nesto Mortgage review
Best for: Buyers and renewing borrowers comfortable with a fully digital application who want rates priced by down payment, plus 150-day rate hold and 1% cash back options.
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Ontario purchase. Falls to 4.74% at 65% to 75% loan-to-value and 4.59% at 65% or less. Insured 4.59%; uninsured 5.09%.
Ontario purchase, nesto prime 4.45% minus 1.04%; 20%+ down 3.41% to 3.71%; uninsured 3.85%
Lump sums, double-ups and payment increases; minimum $100 lump sum with a regular payment
30-year insured only for first-time buyers and new builds; over 25 years is priced as uninsured
nesto’s rates page gives only the usual industry rule, not its own terms
The bottom line
nesto prices its Ontario purchase rates by down payment. When we checked, an insured 5-year fixed was 4.59% and an insured 5-year variable 3.41%, while uninsured loans paid 5.09% and 3.85%. The application is fully digital, with salaried, commission-free mortgage experts. nesto doesn’t state its own prepayment limits, penalty method or portability on the pages we read, so get those terms in writing first.
Pros & cons
Pros
- Separate pricing for insured, 20%+ down and uninsured borrowers
- 150-day rate hold with one float-down on select offers
- 1% cash back option on 5-year terms
- Variable rates can be converted to fixed
- Salaried, commission-free mortgage experts and a fully digital application
Cons
- Prepayment limits, penalty method and portability not stated for nesto’s own mortgages
- Published rates here are for Ontario; other provinces differ
- No 1-year fixed or open terms in the Ontario rate table
- 7-year and 10-year fixed priced at 6.69% and 8.24% insured
A rate-first, fully digital lender with clear tiered pricing for Ontario purchases and useful rate hold options. The missing prepayment, penalty and portability details are the gap to close before you sign.
Suits you if
- You’re buying in Ontario with less than 20% down.
- You want a long rate hold while house hunting.
- You’re happy to handle your mortgage entirely online.
Look elsewhere if
- You need written prepayment limits before comparing offers.
- You want an open term or a 1-year fixed.
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Rates on offer
We pulled nesto’s Ontario rates on October 14, 2026, from the feed behind its rate table, which was updated that day. Rates change often and differ by province, so check your own province on nesto’s site. These are purchase rates, also valid for a switch or transfer at renewal, but not for prequalifications, preapprovals or refinances.
nesto prices each term by down payment: insured (under 20% down), insurable (20% or more down on a property under $1M, priced by loan-to-value tier) and uninsured (for example a purchase of $1M or more, a refinance or an amortization over 25 years). nesto says its advertised headline rates apply only to insured balances of $700,000 to $1,375,000 on properties under $1.5M, and other conditions apply. Closed fixed rates in Ontario:
- 5-year fixed: 4.59% insured, 4.59% to 4.79% insurable, 5.09% uninsured
- 3-year fixed: 4.64% insured, 4.64% to 4.94% insurable, 5.29% uninsured
- 4-year fixed: 4.79% insured, 4.87% to 5.12% insurable, 5.31% uninsured
- 2-year fixed: 5.09% insured, 5.91% to 6.16% insurable
- 7-year and 10-year fixed: 6.69% and 8.24% insured
Variable rates and prime
nesto prime was 4.45% when we checked. The insured 5-year variable was 3.41%, which nesto states as prime minus 1.04%. With 20% or more down the rate ran from 3.41% to 3.71%, and the uninsured rate was 3.85%, about prime minus 0.60% by our calculation. A 3-year variable was 3.60% insured, or prime minus 0.85%. Variable rates can be converted to fixed.
nesto also offers Prime Time, a variable mortgage with a discounted rate for the first 6 months that converts to fixed without penalty. It doesn’t publish that discounted rate as a number.
Prepayment privileges
nesto says its full-featured mortgages include annual lump-sum payments, double-up payments, annual payment increases and accelerated payments, with a minimum lump sum of $100 made with any regular payment. Its pages don’t state the percentage limits, so ask for the exact annual allowance in your commitment letter before you compare it with a lender that publishes its numbers.
Penalties and portability
nesto doesn’t state the penalty method or portability terms for its own mortgages on the pages we read. Its rates page describes the usual rule, where breaking a variable typically costs 3 months’ interest and breaking a fixed costs the greater of 3 months’ interest or an interest rate differential, and it covers portability in general terms only. Treat both as unconfirmed until nesto puts them in writing.
Features and how to apply
nesto is an online lender with a fully digital application, and its mortgage experts are salaried and commission-free. Select offers come with a 150-day rate hold and one float-down; in Ontario that version was 4.74% on an insured 5-year fixed and 3.57% on an insured 5-year variable. The 1% cash back option carries a 120-day hold and was 4.99% fixed or 3.80% variable, insured. Amortization runs from 10 to 30 years, but 30-year insured loans are limited to first-time buyers and new builds, and anything over 25 years is priced as uninsured.
Other mortgage lenders we review
- Desjardins Mortgage5-year fixed: 4.69% special
- Tangerine Mortgage5-year fixed: 4.69% preferred (clients)
- Meridian Mortgage5-year fixed: 4.74% special
- Alterna Mortgage5-year fixed: 5.04% (20%+ down)
- National Bank Mortgage5-year fixed: 5.04% promotional
- BMO Mortgage5-year fixed: 5.14% Smart Fixed special
- RBC Mortgage5-year fixed: 5.14% special
- CIBC Mortgage5-year fixed: 5.34% special
- TD Mortgage5-year fixed: 5.34% special
- Scotiabank Mortgage5-year fixed: 6.19% posted
Frequently Asked Questions
Why does nesto charge a different rate depending on my down payment?
nesto prices insured mortgages (under 20% down), insurable mortgages (20% or more down on a home under $1M) and uninsured mortgages separately. When we checked, the Ontario 5-year fixed was 4.59% insured, 4.59% to 4.79% insurable depending on loan-to-value, and 5.09% uninsured.
Are nesto’s advertised mortgage rates the same outside Ontario?
No. The rates in this review are nesto’s Ontario purchase rates, and rates in other provinces differ. Check the rate table for your own province on nesto’s site before you compare.
How does the nesto 150-day rate lock work?
On select offers nesto holds your rate for 150 days and allows one float-down to a lower rate. The Ontario insured 5-year fixed with this hold was 4.74% when we checked, against 4.59% on the standard offer.
What is the nesto Prime Time mortgage?
Prime Time is a variable mortgage with a discounted rate for the first 6 months, and you can convert it to fixed without penalty. nesto doesn’t publish the discounted rate as a number, so ask for a quote.
What rate does nesto charge on its 1% cash back mortgage?
In Ontario the insured 5-year rate with 1% cash back was 4.99% fixed and 3.80% variable when we checked, against 4.59% and 3.41% on the standard insured offers. The cash back option comes with a 120-day rate hold.
Does a 30-year amortization change my nesto rate?
Yes. nesto says any amortization over 25 years is priced as uninsured, such as 5.09% on a 5-year fixed in Ontario when we checked, against 4.59% insured. It also limits 30-year insured mortgages to first-time buyers and new builds.
Are nesto’s mortgage experts paid on commission?
nesto says its mortgage experts are salaried and commission-free. nesto also describes its application as fully digital.
Sources
Rates and terms come from nesto Mortgage’s own site, checked October 14, 2026. Mortgage rates change often and your rate depends on your down payment, credit, property and whether the mortgage is insured, so get a quote before you decide. See our methodology.