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Nesto Review

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Finding the best mortgage rate can be one of the most stressful tasks for a homebuyer. With so many options from lenders, it can be dificult to know if you are getting the best deal. Nesto is an online service that was created with the homebuyer as the top priority. With a simple application process, you can find rates that you are eligible in the comfort of your own home.

Sound too good to be true? Read about all of the pros, cons, and features in our Nesto review.

What is Nesto?

Nesto, owned by venture investing company, Diagram, matches applicants with the lowest mortgage rates possible by checking a wide array of rates. They can access and offer people excellent mortgage interest rates that the customer may never have known existed. Nesto also advertises a simple application process and exceptional customer service to compliment their rock-bottom rates. To top it off, they are Canada’s first online mortgage company.

In the application process, Nesto employees work with you to get you the best mortgage available, and they don’t take a commission like other mortgage specialists or brokers; they work hard to be completely unbiased in the options offered to each client. And, their services are 100% free for all clients. This means they literally refuse to maximize profit and prefer to focus on customer service.

Who does that? There’s a catch somewhere in the fine print… Right?

Nesto: Features & Benefits

Simplicity: One of the best features of the Nesto mortgage experience is surely the simplicity of the entire online application process. The paperwork is straightforward, e-signatures are used, and customer service is available throughout every step.

Convenience: Using Nesto for your mortgage means you never have to schedule an appointment with an overbooked mortgage advisor or do your own research to narrow down which banks within driving distance offer the lowest mortgage rate. Their advisors aren’t paid based on sales commission but more like a satisfaction commission, earning rewards for excellent customer interaction and feedback instead of the typical sales model. This may be a feature to some, and a bug to others, but it’s worth mentioning either way.

Strict Entry Requirments: Nesto has low rates and a free application/approval process, but that doesn’t mean they lend to just anyone with an IP address. Their guidelines for applicants require a decent, if not good, credit score, evidence that payments are being made on time, and Nesto automatically rejects any application by someone who has declared bankruptcy in the past. This is good because it means they aren’t exposing themselves to high-risk loans, but it can be bad if your mortgage application is denied at the outset because of previous bankruptcy, even if you’re in good financial standing now.

Transparency: Because Nesto isn’t tied to any single bank or lending agency, they can show every applicant a plethora of mortgage rates from various big banks and brokers. This provides transparency between the customer and the broker which is often lacking in most mortgage application interactions because the lender is obliged to sell you their rates instead of their competitor’s rates.

Nesto Pros & Cons


  • The mortgage application process is more transparent than it normally is when you work directly with a bank

  • No negotiating rates, you get the lowest rate available immediately

  • Nesto staff do not earn a commission on selling high rates to customers.


  • You are limited to rates from Nesto’s lending partners. There may be better rates available at banks or mortgage lenders that are not associated with Nesto.

  • No face-to-face interactions

  • Nesto is a relatively new company which may make some people uncomfortable

Nesto Rates

Nesto’s mortgage rates are organized by term (2-year, 3-year, and 5-year) type (fixed, variable) and source (Nesto mortgage rates, broker mortgage rates, bank mortgage rates, and even mortgage rates with a HELOC–home equity line of credit). With the ability to source thousands of different rates from a wide swath of lenders including banks, brokerages, and Nesto itself, the chances of you finding a cheaper mortgage rate yourself are slim to none.

However, the lowest rate may not always be the one you should choose for yourself and your situation. Fixed-rate mortgages lock in a particular interest rate for the length of the term, usually 5 years. A variable-rate mortgage allows the rate to fluctuate with the times, going up or down depending on economic trends and the housing market itself.

A variable-rate might be the lowest when you select it, but it can rise quickly if the housing market and the economy suddenly change–COVID 19 is a good example of how the market can shift rapidly.

The most common mortgage rate in Canada is a 5 year fixed mortgage rate. Selecting this option means once you are approved, your rate WILL NOT change for five years. After the term is over, you will need to reapply for a new rate that may be higher or lower than it was 5 years ago when you locked it in.

Here’s an example of current Nesto interest rates in Manitoba, as of this writing:


  • 2 year – 3.59%
  • 3 year – 3.44%
  • 5 year – 3.59%


  • 2 year – not available
  • 3 year – 3.15%
  • 5 year – 1.45%

And those are just the rates offered by Nesto. That list doesn’t include the HELOC rates, bank rates, and broker rates they provide–it should go without saying that they update these rates regularly.

Is Nesto legit?

Yes.The ability to search and apply for mortgages online while also being spoon-fed the lowest rate on the market all from the comfort of your jammies is a game-changer. No more scheduling meetings three or four weeks in advance with busy lenders who only want your money and don’t really care about your financial well-being.

Nesto’s co-founder and current CEO, Malik Yacoubi, wanted to design a company that focussed on helping people over making as much money as possible. As of last June, Nesto received a Net Promoter Score, which measures customer satisfaction, of 76 which is about twice as high as other banks and financial service companies.

Final Say

So, what do you want out of your mortgage application? Do you value more mortgage options than you ever expected could exist from a variety of banks and lenders? Perhaps you desperately want a simple application process with timely help from real, trained brokers? Do you hate the idea of other people making money off of you by offering slightly higher than necessary interest rates so they can make a buck off of the largest purchase of your life?

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