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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.
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:
What’s the difference between a mortgage term and an amortization? Find out here.
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.
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:
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.
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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Owning a vehicle is pricey. While gas, registration, and insurance make up a significant portion of your costs, repairs are often the most expensive p...
All consultations and conversations with Loans Canada and its partners are confidential and risk-free. Speak with a trusted specialist today and see how we can help you achieve your financial goals faster. Loans Canada and its partners will never ask you for an upfront fee, deposit or insurance payments on a loan.