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Mortgages Quebec

Author: Kale Havervold

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Kale Havervold

Expert Contributor at Loans Canada

Reviewed By: Caitlin Wood, BA

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Caitlin Wood, BA

Editor-in-Chief at Loans Canada

Caitlin Wood has more than a decade of experience helping Canadian consumers learn how to take control of their finances. Expertise:

• Personal finance
• Consumer borrowing
• Credit improvement
• Debt management

📅

Updated On: November 1, 2024

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1694390400		$500 – $2,500	18.99%		$500 – $2,500
100	1688083200		$150 – $1,600	10 – 35%	3 – 6	$150 – $1,600
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1686182400		$300 – $3,000	18% + fees	6	$300 – $3,000
22	1683676800		$15,000	6.7%	Up to 60	$15,000
11	1666051200		$250	0%	–	$250
100	1643932800		$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1600646400		$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1598918400		Up to $15,000	–	–	Up to $15,000
100	1592438400		$500 – $1,500	18.99%	3 – 6	$500 – $1,500
19	1582243200		–	9.9% – 29.9%	12 – 60	–
100	1580860800		$1,500 – $10,000	–	12 – 60	$1,500 – $10,000
17	1580774400		$1,000 – $25,000	8.99% – 34.99%	36 or 60 months	$1,000 – $25,000
100	1579478400		$100 – $1,500	$14 per $100	–	$100 – $1,500
7	1579478400		Up to $20,000	19.8% – 34.99%	36 – 85 months	Up to $20,000
100	1576713600		$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
100	1551830400		$100 – $1,000	$14 per $100	14 days	$100 – $1,000
100	1550534400		$3,000 – $15,000	13.99% – 34.99%	12 – 60	$3,000 – $15,000
100	1550534400		$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200		$100 – $1,500	$14 per $100	14 days	$100 – $1,500
100	1567555200		$300 – $3,000	18% + fees	6	$300 – $3,000
100	1549238400		$250 – $1,500	23.99% – 29.99%	3 – 4	$250 – $1,500
20	1548720000		$500 – $1,000,000	7.9%	12	$500 – $1,000,000
6	1543622400		Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
100	1545350400		$300 – $1500	Starting at 18%	3 – 7	$300 – $1500
100	1545350400		$300 – $3,000	22% – 32%	3 – 4	$300 – $3,000
15	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400		$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000		$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
4	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
3	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
5	1669852800		$10,000 – $300,000	–	3 – 24	$10,000 – $300,000
100	1648512000		$1000 - $250,000	–	–	$1000 - $250,000
100	1620345600		–	–	12 – 60	–
100	1611878400		–	–	–	–
100	1598918400		–	–	–	–
100	1592438400		–	–	–	–
100	1585612800		–	–	6 – 60	–
100	1580947200		$200,000 – $5,000,000	–	–	$200,000 – $5,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		$5,000 – $1,000,000	–	–	$5,000 – $1,000,000
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1580688000		Up to $10,000	Prime + 2.5%	Up to 60	Up to $10,000
2	1580256000		$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400		$50,000 – $5,000,000	–	3 – 36	$50,000 – $5,000,000
100	1579478400		–	–	24 – 60	–
100	1579478400		–	–	–	–
100	1579478400		Up to $1,200,000	–	12 – 84	Up to $1,200,000
100	1579046400		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		$5,000 – $150,000	Starting 15%	6 – 24	$5,000 – $150,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–
1	1545955200		$1,000 – $300,000	–	12 – 120	$1,000 – $300,000
100	1552262400		Up to $250,000	–	Up to 10 years	Up to $250,000
100	1552262400		Up to $1,000,000	–	–	Up to $1,000,000
100	1551830400		–	–	–	–
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 15 years	Up to $500,000
100	1551830400		-	–	Up to 84	-
100	1551398400		$10,000 – $1,000,000	4% – 14%	12 – 84	$10,000 – $1,000,000
100	1551139200		Up to $250,000	–	Up to 48	Up to $250,000
100	1550534400		$500 – $50,000	2.75% – 8.25%	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	–	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	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
8	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
7	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1749600000		–	–	Up to 96 months	–
19	1582243200		–	–	Up to 60 months	–
6	1543622400		Up to $60,000†	19.99% – 34.99%*	6 – 120 months	Up to $60,000†
5	1545264000		$500 – $150,000	9.99% – 34.99%	9 - 240	$500 – $150,000
100	1620345600		–	–	Up to 96 months	–
8	1624233600		$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
100	1600646400		$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
100	1581033600		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1551830400		-	–	12 – 96 months	-
100	1552262400		Up to $1,000,000	–	up to 96	Up to $1,000,000
100	1551830400		–	–	6 – 96	–
100	1551830400		$10,000+	–	12 – 96 months	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		$5,000 – $45,000	4.90 % – 29.95%	–	$5,000 – $45,000
100	1575849600		–	–	–	–
100	1575590400		–	–	–	–
6	1569974400		–	Up to 29.99%	12 – 96	–
100	1561507200		–	–	–	–
1	1560124800		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
100	1548633600		–	Starting at 4.2%	–	–
100	1545177600		–	–	12 – 84	–

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
100	1545264000		Up to $50,000	–	–	Up to $50,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
100	1731542400		$15,000 – $1,000,000	Starts at 12%	Up to 36	$15,000 – $1,000,000
5	1700524800		–	-	-	–
100	1695945600		–	–	–	–
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
100	1627344000		–	4.50% – 5.97%	12 – 60	–
100	1581033600		–	4.19% – 6.04%	12 – 120	–
100	1580860800		–	–	–	–
100	1580860800		–	2.99% – 5.49%	6 – 60	–
100	1580860800		$50,000+	–	12 – 120	$50,000+
100	1580860800		–	–	–	–
100	1580860800		–	–	–	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1578873600		–	–	–	–
100	1577059200		–	Varies	–	–
100	1577059200		–	–	–	–
100	1577059200		–	4.49% – 6.63%	1 – 10 years	–
100	1574985600		$10,000 – $1,000,000	4.99% – 7.29%	12 – 120	$10,000 – $1,000,000
100	1574899200		–	–	12 – 60	–
100	1574899200		–	4.24% – 6.30%	–	–
100	1560124800		–	4.64% – 5.80%	1 – 10 years	–

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

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

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.