Mortgages Saint John

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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	1709683200		Up to $1,250	Up to 32%	90 – 150 days	Up to $1,250
23	1700524800		Up to $25,000	24.99% – 29.99%	30 or 60	Up to $25,000
18	1695254400		$500 – $5,000	Up to 32%	3 – 4	$500 – $5,000
7	1692748800		Up to $350	0%	Up to 65 days	Up to $350
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
2	1670889600		$1,000 – $15,000	19.9% – 34.9%	–	$1,000 – $15,000
8	1666051200		$250	0%	–	$250
100	1643932800		$500 – $15,000	Starting at 18.9%	6 – 60	$500 – $15,000
100	1623369600		Varies	0%	6 or 8 weeks	Varies
1	1620777600		Up to $35,000	9.99% – 35%	6 – 60	Up to $35,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
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	1598832000		$500 – $15,000	Start at 10.99%	9 – 60	$500 – $15,000
19	1582243200		–	–	Up to 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	$1,000 – $25,000
100	1579478400		$100 – $1,500	–	–	$100 – $1,500
14	1579478400		$850 – $1,600	29.78% – 34.95%	36 months	$850 – $1,600
100	1576713600		$500 – $100,000	Starting at 12.99%	Up to 60	$500 – $100,000
10	1552262400		$500 – $18,000	29.9% or 34.28%	6 – 60	$500 – $18,000
100	1551830400		$100 – $1,000	$14 per $100 borrowed	14 days	$100 – $1,000
100	1551830400		$1,000 – $15,000	19% – 34.95%	12 – 60	$1,000 – $15,000
100	1550534400		$100 – $1,500	$14 per $100 borrowed	14 days	$100 – $1,500
11	1569974400		Up to $1,500	$14 per $100 borrowed	Up to 62 days	Up to $1,500
100	1550534400		Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1550534400		$500 – $1,000	23%	3 – 6	$500 – $1,000
100	1550534400		$300 – $1,000	Up to 38%	3 – 4	$300 – $1,000
100	1549411200		$100 – $1,500	$14 per $100 borrowed	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
100	1548720000		$500 – $50,000	Starting at 8.99%	3 – 120	$500 – $50,000
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
4	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
15	1545350400		$500 – $1000	Up to 32%	3	$500 – $1000
100	1545350400		$500 – $750	23%	3 – 4	$500 – $750
100	1545350400		$500 – $750	22%	90 – 120 days	$500 – $750
100	1545350400		$300 – $3,000	27% – 35%	90 – 120 days	$300 – $3,000
5	1545264000		$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
3	1545264000		Up to $5,000	34.37%	–	Up to $5,000
21	1545177600		Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000
13	1545177600		$100 – $20,000	Up to 35%	Up to 60	$100 – $20,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
3	1725321600		Up to $40,000	$0.75 per $1,000 per day	–	Up to $40,000
8	1714089600		$10,000 – $20,000,000	–	–	$10,000 – $20,000,000
7	1714089600		$10,000 – $2,000,000	10%+	Up to 36	$10,000 – $2,000,000
2	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		–	–	–	–
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1598918400		–	–	–	–
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
100	1580256000		$5,000 – $800,000	–	6 – 24	$5,000 – $800,000
100	1579478400		$10,000 – $30,000,000	–	–	$10,000 – $30,000,000
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	1575849600		Up to $250,000	–	–	Up to $250,000
100	1575590400		–	–	–	–
100	1575590400		–	–	–	–
1	1545955200		$1,000 – $300,000	5.49% – 22.79%	12 – 60	$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		$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		Starting at $5,000	–	Up to 84	Starting at $5,000
100	1551398400		$3,500+	–	–	$3,500+
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		Up to $100,000	–	–	Up to $100,000
100	1548720000		$10,000 – $300,000	–	–	$10,000 – $300,000
100	1545264000		Up to $250,000	–	3 – 24	Up to $250,000
6	1545350400		$15,000 – $1,500,000	–	6 – 36	$15,000 – $1,500,000
5	1545177600		$5,000 – $300,000	9% – 35%	Varies by product	$5,000 – $300,000
4	1545177600		$5,000 – $500,000	4.96% – 24.93%	1 – 60	$5,000 – $500,000
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
2	1679529600		Varies	Varies	24 – 96 months	Varies
3	1632960000		Min. $10,000	6.93% – 19.99%	18 – 96	Min. $10,000
8	1624233600		$5,000 – $75,000	–	12 – 96	$5,000 – $75,000
24	1607558400		$500 – $50,000	Varies	6 – 60	$500 – $50,000
100	1600646400		$1,000 – $35,000	12.99% – 29.99%	12 – 84	$1,000 – $35,000
6	1597104000		–	–	–	–
6	1582761600		–	–	–	–
100	1581033600		–	–	–	–
100	1580688000		–	Starting at 12.9%	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1579478400		–	–	–	–
100	1578873600		–	Starting at 10.99%	–	–
100	1578873600		–	–	–	–
100	1551830400		Starting at $5,000	–	–	Starting at $5,000
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	$10,000+
100	1551830400		Up to $1,000,000	–	Up to 15 years	Up to $1,000,000
100	1577059200		–	–	–	–
100	1577059200		–	–	–	–
100	1575849600		–	–	–	–
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	1551830400		–	–	–	–
100	1548633600		–	Starting at 4.2%	–	–
6	1545264000		$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
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	1578873600		Up to $50,000	–	24 – 60	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
3	1726531200		$5,000 +	6% – 16%	12 – 60	$5,000 +
5	1700524800		–	-	-	–
4	1690934400		–	–	–	–
2	1688601600		Min $110,000	4.14% – 6.29%	24– 120	Min $110,000
3	1679616000		$100,000 – $2,000,000	Varies	12 – 60	$100,000 – $2,000,000
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	1580688000		–	–	6 – 60	–
100	1579478400		–	4.54% – 7.49%	6 – 120	–
100	1578873600		–	–	–	–
100	1577059200		–	–	–	–
100	1577059200		–	4.49% – 6.63%	1 – 10 years	–
100	1574899200		–	–	12 – 60	–
100	1560124800		–	4.64% – 5.80%	1 – 10 years	–
100	1548806400		$10,000 – $3,000,000	Varies	12 – 24	$10,000 – $3,000,000
1	1517097600		$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		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

Buying a home and becoming a homeowner is a dream that many Canadians have. But considering the sky-high price tag on no most houses in Canada, it’s nearly impossible for anyone to pay for a home in an all-cash deal. That’s exactly why mortgages exist: they make it possible for the average Canadian to buy a home, even with just a small fraction of the home price upfront.

But with so many variations of mortgages to choose from, it’s important to do a little homework to see which mortgage product is best for you.

Let’s go into a little more detail about mortgages Saint John to help you determine what your options are.

Types of Mortgages Available In Saint John

Understanding all the different mortgage products that are available in Saint John will help you determine which one to choose that is best suited for your situation.

Conventional mortgages – These traditional mortgage types require a down payment of at least 20% of the purchase price of the home you are buying. If you are unable to put down this amount, mortgage default insurance will be required, which we’ll get into in more detail later.

High-ratio mortgages – A mortgage in Saint John with less than a 20% down payment is considered a high-ratio mortgage. Since less than 20% down is paid upfront, mortgage default insurance is required, along with at least a 5% down payment.

Fixed-rate mortgages – These mortgages come with interest rates that remain fixed throughout the mortgage term. That means they do not change until the term expires or the mortgage is renewed. These types of mortgages are best suited for those who like the predictability of stable rates and mortgage payment amounts. They are also ideal when mortgage rates are expected to increase in the near future. In this case, locking in at a lower rate can help you save quite a bit of money.

Variable-rate mortgages – Unlike fixed-rate mortgages, variable-rate mortgages come with a rate that may fluctuate at different intervals throughout the mortgage term. These types of mortgages usually involve an initial introductory period with a rate that is often lower than that of a fixed-rate mortgage. Anyone who may be planning to sell their home before this introductory period ends may want to consider a variable-rate mortgage, as it can save them money.

Closed mortgages – A closed mortgage allows borrowers to make payments up to a certain limit towards the principal portion every year. If that limit is exceeded, early prepayment penalty fees may apply.

Open mortgages – An open mortgage allows early prepayments to be made toward the outstanding balance without any penalty fees incurred.

Second mortgages – These types of mortgages – also known as home equity loans – allow borrowers to use the equity built up in the property to be used for various large expenses, such as home renovations or car repairs. The equity in a home is equal to the value of the property, less any outstanding balance remaining on the mortgage.

Bridge loans – Some sellers may find themselves dealing with two homes at once if the closing dates of their current home and their new home do not match up. There could be a gap in between, which means two mortgages will need to be dealt with. In an effort to avoid this situation, buyers and sellers may take out a bridge loan, which can be used to “bridge” the gap between the two transactions.

Mortgage Default Insurance Rules in Saint John

As mentioned earlier, a mortgage in Saint John with less than a 20% down payment will be considered a high-ratio mortgage and will require payment of mortgage default insurance premiums. This type of insurance is designed to help protect lenders in the event of mortgage default on the part of the borrower.

Mortgage default insurance makes it possible for many homebuyer hopefuls to be able to secure a mortgage to buy a home where they otherwise would be unable to. With lenders being backed by insurance, they are more willing to extend home loans to borrowers. When lenders extend a loan amount that is close to the purchase price of the home, they are placing themselves at risk. High loan-to-value ratios – which refers to the loan amount relative to the market value of the home – are risky for lenders.

Should a borrower end up defaulting on a home loan, there is less for the lender to recoup, considering the fact that little was put down. But mortgage default insurance alleviates a lot of this risk for lenders.

This premium can be paid in full upfront or trolled into the mortgage payments.

If at least 20% of the home price is paid upfront in the form of a down payment, then no mortgage default insurance is required.

Tips For Saving For a Down Payment

While you don’t have to come up with the full purchase price upfront to pay for a home, you do have to put down a certain percentage of it in the form of a down payment. But even still, down payments can translate into tens of thousands of dollars or more. There aren’t many people who have that kind of money readily available in their bank accounts. As such, it’s necessary to take steps to save up for a down payment before buying a home.

Here are some tips to help you save for a down payment.

• Open a savings account dedicated to your down payment savings
• Set aside a specific amount or percentage of your paychecks to contribute to your down payment savings account
• Automate your savings by having funds automatically transferred or deposited into your savings account;
• Borrow from family or friends
• Borrow from your RRSP account using the First-Time Home Buyers Plan (HBP) (if this is your first home purchase)
• Cut back on your spending
• Sell off unused belongings
• Pay off as much of your debt as you can – especially high-interest debt – to free up money to be saved for your down payment

Get Pre-Approved For a Mortgage in Saint Joh

Before you start the search for a new home, you should consider getting pre-approved first. A mortgage pre-approval will give your lender a chance to look over all your financial information, including your credit score, income, and statement of assets and debt. Based on this info, your lender will be able to tell you what loan amount you can get approved for.

By getting pre-approved, you’ll know how much you can afford in a home purchase. In turn, you’ll be able to focus only on properties that fall within your price range. Being pre-approved will also show sellers that you are a serious and qualified buyer, which will give them more confidence to deal with you rather than a buyer who has not yet been pre-approved.

Further, being pre-approved can also help move the final mortgage approval process along faster after you have found a home that you like and an offer is accepted by the seller.

It should be noted, however, that pre-approvals do not guarantee final mortgage approval. If your income changes or the home is appraised at a lower value than what you agreed to pay for it, this could throw a wrench in the final mortgage approval. Also, pre-approvals have an expiry date. They’re not good forever.

Mortgage Amortization Periods

The amortization period of a mortgage is the total length of time that a borrower has to repay the loan in full, plus interest. This is not to be confused with the term, which is the period of time that a borrower is in a contract with a specific lender at a specific interest rate. After the term period expires, you will either have to have paid off the mortgage in full or renew your mortgage, either with the same lender or a new one.

Depending on your financial health and what your lender is able to offer you, there are choices between short- versus long-term amortization periods. The one you choose will depend on what you’re looking for.

A longer amortization period means you have a longer time to pay off your loan balance. That means each payment you make will be smaller compared to a short-term amortization period. However, that also means it will take longer to pay off the loan, and you will have paid much more in interest by the time the amortization period ends.

A short-term amortization period means you must pay the loan off in a shorter period of time. This is a good thing, as it means you will be mortgage-free sooner and will have paid far less in interest over the life of the loan. But in order to pay off the loan sooner, your payments will be a lot higher compared to a long-term amortization period.

Credit Score Needed For a Mortgage in Saint John

Your lender will want to assess your ability to pay a mortgage before you are approved. This entails looking at your income, debt load, and credit score. Your creditworthiness plays a key role in your ability to secure a mortgage.

The higher your credit score, the better in terms of increasing the odds of mortgage approval and getting a lower interest rate, which can help save you money over the long run. Generally speaking, conventional lenders like to see borrowers with a credit score of no less than 680. Any less would make borrowers more of a risk.

In turn, it may not only be more difficult to get approved for a home loan in Saint John, but it would also make it more likely that you’ll be given a higher interest rate. This can make the overall loan more expensive.

Good credit scores mean a borrower has been diligent and responsible with their finances. Bill payments are made on time, credit cards are not maxed out, and minimal loans and credit accounts are applied for.

The opposite is also true: a low credit score usually means the borrower has a history of missing bill payments, spending right up to their credit limit on their credit card, or applying for too many loans or credit lines in a short window.

If your credit score is on the lower end, you may either need to take the time to give it a boost or seek out a lender who deals specifically with bad credit borrowers.

What to Do if You Have Bad Credit

As mentioned above, having a bad credit score can make it more difficult for you to get approved for a mortgage in Saint John. However, that doesn’t necessarily mean all is lost. There may be options for you if your credit score isn’t as high as it could be.

Bad credit lenders. There are bad credit lenders available who deal with consumers who do not have a credit score high enough to get approved for a traditional mortgage. These lenders are more focused on other factors aside from your credit score, like your income, most recent payment history, assets, debt load, and down payment amount.

Cosigners. You may also have some luck getting approved for a mortgage with a bad credit score if you can find someone with good credit to cosign on the loan with you. In this case, the cosigner would assume your mortgage payments if you are not able to continue paying. Considering the magnitude of this responsibility, it’s important that everyone involved fully understands their role in the situation.

Improve your credit score. If you have some time before buying a home in Saint John, consider taking steps to give your credit score a boost. Here are some things you can do:

• Make sure you pay all your bills on time
• Do not max out your credit cards
• Pay more than the minimum credit card payment every month
• Don’t close old credit accounts
• Keep accounts with a remaining balance open
• Pay down as much debt as possible, especially high-interest debt
• Apply for a secured credit card and use it wisely
• Don’t apply for too many loans or credit accounts within a short period of time

Hidden Costs of Purchasing a Home in Saint John

The actual mortgage you pay on a home is not the only payment you’ll be making to own a home. There are also closing costs associated with buying a home that you need to budget for. Typically, closing costs can be anywhere between 2% to 5% of the purchase price of the home, and can include the following:

• Down payment
• Mortgage interest
• Appraisal fees
• Home inspection fees
• Land transfer taxes
• HST (if you’re buying new construction)
• Property taxes
• Property insurance
• Adjustments
• Moving fees
• Condo fees (if applicable)
• Lawyer fees
• Title insurance
• Renovations and repairs
• Furniture
• Utilities

Compare Different Mortgage Products

If you were considering buying a car, you would likely do a little comparison shopping first before you commit to buying one. The same goes for a mortgage. It’s helpful to shop around and look at different mortgage products to weigh their costs against each other. When doing so, be sure to look at various aspects of a mortgage, including:

• Interest rate
• Term
• Amortization period
• Underwriting fees
• Prepayment options
• Early payment penalties

Mortgage Payment Options

You will need to repay your loan amount by the end of the amortization period, which means you will need to make regular payments until the loan amount is paid off.

But the frequency of your payments can vary. Here are the typical mortgage payment options available:

• Monthly
• Weekly
• Semi-monthly
• Bi-weekly

The choice you make will depend on what you are more comfortable with and what your lender is able to offer you.

Want to Apply For a Mortgage in Saint John?

If you are looking to buy a home in Saint John some time soon, it may be time to start looking into your mortgage options. At the very least, you may want to get pre-approved first before you even start your home search. To help start the process off on the right foot, Loans Canada can help by connecting you with the right lender that can offer what you’re looking for.