With our partner, Pine
Mortgage rates that are pretty great
Get a low rate through Pine and cash rebates from us. Because the more you have with Wealthsimple, the less you’ll spend on your mortgage payments.
Like a regular mortgage — but better
Low rates
Our partner, Pine, is a direct lender, meaning they skip brokers and other intermediaries to help eliminate fees that lead to higher rates.
Added savings
Eligible clients get a base rebate of up to 0.15% on their mortgage payments. Plus, the more money you transfer, the more your rebate grows.
Faster approvals
Get your personalized rate without the wait. No paperwork or in-person appointments required. Just apply online to complete the process in minutes.
The more you move, the more you save
Get an extra 0.05% rebate for every $50,000 you transfer to Wealthsimple. Yes, that could mean the equivalent of an interest-free mortgage payment.
Total savings calculator
Curious to know what you could make in rebates? Estimate your combined savings by moving the transfer slider and selecting your client status.
This tool is only for demonstrative purposes and does not represent the maximum savings. For the full disclaimer on the tools and APR, click here.
Wealthsimple clients get even more
Having all your investments in one place means spending less on your mortgage payments. Get an exclusive rebate based on your client status. T&Cs apply.
how to: housing guide
Everything you need to know to buy a home
Can you write a (nearly) foolproof offer letter? Why should you never close on a Friday? Here's answers to the most important and confusing questions home buyers face.
Why we partnered with Pine
Pine is the triple threat of mortgage lenders — digital, direct, and regulated. Determined to save you time and money, they create efficiencies by automating tasks like underwriting and removing go-betweens like brokers. They’re changing the way Canadians do mortgages — kind of like what we did with money.
Advice at every step
Once you’ve completed the online application, Pine assigns you a dedicated agent to walk you through the process. From start to finish, they’ll be there to personally answer all your questions, get you a low rate, and sweat every detail so you don’t have to.
How to go from loan to home
1. Secure your rate
Apply online, answer some general questions, and get your personalized rate in a matter of minutes.
2. Speak with an agent
Pine assigns you a dedicated agent to discuss next steps and offer you their best rate possible.
3. Close and save
Once you’ve closed on your mortgage, the saving begins! Rebates are deposited into your Wealthsimple Cash account monthly to help with your payments.
Make the move and get a low rate
You’re just a few minutes away from getting a personalized rate.
Extra helpful articles and advice
A few things to know before buying, renewing, or refinancing.
FAQs
No, that’s why we’ve partnered with Pine, to help you spend less on your mortgage with low rates and great monthly rebates.
Pine is a Canadian mortgage provider that offers a digital-first mortgage process that can be accessed at anytime. They have a dedicated team of experienced advisors, and have helped thousands of Canadians secure a mortgage, with no hidden fees and zero paperwork. With a quick and easy application process, they can offer you a personalized rate in 10 minutes or less, and typically a commitment letter within 48 hours. They're changing the way Canadians do mortgages, and we're changing the way they do money, so choosing them as a partner was a no-brainer.
Pine offers pre-approved, refinancing, and purchase mortgage products with fixed and variable rates, for both insured and uninsured mortgages. Here's a detailed breakdown:
Insured Mortgage – purchase & switch/renew (property value <$1M)
Fixed rate - 1, 2, 3, 4, 5 yr term + 25 yr amortization period
Adjustable Rate Mortgage (ARM) - 5 yr term + 25 yr amortization
Refinances do not qualify for mortgage insurance
Pre-approval available
Uninsured Mortgage – purchase & switch/renew (property value >$1M)
Fixed rate - 5 yr term + up to a 30 yr amortization period
Adjustable Rate Mortgage (ARM) - 5 yr term + 25 or 30 yr amortization
Refinance available
Pre-approval not available
Here are some other things to consider with Pine's mortgage products:
- Pine offers a minimum mortgage value of $100,000.
- Pine limits cash disbursements in re-finances up to $200k. Anything above this limit must be disbursed to a lawyer's trust account for use in specific transactions.
- Pine does offer HELOC mortgages but this is not their strongest mortgage product in regards to offering low rates, but they’re working hard in the background to improve this offering.
If there are fees relevant to closing on your mortgage they will be included in the APR. For example, some deals have a ~$300 fee added to the APR for legal fees & disbursements. However, Pine doesn't make money off fees, meaning they remove certain intermediaries to eliminate unnecessary costs.
Pine doesn't charge any lender fees — this includes origination fees, application fees, processing fees, underwriting fees, and commitment letter break fees.
In the case you want to break your Pine mortgage, a penalty applies and will be dependant on your mortgage terms:
For closed fixed-rate mortgages, the penalty to break is equal to the greater of the interest rate differential, or 3 months' interest
For adjustable-rate mortgages the penalty to break this term is 3 months' interest
For details about fees charged by Pine, see pine.ca or your commitment letter.
Pine has two prepayment options. You can either make prepayments totaling up to 20% of the original principal amount of the mortgage per calendar year, or increase your monthly payments by up to 20% of the current payment to reduce the mortgage's amortization without changing its term.
For details about Pine’s prepayment terms, see pine.ca or your commitment letter.
You can get a Pine mortgage through Weathsimple in Ontario, Alberta, British Columbia, Saskatchewan, Manitoba, New Brunswick, Nova Scotia, PEI, and Newfoundland. Pine does not currently offer mortgages in Quebec or the Territories.
New and existing Wealthsimple clients are eligible to receive a mortgage rebate with Pine. The discount is applied through a mortgage rebate that’s paid out as a cash sum in your Wealthsimple Cash account every month until the end of the initial mortgage term (up to 5 years).
The discount rate takes into account both the tier rebate and the deposit rebate. Check out this help centre article to learn more about how the Wealthsimple x Pine mortgage rebate works, eligibility and promotion related questions.
You can read the full eligibility and T&Cs for the client rebate here and the transfer rebate here.