What is a Monoline Lender?

As a Mortgage Brokerage that is independently owned and operated, Millennial’s Choice works with big banks like TD & Scotia, while also working with many other “Tier A” lenders. These other lenders are referred to as Monoline Lenders.

A Monoline Lender is a lending institution that only offers mortgage products, their sole form of business. Monoline Lenders can only be accessed through a Mortgage Brokerage such as Millennial’s Choice.

We recognize that every client that we help deserves a mortgage product that is tailored to their specific situation and needs. Monoline Lenders offer this well-needed flexibility, and we work with them to ensure the best for our clients.

These are the advantages of working with a Monoline Lender:

One Form of Business

Monoline Lenders focus on one line of business, mortgages. With only one focus, this means there is no cross-selling involved. Their only prerogative is to get you the best mortgage possible.

Store Free

Without a literal place of business, overhead costs are kept to the bare minimum, allowing them to pass on the savings to their clients.


Heavy regulations by the government dictate the mortgage industry. The same rules apply to Monoline Lenders, protecting the clients.

Transfer Fee Free

Since mortgages are registered on title as a “standard charge”, clients can transfer the mortgage to another lender at the end of the term without incurring legal fees, providing there isn’t a 2nd mortgage and/or secured line of credit on the title.


Monoline Lenders can be flexible with circumstances, offering mortgages for property investors, individuals with damaged credit, and self-employed individuals. Our hope is to find a solution for every situation.

Time Savers

Monoline Lenders can close a deal much quicker than the major banks, crucial for deals with an urgent closing date.

Lower Rates

Monoline Lenders can have rates that are often much lower than the major banks. This typically will result in a lower penalty should the mortgage be discharged prior to the end of the term.

Payment Options

In another form of flexibility, Monoline Lenders have much more payment options available for their clients, especially in the form of pre-payment, offering more solutions than the bank to meet your needs!

Customer Support

When dealing with Real Estate, especially something as major as Mortgages, you need people who will be available to help and answer any questions you may have. Many Monoline Lenders offer online access to your mortgage, as well as, customer service departments to take on telephone inquiries, ensuring that those lingering questions do not have to stay lingering.

If you require mortgage advice and are considering making a purchase, please feel free to email any Real Estate, Mortgage and Insurance inquiry that you may have to info@millennialschoice.ca. One of our professional Real Estate, Mortgage or Insurance Brokers will be happy to assist you in any way!