gives nesto an impressive 3.4 rating, and others are also speaking highly of this new Canadian mortgage platform. If you take a look at this table, you'll see how nesto stacks up against its competitors.
Editorial Disclaimer: The content here reflects the author's opinion alone, and is not endorsed or sponsored by a bank, credit card issuer, rewards program or other entity. For complete and updated product information please visit the product issuer's website.
Hot Money Deals This Month
- Get even more cash back with exclusive offers only available on the GeniusCash app
- Explore bigger GeniusCash offers that you won't find anywhere else.
- Connect your credit cards and unlock bonus cash.
- Explore customized recommendations to level up your rewards.
- Refer your friends and family to earn bonus levels and extra cash back.
- Take control of your money with a full-featured chequing account + $50 GeniusCash
- Get up to $500 in cash when you open a new account, complete specified actions, and open 2 registered investment accounts.
- Unlimited free transactions – including debit and Interac e-Transfers®.
- Earn Scene+ points on every debit transaction.
- $50 GeniusCash on approval – ends Oct 31, 2025.*.
- Unlimited transactions + Free identity theft protection + $125 GeniusCash
- Unlimited transactions and Interac e-Transfers.
- Free identity theft protection and access to Coursera online learning.
- $125 GeniusCash on approval – ends Oct 31, 2025.*.
- Trade over 200 cryptocurrencies with the best crypto exchange in Canada + $75 GeniusCash
- Trader fee discounts for active traders.
- No fees to fund your account with Interac e-Transfers.
- Access to plenty of educational resources for free.
- $75 GeniusCash on approval – ends Oct 31, 2025.*.
- Bonus: Get one of the lowest brokerage rates from an online broker from a Big 5 Bank →
