Mortgages Montreal

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		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
100	1694390400		$500 - $2,500	18.99%	3-6	$500 - $2,500
8	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
6	1683676800		$15,000	6.7%	Up to 60 months	$15,000
7	1666051200		$250	0%	-	$250
100	1643932800		$500 - $15,000	+18.9% APR	6 - 60	$500 - $15,000
13	1639094400		$1,000 - $15,000	29.9% - 46.9% APR	12 - 60	$1,000 - $15,000
100	1600646400		$1,000-$7,500	12.99% - 29.99%	24 - 60	$1,000-$7,500
100	1598918400		$1,000 - $15,000	-	-	$1,000 - $15,000
100	1595980800		$200 - $1,200	25% - 32%	-	$200 - $1,200
100	1593561600		-	0+	2 - 60	-
100	1592438400		$250 - $1,250	22%	3 - 6	$250 - $1,250
100	1582243200		-	-	Up to 60	-
100	1580947200		-	-	-	-
100	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
16	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 $5,000	29.78% - 44.8%	36 months	Up to $5,000
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	1575590400		1800- 2900	15.99%	23 - 36	1800- 2900
100	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%+	6 - 60	$5,000 - $35,000
100	1550534400		$300 - $25,000	7.95%+	36 - 60	$300 - $25,000
100	1550534400		Up to $50,000	14% - 34%	Up to 60	Up to $50,000
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 - $3,000	18% + fees	6	$300 - $3,000
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	7.9%	12	$500 - $1,000,000
2	1543622400		Up to $60,000	19.99% - 39.99%	6 - 120	Up to $60,000
100	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
5	1545350400		$500 - $1000+	28%-32%	3	$500 - $1000+
100	1545350400		$300 - $1500	27% - 35%	3 - 4	$300 - $1500
4	1545264000		$500 - $100,000	Starting at 29.99%	9 - 84	$500 - $100,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
8	1714089600		$10,000 +	4%-45%	90 days+	$10,000 +
7	1714089600		$10,000 to $2,000,000	10%+	Up to 36	$10,000 to $2,000,000
3	1697414400		Up to $800,000	9% - 49.99%	3, 6, 9, or 12	Up to $800,000
2	1669852800		$5,000 - $300,000	-	3 - 24 months	$5,000 - $300,000
100	1648512000		$10,000 - $250,000	Varies	6-12	$10,000 - $250,000
100	1620345600		-	-	12 - 60	-
100	1611878400		$5,000 - $30,000,000	-	Up to 18	$5,000 - $30,000,000
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	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
6	1545350400		$5,000 – $100,000	15% +	12 – 18	$5,000 – $100,000
4	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

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		Up to $50,000	Prime – 46.96%	3 - 120	Up to $50,000
8	1624233600		Up to $50,000	29.99% – 46.96%	12 - 96	Up to $50,000
100	1600646400		$1,000-$7,500	12.99% - 29.99%	12 - 84	$1,000-$7,500
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		-	-	-	-
6	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		Up to $100,000	3.99% - 19.9%	24 -96	Up to $100,000
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	Prime – 46.96%	3 - 120	Up to $50,000
100	1545264000		Up to $25,000	-	12 - 60	Up to $25,000

		Provider	Loan Amount	Rate	Term (Months)	Rating
0	0		N/A	N/A	N/A	N/A
5	1700524800		-	-	-	-
100	1695945600		-	-	-	-
2	1688601600		Min $100,000	5.34%+	2 - 10 years	Min $100,000
100	1627344000		-	1.94% - 2.45%	12 - 60	-
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	3.89.% - 4.84%	12 - 60	min 25,000
100	1574899200		-	2.23% - 4.45%	-	-
100	1560124800		-	2.89% - 3.79%	-	-
100	1548720000		-	2.41% - 3.84%	-	-

		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

No matter where you live in Canada, most homes don’t come cheap. Luckily enough, the province of Quebec, as well as its most populated city of Montreal, generally enjoy some of the lowest housing prices in the country. Nonetheless, it’s uncommon for any Montrealer to be able to afford a home without the help of a mortgage.

In fact, a mortgage is beneficial in more ways than one. Interested in knowing more about the home buying process in Montreal? Keep reading for all the information you need.

How Can a Mortgage Help Me?

For any Montrealers who haven’t looked into the process, a mortgage is a type of loan that you can apply for through a lender or a mortgage broker and is meant specifically to purchase houses and other real estate properties with. Since most houses in Canada, even fixer-uppers, can cost well over $100,000, the vast majority of people cannot afford one right off the bat. Instead, they need to finance their home over time through a series of installments, thus making it more affordable.

What Type of Mortgage Can I Apply For?

Another good thing about mortgages in Montreal is that there are several types, all catered toward different kinds of home buyers. Generally speaking, however, the more common mortgage types include:

Conventional

Otherwise known as “low-ratio”, a conventional mortgage applies to any homebuyer who’s making a down payment equal to 20% or more of the home’s purchase price. Since the buyer is making a larger down payment, it’s usually because they are a stronger and less risky borrower. As such, interest rates are often lower than other mortgage types and default mortgage insurance, which protects lenders/brokers when borrowers cannot make their mortgage payments, will not be required.

Read this to discover the difference between a conventional and a collateral mortgage in Montreal.

High-Ratio

When a home buyer makes a down payment of less than 20% of the home’s purchasing price, it’s known as a “high-ratio” mortgage. The buyer will be required to purchase mortgage default insurance through the Canadian Mortgage and Housing Corporation (CMHC), Genworth Financial, or Canada Guarantee.

Why do different lenders offer different mortgage rates? Click here for the answer.

Open

With an open mortgage, a home buyer is permitted to pay off their mortgage whenever they want, without set payment amounts, and won’t incur any penalties for it. Therefore, open mortgage terms are generally shorter, while interest rates are higher. However, terms can also be longer and have variable rates, depending on the homebuyer’s financial requirements and the lender’s policies.

Closed

Unlike an open mortgage in Montreal, rates and payment amounts for open mortgages are fixed, meaning they cannot be changed during the mortgage term, at least without the buyer incurring a penalty. Prepayments, renegotiations, and refinancing are not permitted until maturity has been reached. “Maturity” refers to the final date when the last of your mortgage principal and any remaining interest must be paid in full.

If you want more information about open and closed mortgages, try reading this.

Mortgage Term vs. Amortization: What’s the Difference?

Before we delve any further into mortgages in Montreal, let’s discuss an issue that sometimes confuses first-time home buyers. Your mortgage payments can actually be broken down into two categories, known as your mortgage “term” and your mortgage “amortization”, and each has a different meaning.

Mortgage Term

This refers to a specific period within your mortgage, wherein you’ll work with the same lender, pay the same rate, and follow the same policies listed within your original mortgage contract. In Canada, your term can last anywhere from 6 months to 10 years. When your term ends, your contract will be up for renewal, meaning you can renegotiate the conditions of your mortgage with your current lender or, if you prefer, apply with another lender in hopes of securing a better one.

Click this link to learn more about short-term mortgage financing and bridge loans.  

Mortgage Amortization

On the other hand, your amortization period refers to the total amount of time that you’re mortgaging the property for. The more payments you make, the shorter your overall amortization will be. Typical amortization lengths can last 20-35 years, although longer and shorter periods are possible, given the conditions of your contract and your lender’s policies regarding prepayments, extensions, accelerated payments, etc.

For a more detailed explanation of mortgage terms and amortizations, read this.   

What Are Mortgage Rates?

With any loan or credit product, your lender will charge a certain percentage in interest, the fee they add on to your payments in order to make a profit. In Canada, there are two types of mortgage rates that adhere to the various mortgage options above.

Fixed Rates

When an interest rate is “fixed”, it’s locked in and won’t change over the course of your mortgage term. While fixed rates can sometimes be higher than variable rates, they do offer some peace of mind when it comes to budgeting, since an unchanging rate will help you calculate your mortgage payments easier. Once again, when your term is up for renewal, you may be able to negotiate a better rate for your next term.

Variable Rates

Also known as “adjustable”, this means that your interest payments may fluctuate during your mortgage term in accordance with the Bank of Canada’s prime rate, which is the country’s market rate for lending. In this case, your lender will reevaluate your mortgage periodically. If the prime rate changes, your payment amounts, and amortization length may also fluctuate, and your lender will adjust your payment plan accordingly.    

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

What Are My Mortgage Payment Options?

When you’re approved for your mortgage in Montreal, you’ll be faced with several payment options. Again, ask your lender about their policies, as some lending sources won’t offer every option. However, each payment type may be suitable for different homebuyers in different financial situations, so consider them carefully before you make a final decision. The most common mortgage payment options include:

• Monthly – 1 payment per month, for a total of 12 payments per year. The most common mortgage payment option, each installment will be automatically deducted from your bank account at the same time every month.   
• Weekly – An average of 4 payments per month, for a total of 52 payments per year. Generally more affordable for those with higher incomes, this will make your amortization period slightly shorter, saving you some money in the long run.   
• Bi-weekly – 1 payment every 2 weeks, for a total of 26 payments per year. Your amortization may be a bit longer, but your payments are also a bit more affordable, especially if your income is received on a bi-weekly basis.  
• Accelerated bi-weekly – This involves paying half your monthly mortgage payment every 2 weeks. While you’ll still be making 26 payments per year, this results in a slightly larger payment each time.
• Accelerated weekly – Here, you’ll take your monthly payment and divide it by 4. You’ll once again end up with 52 payments per year, but they’ll be slightly more expensive than traditional weekly installments. With both accelerated options, by making larger payments, you’ll effectively be reducing your amortization and saving on interest in the process.  

Credit Score Needed For Mortgage Approval In Montreal

When it comes to any kind of credit product in Montreal, mortgages included, your credit score, which ranges from 300-900, can have a significant effect on the way your approval odds and interest rate are calculated. The closer your score is to 900, the better your approval odds and the lower your interest rate will be.

Normally, a score of 650 or higher signals that you have decent credit, giving you the best approval odds and lowest mortgage rates. However, new Canadian mortgage rules have stated that a borrower must have a minimum score of 600 to qualify for a mortgage of less than $1 million. If you’re borrowing money for a down payment as well, many lenders will raise that credit bar back up to 650 or higher.

Need to borrow money for a down payment? Here’s how you can do it.

Mortgages With Bad Credit

Unfortunately, if your credit score drops below the 560 mark, you’ll have entered the area of bad credit, wherein your chances of approval will be slim and your interest rates higher, assuming you’re approved at all. Bad credit often means that you’ve had trouble keeping up with credit product payments in the past or, even worse, that you may have experienced some kind of delinquent event, like bankruptcy.

As such, your lender would be taking a much bigger risk by letting you borrow such a significant amount of credit from them. If you default for too long and they’re forced to go through the foreclosure process, they could potentially lose a lot of money. All this to say that while having bad credit will not automatically get you rejected, it may result in much less affordable interest rates and far stricter mortgage payment conditions. Make sure to fix or improve your credit score as best you can prior to applying for a mortgage.

Look here to find out how you can buy a house in Canada with bad credit.

Looking for a Mortgage In Montreal?

If so, then Loans Canada is the right source for you. Apply with us today to be swiftly connected with the best mortgage lenders in your area. Remember, we’re here to help you buy the home you want!