Written by Kale Havervold

Best Mortgages Quebec (Online) January 2021

Lender directory

Compare the best lenders in this region

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1600646400	$1,000 - $3,000	12.99% - 22.99%	24 - 60	$1,000 - $3,000
100	1598918400	$1,000 - $15,000	-	-	$1,000 - $15,000
100	1595980800	$200 - $1,200	25% - 32%	-	$200 - $1,200
11	1593561600	-	0+	2 - 60	-
100	1592438400	$250 - $1,250	22%	3 - 6	$250 - $1,250
100	1582243200	-	-	Up to 60	-
100	1580947200	-	-	-	-
7	1580860800	$500 - $5,000	-	12 - 24	$500 - $5,000
100	1580860800	$350 - $1,000	-	2 - 12 weeks	$350 - $1,000
100	1580860800	$250 - $1,250	22% APR	-	$250 - $1,250
2	1580860800	$1,600 - $25,000	9.47% - 20.07% APR	36 - 60	$1,600 - $25,000
10	1580774400	$1,000 - $25,000	7.5% - 31.5% APR	36 - 60	$1,000 - $25,000
100	1579478400	$100 - $1,500	-	-	$100 - $1,500
100	1579478400	Up to $3,200	-	-	Up to $3,200
100	1579219200	$100 - $25,000	+4.9%	-	$100 - $25,000
100	1576713600	-	Up to 35%	-	-
18	1576713600	$500 - $100,000	6.99% - 14.99%	12 - 240	$500 - $100,000
100	1576627200	-	-	-	-
100	1575590400	1800- 2900	15.99%	23 - 36	1800- 2900
13	1560124800	Up to $15,000	29.99% - 46.96%	9 - 60	Up to $15,000
100	1551830400	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1569974400	$500 - $50,000	15 - 30%	-	$500 - $50,000
100	1551398400	$500 - $1,000	28% - 32%	-	$500 - $1,000
100	1551139200	$5,000 - $35,000	9.9%+ APR	36 - 60	$5,000 - $35,000
100	1550534400	$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400	Up to $30,000	28% - 32%	1 - 3	Up to $30,000
100	1550534400	$300 - $1,000	38% APR	3 - 4	$300 - $1,000
100	1549411200	$100 - $1,000	546% APR	14 days	$100 - $1,000
100	1567555200	$300 - $1,500	32% APR	3 - 5	$300 - $1,500
100	1549238400	$500 - $1,000	28% - 32%	4 - 5	$500 - $1,000
100	1549238400	$250 - $1,000	29% APR	3 - 4	$250 - $1,000
20	1548720000	$500 - $1,000,000	12%	12	$500 - $1,000,000
1	1543622400	Up to $35,000	26.99% – 39.99%	6 - 60	Up to $35,000
3	1545177600	$2,000 – $10,000	34.9% – 43%	12 - 60	$2,000 – $10,000
100	1545350400	Up to $1000	30%	3 - 5	Up to $1000
100	1545350400	Up to $5,000	60%	6 - 60	Up to $5,000
100	1545350400	Up to $3,000	22% - 35%	3 - 4	Up to $3,000
100	1545350400	$500-$1000	28%-32%	3	$500-$1000
100	1545350400	$300 - $1500	27% - 35%	3 - 4	$300 - $1500

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1598918400		-	-
100	1592438400	-	-	-	-
100	1585612800	-	0.9% - 12%	6 months - 5 years	-
100	1581984000	$10,000 - $10,000,000	6% - 12.5%	-	$10,000 - $10,000,000
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1581033600	-	-	-	-
100	1580947200	-	-	-	-
100	1580947200	$10,000 - $1,000,000	-	-	$10,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	$5,000 - $1,000,000	-	-	$5,000 - $1,000,000
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	up to $250,000	-	-	up to $250,000
100	1580860800	-	-	-	-
100	1580688000	Up to $10,000	-	-	Up to $10,000
100	1580256000	$5,000 - $500,000	-	6 - 18 months	$5,000 - $500,000
100	1579478400	-	-	-	-
100	1579478400	-	-	12 - 120	-
100	1579478400	-	-	24 to 60	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579046400	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1577059200	-	-	-	-
100	1575849600	$5,000 - $150,000	15% +	6 - 24	$5,000 - $150,000
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
1	1545955200	$5,000 - $150,000	Fee-Based: Starting at 9%	12 - 60	$5,000 - $150,000
100	1541030400	Up to $35,000	-	-	Up to $35,000
100	1552262400	Up to $250,000	-	Up to 10 years	Up to $250,000
100	1552262400	-	-	-	-
100	1552262400	Up to $1,000,000	-	-	Up to $1,000,000
100	1551830400	Up to $100,000	-	-	Up to $100,000
100	1551830400	$10,000+	-	Up to 15 years	$10,000+
100	1551830400	Up to $1,000,000	-	Up to 15 years	Up to $1,000,000
100	1551830400	Up to $500,000	-	Up to 10 years	Up to $500,000
100	1551830400	$5,000 - $10,000	-	Up to 7 years	$5,000 - $10,000
100	1551398400	$10,000 - $1,000,000	4% - 14%	12 - 84	$10,000 - $1,000,000
100	1551139200	Up to $75,000	-	Up to 18	Up to $75,000
100	1550534400	$500-$50,000	0.5% weekly	12 week cycles	$500-$50,000
100	1550534400	$1,000 - $1,000,000	6% - 20%	-	$1,000 - $1,000,000
100	1550534400	Up to $5,000,000	4.5%	24 - 72	Up to $5,000,000
100	1550534400	$5,000 - $200,000	-	-	$5,000 - $200,000
100	1549411200	$50,000 - $12,000,000	-	24 - 96	$50,000 - $12,000,000
100	1549411200	$5,000 - $1,000,000+	-	1 - 60	$5,000 - $1,000,000+
100	1549238400	$5,000 - $1,000,000	-	3 - 24	$5,000 - $1,000,000
100	1548720000	$5,000 - $5,000,000	-	4 - 18	$5,000 - $5,000,000
100	1548720000	$10,000+	18% - 22%	-	$10,000+
100	1548720000	$10,000 - $300,000	4.70% - 5.45%	-	$10,000 - $300,000
100	1548633600	Up to $5,000,000	5% - 10%	12 - 60	Up to $5,000,000
100	1545264000	$5,000 - $150,000	-	3 - 24	$5,000 - $150,000
100	1545350400	$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
100	1545177600	$5,000 – $500,000	Starting at 5.9%	3 – 60	$5,000 – $500,000
100	1561507200	Up to $300,000	-	-	Up to $300,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1600646400	$1,000 - $3,000	12.99% - 29.99%	12 - 72	$1,000 - $3,000
100	1594339200	-	-	-	-
100	1581033600	-	+ 4.9%	-	-
100	1581033600	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1579478400	-	-	-	-
100	1578873600	-	+8.99%	-	-
100	1578873600	-	-	-	-
100	1551830400	$5,000 - $10,000	-	up to 84	$5,000 - $10,000
100	1552262400	Up to $250,000	-	12 - 60	Up to $250,000
100	1552262400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1551830400	Up to $100,000	-	6 - 96	Up to $100,000
100	1551830400	$10,000+	-	12 - 96	$10,000+
100	1551830400	Up to $1,000,000	-	up to 96	Up to $1,000,000
100	1577059200	-	-	up to 72	-
100	1577059200	-	-	-	-
100	1575849600	$5000 - $45,000	4.90 % - 29.95% APR	36 - 72	$5000 - $45,000
100	1575849600	-	-	-	-
100	1575590400	-	-	-	-
100	1575590400	-	-	-	-
100	1575504000	-	-	-	-
2	1569974400	$7500 - $59,995	3.95% +	12 - 96	$7500 - $59,995
100	1562112000	-	Up to 49.9%	-	-
100	1561507200	-	-	-	-
100	1561507200	-	-	Up to 84	-
1	1560124800	$500 - $35,000	$29.99% – 46.96%	9 - 60	$500 - $35,000
100	1548720000	-	-	-	-
100	1548633600	-	4.2%+	-	-
100	1545177600	$5,000 – $40,000	-	12 – 72	$5,000 – $40,000
100	1545177600	-	-	Maximum 84	-

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1545264000		Up to $25,000	-	12 - 60	Up to $25,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	2.00% – 46.96%	3-60 months	N/A (Intermediary) Up to $50,000
100	1581033600	-	2.74% - 6.30%	12 - 120	-
100	1580947200	-	-	-	-
100	1580860800	-	-	-	-
100	1580860800	-	2.64% - 4.45%	12 - 120	-
100	1580860800	$50,000+	2.74% - 3.49%	12- 120	$50,000+
100	1580860800	-	-	-	-
100	1580860800	-	-	-	-
100	1579478400	-	2.74% - 3.70%	6 - 120	-
100	1578873600	-	-	-	-
100	1578873600	-	2.69% - 3.95%	6 - 120	-
100	1577059200	$25,000 - $800,000	4.59% - 5.64%	6 - 60	$25,000 - $800,000
100	1577059200	-	-	-	-
100	1577059200	-	2.84% - 7.30%	-	-
100	1574985600	$100,000 - $750,000	-	12 - 120	$100,000 - $750,000
100	1574899200	min 25,000	4.99% - 5.59%	6 - 60	min 25,000
100	1574899200	-	2.23% - 4.45%	-	-
100	1560124800	-	2.89% - 3.79%	-	-
100	1548720000	-	2.41% - 3.84%	-	-

		Services	Rating
0	0	Debt Consolidation Program, Debt Settlement Program, Consumer Proposal, Bankruptcy Consultation	N/A (Intermediary) Debt Consolidation Program, Debt Settlem...
100	1576540800	Credit Counselling, Bankruptcy, Consumer Proposal	Credit Counselling, Bankruptcy, Consumer...
100	1576540800	Bankruptcy, Consumer Proposal	Bankruptcy, Consumer Proposal...
100	1576540800	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
100	1576368000	Credit Counselling, Debt Management Program	Credit Counselling, Debt Management Prog...
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring	Debt Restructuring, After Care - Credit ...

Regardless of where you live, whether it’s a large city or a small rural town, chances are you’ll need or want to purchase a home at some point in your life. One of the best things about living in Quebec right now is that it has one of the most affordable housing markets in Canada, especially compared to other large provinces like Ontario and British Columbia.

So, what comes to applying for a Mortgage in Quebec, Loans Canada has all the information you need.

For more information about loans in Quebec, click here.

Mortgage Insurance Rules

One of the most important things to know before actually trying to secure a mortgage in Quebec is the mortgage insurance rules in Canada. For those unfamiliar, mortgage insurance in Canada is mandatory for those with a down payment between 5% (to purchase a house in Canada you must have at least a 5% down payment) and 19.99%. This insurance is in place to protect lenders in case a borrower defaults on their mortgage. If you have a 20% down payment, or higher, you won’t be required to pay this mortgage insurance.

Read this to learn more about high ratio mortgages and mortgage default insurance.

This mortgage insurance will often cost people around 2-5% of their total mortgage but allows a much greater percentage of the Canadian population to enter the housing market. There are many helpful calculators online that can help you decipher how much mortgage insurance you will likely be responsible for. However, there are some rules and requirements for mortgage insurance that you should know about, such as:

The maximum amortization for insured mortgages is 25 years, so a 30 or 35-year mortgage in Quebec cannot be selected if you need mortgage insurance.
If the home that you purchase is between $500,000 and $999,999, a higher down payment is required. It remains 5% for the first $500,000 and then 10% of the remaining amount, so be sure to account for that when saving.
If you buy a home worth over a million dollars, you will be unable to get mortgage insurance and because of this, you need a 20% down payment for these homes.
Mortgage insurance can often be paid off in a lump sum up front or can be added to your recurring mortgage payments.

What’s the difference between a mortgage term and an amortization? Find out here.

How to Save For a Down Payment

As you can see, having a down payment is one of the most important factors involved with purchasing a home with a mortgage in Quebec. However, saving money is something a lot of us aren’t too good at. So how are we supposed to save the tens of thousands of dollars often required for a down payment? Well, there are a few things you can do.

You need to prioritize. You will need to “tighten your belt” and limit things like eating out, vacationing and other “wants” in order to save the money for your down payment.
Downsizing your vehicle can be a good way to get enough money to beef up your down payment. Or, if you and your significant other have multiple vehicles, it could make sense to sell one of them to get more for your down payment. You can also consider a certified pre-owned vehicle.
Saving money is hard when you are also dealing with debt. As a result, paying off things like your credit card or car loan before starting to save for a down payment is a good idea. Need some debt management tips? Try reading this.
You should take a look at your budget and see where you are spending too much money and look to cut back to give yourself the best chance of successfully saving enough for a solid down payment.

Check out this infographic for more information on the cost of buying a house in Canada.

How to Compare Mortgage Offers In Quebec

Once the down payment situation is covered, it‘s time to find the kind of mortgage you want. However, with so many different lenders out there with different mortgage types and terms, how do you know which one to choose?

Why do different mortgage lenders offer different mortgage rates? Click here to know.

Well, the first thing to do is make sure you visit a variety of different lenders and never simply work with the very first one you visit, as you will never know the other deals you are missing out on.

Not sure how to compare lenders in Canada? Check this out.

It is a good idea to compare offers from a variety of sources before deciding to select which one you want. While comparing based on the interest rate they offer is common, that is not the only thing you need to consider. Other things to compare include:

Term
Prepayment penalties
Is the mortgage opened or closed?
Amortization period
Fixed or variable rate?

By looking at all of these different factors, you will be able to decipher which mortgage is best for you.

Here’s what to do if mortgage rates rise while you’re trying to buy a house.

Frequently Asked Questions

Can I still qualify for a mortgage with bad credit?

If you have bad credit, it will be very difficult to get approved by traditional lenders. To improve your chances, start by reviewing and fixing errors on your credit report. Even if your credit score is still relatively low, there are many mortgage providers who are willing to work with you. Of course, there will be conditions for getting approved with bad credit. You may be asked for a higher down payment or to get someone to co-sign the mortgage. The loan amount will typically be smaller and there will be a higher interest rate as well.

Where can I get a mortgage in Quebec?

If you’re looking to mortgage a new home, you’ll most typically deal with a bank, credit union, or a caisse populaire. However, if you don’t qualify with these institutions or want to explore other options, then consider a mortgage, trust, insurance, or loan company. Each type of provider offers a variety of services that cater to different situations. Enlisting the help of a licensed mortgage broker can make exploring all those options a lot easier. They will work to find you a tailored solution and don’t charge any fees until you get your mortgage approval.

What are prepayment penalties and privileges?

Paying off your mortgage quicker can help you save on interest. If you have an open mortgage, then you can pay it off early to save on interest with no penalty of any kind. However, if you have a closed mortgage, making early payments or paying it off completely can cost you thousands of dollars in prepayment penalties. Such penalties also apply when you break your contract to transfer to another lender or if you sell your home. Some contracts allow for a prepayment privilege. This lets you make extra payments towards your mortgage to save on interest. How the prepayment privilege works and the amount you can prepay will vary based on the lender.

The Right Mortgage For Your Needs

Finding the right mortgage in Quebec that meets your wants and needs isn’t always easy. However, at Loans Canada we know we are capable of matching up your needs with the perfect mortgage for you.

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