Pine Mortgage Review 2025

Pine offers a digital-only mortgage application for clients who want quick and easy service. You can start your application on Pine’s website or via its partner Wealthsimple, which offers a web browser interface or app. Pine offers mortgages for new purchases, renewals and refinances.

As an added perk, clients who apply for a mortgage after January 2, 2025, are automatically eligible for a cash rebate up to $5,000 based on the value of assets held at Wealthsimple and the mortgage amount.

How it works

Starting January 2, 2025, new and existing Wealthsimple clients can receive a mortgage cash-back rebate based on their mortgage value and their highest client status (or tier) between the date they receive a mortgage commitment letter and the mortgage closing.

Wealthsimple offers three different client status tiers depending on the value of your net deposits:

CLIENT STATUS/TIER	ELIGIBILITY REQUIREMENTS
Core	None
Premium	Minimum $100,000 in net deposits or $100,000 in total assets across your Wealthsimple accounts
Generation	Minimum $500,000 in net deposits or $500,000 in total assets across your Wealthsimple accounts

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And here’s how the rebate offer works based on your mortgage amount and your Wealthsimple client status:

ACTUAL MORTGAGE AMOUNT	CORE	PREMIUM	GENERATION
$150,000 to $249,999	$150	$500	$1,000
$250,000 to $499,999	$300	$750	$1,500
$500,000 to $749,999	$450	$1,000	$2,000
$750,000 to $999,999	$750	$1,500	$2,500
$1 million +	$1,000	$3,000	$5,000

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To qualify for this offer, you must:

• Apply for a mortgage through wealthsimple.pine.ca
• Receive a commitment letter from Pine on or after January 2, 2025
• Close on the respective mortgage within 120 days of receiving your commitment letter

This offer is open to both new and existing Wealthsimple clients who meet the following eligibility criteria:

• You must be a legal resident of Canada (excluding Quebec)
• Be the age of majority in their province or territory
• Be applying for a mortgage for a property located in Canada (excluding Quebec and the territories)

Loan Types

Pine offers the following mortgage products:

• New mortgages
• Renewals
• Refinance
• Mortgage transfers
• Home equity line of credit (HELOC)

Pine currently offers these mortgage terms:

• 2-year fixed
• 2-year fixed
• 4-year fixed
• 5-year fixed
• 5-year variable

There is no posted one-year mortgage term or variable term shorter than five years, which may deter some borrowers.

Pine allows up to five residential mortgage properties per application but does not offer mortgages for investment properties.

Loan Minimum

Pine requires a minimum mortgage amount of $100,000.

Loan Maximum

Pine does not specify a minimum amount required for a mortgage loan.

Loan Servicing

Pine is a direct lender as well as a broker. You can access your mortgage through one of its partners, such as Wealthsimple, or directly on the Pine website.

Related:Pine Mortgage Rates Review 2025

As a digital-first lender, Pine is best for borrowers who are comfortable applying online with limited advisor support. During the application process, borrowers are assigned a dedicated mortgage agent; however, there is no branch or home option if you prefer working with an advisor in person. You also need a good credit history, as Pine requires a minimum 650 credit score to qualify.

Pine is a digital-only lender, so your application must be completed online. You can initiate your application on Pine’s website or Wealthsimple’s website or app. Once you answer a few questions and submit your application, a Pine mortgage agent will contact you with the next steps.

Pine will evaluate your application based on several factors: income, debt levels, employment and credit history.

Minimum Credit Score

The minimum FICO score to be approved for a mortgage with Pine is 650.

Minimum Down  Payment

The minimum down payment with Pine is 5%. The exact amount of your down payment depends on the purchase price of your home. For a home $500,000 or less, the minimum down payment is 5% of the purchase price; for a home between $500,000 and $1.5 million, the down payment is 5% on the first $500,000 and 10% on the portion above that, and a house of $1.5 million or more requires a 20% down payment. (Prior to December 15, 2024, the upper threshold was $1 million.) If your down payment is less than 20%, you’ll require mortgage default insurance from CMHC, Sagen or Canada Guaranty.

Related: How Much Is A Down Payment On A House?

Maximum Debt-to-Income (DTI) Ratio

Lenders use two debt service ratios to determine whether you will qualify for a mortgage:

• Gross Debt Service Ratio (GDS): The percentage of your household income that covers your housing costs (principal + interest + property taxes + heat/gross annual income).
• Total Debt Service Ratio (TDS): The percentage of your household income that covers your housing costs and any other debts (principal + interest + property taxes + heat + other debt obligations (credit card, car or student loan) / gross annual income).

The Canada Mortgage and Housing Corporation restricts debt service ratios to 39% (GDS) and 44% (TDS).

For a mortgage with Pine, according to the Help Centre on Wealthsimple, if you have a FICO score greater than 680, the maximum GDS is 39% and the maximum TDS is 44%. If you have a FICO score less than 680, the maximum GDS is 35% and the maximum TDS is 42%.

Pine does not charge any fees, such as origination, application, processing or underwriting fees. However, there are other costs involved with purchasing a home, including:

• Appraisal fee: This fee covers the property valuation performed by a third-party appraiser, costing between $300 and $500.
• Home inspection: This can identify any issues or deficiencies with the property you intend to purchase. The cost can range between $300 and $500.
• Lawyer’s fee and disbursements: Legal fees for buying a house can range between $500 and $1,500 and cover items such as a title search, registering the mortgage, reviewing contracts, and closing the purchase and sale.
• Land transfer tax: When your house closes, you pay this tax to the province and possibly your municipality. The amount is typically a percentage of your home’s price.
• Land survey: A survey determines the legal boundaries of your property and may or may not be required. A seller may also provide this to you as a condition of your offer to purchase.
• Closing adjustments: These costs may include any adjustments between you and the seller for property taxes, utilities and insurance.

Related: Mortgage Closing Costs Explained

You’ll also need to pay additional costs such as home insurance, utility hookups and moving expenses.

Pine prides itself on providing a simple mortgage application process so you can apply anytime from anywhere. Here are the steps:

• Apply online: You can apply from the Pine website or from the Wealthsimple website or app. The application takes less than 10 minutes to complete.
• Submit your documents: Upload your ID and supporting documents via the secure customer portal.
• Get approved: A mortgage advisor will help you determine what you can afford and at what rate. Pine offers a 120-day hold, guaranteeing the lowest rate until you close your deal.
• Closing: Sign your final documents, and your funds will be released.

Approval, Underwriting and Closing Timeline

Pine advertises its preapprovals are faster than at typical banks—usually within 24 hours—and you’ll get a rate hold for 120 days. Pine does not publish details about how long the approval and underwriting process will take. Typically, the process can take at least 30 days to complete, but you may elect for a longer closing time.

While this is not a comprehensive list of qualifying criteria, you’ll at least need the following to qualify for a mortgage with Pine:

• A credit score of at least 650
• You must be a Canadian resident
• Your property must be in B.C., Alberta, Saskatchewan, Manitoba, Ontario, New Brunswick, Nova Scotia, PEI or Newfoundland/Labrador. Pine does not offer mortgages in Quebec, the Yukon or the Northwest Territories
• Your Pine mortgage must be in first position; that is, no second mortgages are permitted
• If you are self-employed, you must have two years of business history

You’ll also need proof of sufficient income, as well as proof of a down payment.

What to Do If You Get Turned Down

While Pine promotes how easy it is to apply for a mortgage, that doesn’t mean you’ll be approved. If your credit score is too low or your debt load is too high, you may be turned down for a mortgage. In this case, there are steps you can take to make your application stronger the next time you apply:

• Save for a larger down payment: You’ll need a minimum 5% down payment, but a larger down payment can secure you a better rate, eliminate the need for mortgage default insurance and improve your LDS/GDS ratios.
• Consolidate your debt: If you have a lot of debt with high carrying costs, consolidating your debt can help you pay it down faster, therefore reducing your total debt service ratio.
• Improve your credit score: If your credit score is below 650, Pine will consider you too risky to fund a mortgage. Improving your credit score is a good strategy for your overall financial health and will help you secure a mortgage in the future.
• Improve your income or employment history: Lenders typically want to see at least two years’ income history to prove your ability to service a debt. If you are self-employed or run your own business, Pine requires that your business has been operating for at least two years.

Pine is a relatively new lender, but in its short history has made waves for its digital-first approach and innovative mortgage rebate partnership with Wealthsimple. However, some lenders might be better suited to your needs:

Pine Vs. nesto

Nesto is one of Canada’s best mortgage lenders, as ranked by Forbes Advisor Canada, largely due to its competitive rates—currently among the best in the country. While Pine’s 5-year fixed rate is currently 4.19%, as is nesto’s, the latter also offers more term options than Pine, including a three-year variable, a seven-year fixed and a 10-year fixed. Both lenders require good credit scores of 650 or more, putting these options out of reach for newcomers or those with less-than-ideal credit histories. Nesto offers mortgages in Quebec, while Pine currently does not. However, if you’re currently a client with Wealthsimple, or are considering transferring some assets there, Pine may be the better option due to the cash rebate offer.

Pine Vs. Home Trust

Home Trust positions itself as a mortgage option for borrowers with limited or no credit history. So, if you’re self-employed, a newcomer to Canada or have experienced financial difficulties, Home Trust may be worth a look. However, the rates are significantly higher than Pine: a five-year fixed rate mortgage is currently 6.49% with Home Trust. While this is a compelling reason to choose Pine, you’ll need a 650 credit score or higher to qualify.

Pine Vs. RBC

RBC is the biggest chartered bank in Canada. The benefit to RBC over Pine is that it offers a wider range of mortgage products and longer fixed-rate terms, including the only 25-year fixed-rate mortgage in Canada. While Pine is an online-only lender that offers an efficient option for digital-savvy borrowers, RBC offers branch and in-person access if you prefer to work more closely with your mortgage specialist. However, RBC’s rates are higher than Pine’s: RBC has a special offer for a five-year fixed-rate mortgage at 4.74%, which is almost 50 basis points higher than Pine’s everyday lending rate.

If you want to access the equity in your home, secure a lower rate or change the terms of your mortgage contract, refinancing your mortgage may be a good option.

Once you initiate the process online, these are the steps for a refinance with Pine:

• Initial consultation with one of Pine’s mortgage advisors
• Financial review of your credit, equity and fiscal stability
• Explore your options for refinancing based on your financial assessment
• Submit your application with assistance from Pine
• Approve and agree, once you understand the terms of the refinance
• Close the deal and pay any residual costs (such as legal fees, title costs), appraisals, etc.

To be eligible for a refinance with Pine, you must have a loan-to-value ratio of 80% or less. The maximum cash disbursement for a refinance with Pine is currently $200,000.

Buying a house is likely the biggest financial decision you’ll ever make, so it pays to shop around carefully for the best mortgage. Here are a few considerations:

Affordability

Affordability is a massive problem in Canada, especially for first-time buyers or borrowers with less-than-ideal credit. While housing prices are starting to come down, as are mortgage rates, according to the Canadian Real Estate Association, the average home price in August 2024 was almost $650,000. Pine interest rates are very competitive compared to other lenders, which can make your monthly mortgage payments much more manageable. For example, a five-year fixed rate mortgage with RBC is currently 4.74%, compared to Pine’s rate of 4.29%. On a $650,000 house with a 6.15% down payment, your monthly payment with RBC will be $3,597 compared to $3,438 with Pine, a savings of $159 per month or $1,908 per year. If you can take advantage of the Wealthsimple mortgage rebate offer, you will save even more with a Pine mortgage.

Accessibility

Pine is a digital-only bank and advertises how easy it is to apply for a mortgage, even on a mobile phone. If you are comfortable with that technology, then Pine scores big points for accessibility. However, if you prefer to meet with a mortgage agent in person, this lender might not be a good fit for you.

Related: How To Get A Mortgage: 7 Steps To Success

Borrower’s Experience

Pine is fairly new on the mortgage scene, launching in 2021, so it is still building its reputation. There has been a lot of media coverage on its partnership with Wealthsimple and the mortgage rebate, but there aren’t any rankings yet on Trustpilot. Reddit reviews are mixed, though there are some very positive reviews. Because Pine is a digital-only lender, you rely on contacting your mortgage agent by phone, which may cause stress for some borrowers who prefer in-person contact.

Forbes Advisor scores lenders based on criteria that have a meaningful impact on the cost of the mortgage, including borrower eligibility requirements, the variety of loan options and whether the lender had loan features that could affect the homebuying process either positively or negatively, such as prepayment privileges, a bona fide sales clause or whether a mortgage broker could act on your behalf with the lender once your mortgage is active (broker privileges).

The best lenders scored the highest based on the weighting in the following categories:

• Interest rate: 20%
• Loan options: 15%
• Timeliness: 15%
• Bonafide sales clause: 5%
• Broker privileges: 5%
• Prepayment privileges: 10%
• Penalties calculation type: 15%
• Customer service experience: 15%
• Lender discounts offered: 5 bonus points

Our focus on affordability, accessibility and key features that affect the homebuying process (like pre-approval time and closing time) is what we consider reflective of consumers’ top priorities when comparing mortgage lenders.

Lenders that don’t publicly display their interest rates online or operate in fewer than four provinces or territories were not eligible for review.