If you’re in the market for a mortgage in Canada, you might come across the name RFA Mortgages. While not as widely known as the big banks, RFA is a strong presence in the mortgage lending space, particularly among mortgage brokers. Founded in 1996 and rebranded from Street Capital Bank of Canada, RFA offers a range of mortgage solutions tailored to different borrower profiles.
RFA works primarily through the broker channel, meaning their mortgage products aren’t available by walking into a branch — you need to go through a licensed broker to access them. This model helps RFA stay competitive and flexible, often making them an appealing option for both first-time buyers and those looking to refinance.
What Makes RFA Stand Out?
RFA offers a broad suite of mortgage solutions including fixed-rate and variable-rate options, as well as both insured and uninsured mortgage products. They’re known for quick turnaround times, competitive rates, and specialized lending programs that may not be available through traditional banks.
While their mortgages tend to be very competitive on rate, RFA’s offerings really shine when it comes to their flexibility and their ability to assess applications more holistically — particularly when it comes to self-employed borrowers or those with non-traditional income sources.
RFA is a federally regulated financial institution and a member of the Canada Deposit Insurance Corporation (CDIC), which adds an extra layer of trust and credibility for those who may not be familiar with them.
Ideal Clients and Use Cases
RFA might be a good choice if:
- You’re looking for a competitive fixed or variable rate through the broker channel.
- You’re self-employed or have income sources that don’t always fit the big banks’ checklists.
- You want to refinance your mortgage to access equity or lower your monthly payments.
- You’re a first-time homebuyer who qualifies for an insured mortgage.
However, RFA may not be the best fit for everyone. Like many broker-channel lenders, their mortgages can come with prepayment restrictions, and some of their best rates may be tied to less flexible terms. It’s important to fully understand the details of any mortgage offer before committing — which is why working with a broker is key.
Not all mortgage brokers have access to RFA, and not all borrowers will meet their lending criteria. That’s why it’s important to work with a knowledgeable professional who can assess your situation and match you with the right lender.
Things to Keep in Mind
Here are a few things to consider if you’re thinking about a mortgage from RFA:
- Prepayment options may vary depending on the product. Some plans are less flexible than others, especially when compared to what the big banks might offer.
- Portability may or may not be available, depending on the specific mortgage type.
- Rates can be very competitive, but may come with trade-offs in terms of features or penalties.
- Customer service is handled through the broker, so ongoing support often comes from your broker, not the lender directly.
You can learn more about them by visiting rfa.ca, though your broker will have access to product-specific information and current promotions that may not be available publicly.
Final Thoughts
RFA Mortgages offers strong value for the right borrower — particularly those who want competitive rates and don’t need all the bells and whistles of a major bank. Their broker-exclusive model allows for personalized service and access to specialized lending solutions that might otherwise be hard to find.
If you’re considering a mortgage through RFA — or simply want to understand your options — the first step is getting expert advice. You can apply online for free or reach out to us directly.
We’re happy to walk you through your options, whether you’re buying your first home, refinancing, or just exploring what’s out there.
Contact us anytime — we’re here to help.
