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Three mortgage lenders in the Smarter Loans network: 8Twelve Mortgage, Homewise and nesto, from 4.04% at the lowest published rate, on amounts from $50,000 to $10 million. nesto decides within two days; the other two take about a week. Every one considers poor credit, because the property is the security, and every one sets a $1,500 monthly income minimum, which tells you how little the number decides: what matters is how you prove it. That is three of the seven on the national mortgage lenders page; the other four are Ontario-centred.
Canadian mortgage lending runs in three tiers, and the three lenders listed cover them differently. nesto is an A-tier lender: bank-level rates for a borrower who can prove income on tax slips and pass the stress test. 8Twelve and Homewise arrange across tiers, and Homewise publishes B-lender and private placements for self-employed borrowers, bruised credit and high debt. If a bank has said no, the application routes to the two that arrange B and private lending; the subprime mortgages and private mortgages pages explain what each tier costs and how to get back to a bank.
Two things, and the second is one that most Albertans have heard of and few understand.
No land transfer tax. Alberta charges registration fees on the mortgage and the transfer, a few hundred dollars on most purchases, rather than the land transfer tax that adds thousands to a closing in Ontario or British Columbia.
Limited recourse on a conventional mortgage. Under Alberta's Law of Property Act, a lender's recourse on a conventional residential mortgage granted by an individual is generally limited to the property itself: if the home is worth less than the mortgage when the lender takes it, the lender cannot pursue the borrower for the shortfall. Two limits matter. It applies to a conventional mortgage; an insured high-ratio mortgage, which Alberta's regulation defines as more than 75% of the property's value with mortgage insurance on it, is outside the protection. And a lender that knows the rule prices and structures around it, which is part of why Alberta lenders look hard at the down payment.
From 4.04% for an A-tier borrower, one to three points higher at B tier with a fee of around one percent, and into the teens for a private placement. On a $400,000 mortgage over 25 years, the payment is about $2,113 a month at 4.04% and about $2,559 at 6%; the gap is the price of how you qualify, not of the property. The mortgage payment calculator runs any amount.
Borrowing against a home you already own is on the home equity loans in Alberta page.
Reviewed by Vlad Sherbatov, Co-Founder and President, Smarter Loans. Last reviewed 18 September 2026. Lender figures are the lenders' published terms as checked August 2026; the payment example is illustrative.
Three in the Smarter Loans network: 8Twelve Mortgage, Homewise and nesto, from 4.04%, on $50,000 to $10 million. One decides within two days and two take about a week. Every one considers poor credit.
No. Alberta charges registration fees on the transfer and the mortgage, a few hundred dollars on most purchases, rather than the land transfer tax that adds thousands to a closing in Ontario or British Columbia.
On a conventional residential mortgage granted by an individual, a lender's recourse is generally limited to the property under Alberta's Law of Property Act: if the home is worth less than the mortgage, the lender cannot pursue you for the shortfall. It does not apply to an insured high-ratio mortgage, which Alberta defines as more than 75% of the property's value with insurance on it.
Yes. All three lenders listed consider poor credit, because the property is the security, and two arrange B-lender and private mortgages for bruised credit. Expect a larger down payment and a rate one to three points above a bank's.
On $400,000 over 25 years, about $2,113 a month at 4.04% and about $2,559 at 6%, the difference between an A-tier and a typical B-tier rate. The gap is the cost of how you qualify.
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