Mortgages Labrador City, Newfoundland And Labrador| Loans Canada

📅 Last Updated: October 4, 2021

✏️ Written By Kale Havervold

🕵️ Fact-Checked by Caitlin Wood

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Mortgages Labrador City - Compare Providers

		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
8	1692748800	Up to $500	0%	Up to 65 days	Up to $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
9	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
100	1562198400	$500 – $15,000	15.99 – 35%	6 – 60	$500 – $15,000
11	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	1551398400	Up to $1,500	$14 per $100 borrowed	14 days	Up to $1,500
100	1546128000	Up to $5,000	19.9% – 35%	6 – 36	Up to $5,000
23	1551139200	Up to $15,000	34.99%	Open-end	Up to $15,000
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
7	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
5	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
6	1545264000	$500 – $100,000	29.99% – 35%	9 – 84	$500 – $100,000
4	1545264000	Up to $5,000	34.37%	–	Up to $5,000
10	1568937600	Up to $10,000	Varies by product	Varies by product	Up to $10,000
21	1545177600	Up to $35,000	Starting at 12.99%	Up to 60	Up to $35,000

		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
7	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000

		Loan Amount	Rate	Term (Months)	Rating
0	0	Up to $50,000	Prime – 35%	3 – 120	Up to $50,000
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
100	1581033600	–	–	–	–
100	1580688000	–	Starting at 12.9%	–	–
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	1548633600	–	Starting at 4.2%	–	–
7	1545264000	$500 – $10,000	12.99% – 34.99%	9 – 60 months	$500 – $10,000
100	1545177600	–	–	12 – 84	–

		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

		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
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	–
1	1517097600	$10,000 – $500,000	Starting at 10%	–	$10,000 – $500,000

		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	Credit Counselling, Debt Management Program
100	1576368000	Credit Counselling, Debt Management Program
100	1576454400	Debt Restructuring, After Care - Credit Rebuilding Program, Corporate Debt Restructuring

No matter where you live, whether it’s Vancouver, Montreal, or even Labrador City, buying a home is one of the biggest purchases you’ll ever make. You are generally looking at hundreds of thousands of dollars for a family home, which is an amount most people simply don’t have sitting around in their bank accounts.

Thankfully, mortgages exist and can make becoming a homeowner much easier for consumers. They break up the cost of a home and spread it out over numerous decades to make the payments much easier to handle.

However, before ever taking out a mortgage in Labrador City, you need to ensure that you understand how they work and what they entail.

Types of Mortgages Available in Labrador City

One of the first things you should be sure to know about mortgages in Labrador City are the different types of mortgages that are available.

Open vs. Closed

In general, most mortgages will fall into one of two categories, open or closed. An open mortgage is one that you are able to make lump-sum prepayments at any time, without penalty. They are generally more flexible and can be paid off early, but tend to have higher interest rates.

A closed mortgage is one that cannot normally be paid off early through lump-sum prepayments. Doing so will often have a prepayment penalty, though some closed mortgages simply have a prepayment limit. So while these have restrictions when it comes to paying back the mortgage early, their interest rates are often lower than closed mortgages.

Fixed vs. Variable

In a similar vein, most mortgages will either have a fixed or variable interest rate. A fixed interest rate will remain the same for your entire term. This is good for those who like predictable and steady payments, and don’t wish for their rate to change for fear of it going higher.

A variable interest rate mortgage is one that will change throughout the term. It can go higher or lower, and your payments will fluctuate as a result. People generally go with these if they believe interest rates are going to go lower, but they always have the risk of potentially getting stuck paying higher rates if that is where the markets go.

Additional Mortgages Types in Labrador City

Other types of mortgages that you might see and might be available to you include:

Hybrid mortgage – Your mortgage will have a combo of both fixed and variable interest rates. Different parts of the loan will be financed in different ways.
Convertible mortgage – A mortgage that can be moved from a variable to fixed-rate or from a shorter to a longer-term at any time, without penalty.
High-ratio mortgage – A mortgage where the borrower puts less than 20% down and thus needs to get mortgage insurance.
Bridge loan – A short-term option that is often used until a more permanent type of financing is found. This is especially helpful for those struggling to find a suitable mortgage for their needs or for those consumers trying to rebuild their credit.
HELOC – A home equity line of credit allows you to tap into the equity you’ve built up. Typically you can access up to 65% of the value of your home. A HELOC works similar to an unsecured personal line of credit. You’ll have a credit limit that you can withdraw from and a minimum monthly payment to make.

How to Compare Mortgage Offers?

In order to find the best mortgages in Labrador City, you need to learn how to compare these mortgages. While it is common to use the interest rate to compare one mortgage to another, it is far from the only thing to consider.

Other terms you can compare between mortgage offers include:

Term length
Amortization period
The lender themselves
Is the mortgage open or closed?
Is the interest rate fixed or variable?
What are the prepayment options and penalties?

When it comes to what kind of loan is better, that depends on who is getting it. The right mortgage for you might be very different than what is right for your neighbour. For example, you may want a shorter amortization period and a variable rate, while your neighbour is a little more hesitant and prefers a longer amortization period and a fixed rate. Make sure you know what your needs and wants are ahead of time, and compare offers based on that.

Mortgage Insurance Rules in Canada

When looking at getting a mortgage in Labrador City, or any other city for that matter, it is important to familiarize yourself with the mortgage insurance rules in Canada. If you put a down payment of less than 20% on a home, you will have to pay mortgage default insurance.

As you could imagine, this is in place to protect lenders in case you are unable to make your payments. The cost of mortgage default insurance will vary depending on how much your mortgage is, and the size of your down payment. Remember, the lowest down payment you are allowed to have in Canada is 5%.

If you want to save on this cost of mortgage insurance, be sure to always put down 20% or more as a down payment.

Credit Score Required for a Mortgage in Canada

Any time that you borrow money, your credit score and credit report will be taken into account. The higher and better your credit score, the easier and more affordable you will be able to borrow money. But what is the actual credit score required for a mortgage in Labrador City?

While it can vary a little depending on the lender you are working with, mortgage lenders often want to see a score at least in the range of 620-680. Anything higher than that you shouldn’t have a problem being approved for a mortgage, but any lower than that range, and you might experience some difficulties.

Of course, the credit score isn’t the end-all-be-all factor for determining whether you get a loan or not. For example, if your credit score is lower, but you have a low amount of debt and a high income, some lenders may indeed be willing to work with you. Things like the loan amount and the amortization period will also come into play.

Check out this infographic to learn more about credit scores in Canada.

Alternative Mortgage Options for Bad Credit Individuals

If you have a bad credit score and are worried you will never be able to get a mortgage in Labrador City, you need not worry. This is because there are several alternative mortgage options for people with less-than-perfect credit. Mentioned earlier, a bridge loan is a good option for those struggling to be approved for a traditional mortgage.

Another method is to get a cosigner. If you have a cosigner on a mortgage or loan, they agree to take over your loan payments if you become unable to make them. It is basically added insurance for the lender in case you yourself are unable to pay. Of course, the co-signer needs to have good credit or the lenders might also have worries about them. It is a large risk to cosign a loan, so make sure to choose someone you trust.

Also, in addition to these methods, you could work on improving your credit score until you get to a point where you can be approved for a standard mortgage. Ways to improve your credit include:

Making all payments on time and in full
Keeping your credit utilization fairly low
Not always applying for new credit
Keeping old and established credit accounts open
Using credit cards responsibly

Of course, this won’t happen overnight and will generally take some major lifestyle changes and care on your part. However, if you stick with it and make the necessary changes and sacrifices, it can happen relatively quickly.

The Hidden Costs of Buying a Home in Labrador City

While a mortgage is without a doubt the largest cost of owning a home, it is far from the only one you will be responsible for. Some of the other costs of buying and owning a home that you must be responsible for include:

Various taxes such as welcome tax, land transfer tax, property tax and school taxes
Costs of moving in
Maintenance and repair costs
Cost of a home inspection
Utility hookup fees

These can easily add up to hundreds or thousands of dollars depending on your situation. Be sure to account for these costs and the various others like them. Not planning for the other costs of homeownership can really put a strain on your ability to do everything from save for the future to pay off your mortgage on time.

Helping You Find The Right Mortgage For Your Needs

If you would like more information about mortgages in Labrador City or would like assistance finding one that meets your needs, we’re here to help. Loans Canada has years of experience and we are confident we can help you find the perfect mortgage for you.

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