Mortgages Quebec City, Quebec

📅 Last Updated: November 1, 2024

✏️ Written By Bryan Daly

🕵️ Fact-Checked by Caitlin Wood

Table of Contents show

Mortgages Quebec City - Compare Providers

		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
100	1734610055		29.9% - 46.9% APR	12 - 60
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	8.99% - 34.99% APR	36 or 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

		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

		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

		Loan Amount	Rate	Term (Months)	Rating
0	0	N/A	N/A	N/A	N/A
100	1731542400	$25,000 - $1,000,000	Starting at 12%	up to 36	$25,000 - $1,000,000
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%	-	-

		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

With over 800,000 residents, the greater metropolitan area of Quebec City is constantly expanding and driving up the price of real estate. Nevertheless, there are plenty of ways to find an affordable home within the city limits, as long as you know where to look.

Then again, the home you want may be too pricey to purchase immediately, so a mortgage may be the best way to go. Fortunately, there are several mortgage types available in Quebec City. Take a look at the information below so you can decide which is right for you.

Mortgage Amortizations, Terms, and Payment Frequencies

Essentially, a mortgage is a loan that you can borrow through select lenders across the country. However, unlike traditional loan products, this one is meant specifically to purchase a house or other real estate property over time. You would then repay your lender gradually through divided installments.

Amortization

This refers to the general time that it takes to pay off your property. Although some homeowners can purchase their home quickly and early payments (prepayments) are often possible, most mortgages take at least one or two decades to complete in full.

While the maximum Canadian amortization period is currently 25 years if your down payment is less than 20%, certain mortgage types allow you to pay off your property for up to 35 years if you put down more.

Mortgage Term

Every mortgage is separated into terms that last anywhere from 6 months to 10 years each. During every term, you’ll be committed to one lender and pay whatever fixed or variable interest rate you initially qualified for. Once your term is up, you can renew your contract or apply with a different lender to find better conditions.

Be careful, because while your present mortgage may not be ideal, most lenders will charge you a penalty to break your contract before your term is over. Not to mention, reapplying and getting approved with another lender isn’t always easy or cheap.

Payment Frequencies

Once you’ve been approved for a mortgage in Quebec City, you and your lender will work out a plan that separates the full cost of your loan into installments (including interest and fees). Generally speaking, you’ll have a few payment frequency options, such as:

Monthly = 12 installments annually
Semi-monthly = 24 installments annually
Weekly = 52 installments annually
Bi-weekly = 26 installment annually
Prepayments = Larger or earlier installments

Keep in mind that every mortgage is slightly different and some lenders won’t offer all these options or allow you to adjust your payment frequency mid-term, at least without a penalty. The conditions of your particular mortgage will also vary greatly depending on how healthy your finances are.

Debt problems can occur if you end up with a mortgage that you cannot afford, especially if you lose your job or suffer some other financial emergency during your repayment plan. Always choose your mortgage lender wisely and make sure they offer rates, terms, and payment frequencies that suit your financial needs.

Earning Mortgage Approval

That brings us to our next topic; how to get approved for a favourable mortgage in Quebec City. Remember, while housing prices fluctuate in different areas of the country, decent homes cost hundreds of thousands of dollars and most lenders can’t offer that kind of money to every applicant. Be sure to consider these factors before entering the approval process:

The OSFI Stress Test

As of 2018, all prospective home buyers must undergo the stress test, which was designed by the Office of the Superintendent of Financial Institutions to determine whether someone can actually make their mortgage after they’re approved.

During this test, your income, credit, and assets will be inspected to see if you can afford your installments, a good downpayment, as well as the interest you would be charged if Canadian rates were to climb over the course of your mortgage.

Finding Pre-Approval

Getting pre-approved is another essential aspect of the mortgage process in Quebec City. Similar to a stress test, lenders will look over your finances to determine whether you’re eligible. This may be done at your bank, credit union, or a lender that specializes in mortgages.

Once the pre-approval is done, you should know exactly how much money you would be approved for (if at all), the possible conditions of your repayment plan, and your interest rate for the first 60-120 days of your mortgage.

However, pre-approval only gives you an idea of what mortgage you can get if all goes well. The actual amount you’re approved for will depend mainly on the value of your potential home, as well as how much of a down payment you can make.

The Credit Check

Most lenders will check your credit report before they pre-approve you for a mortgage because it shows them how you’ve handled your previous credit products. Positive payment history and decent credit ratings are signs that you’re a responsible borrower.

Your credit score ranges from 300-900 and will also be used to measure your creditworthiness. A good credit score is anywhere from 660 to 900 but most mortgage lenders prefer that yours is at least 620-680 before they’ll consider you. Anywhere below that and you would risk getting an unfavourable mortgage or declined altogether.

Your Down Payment

Although you can find a mortgage if you have enough money for a small down payment, saving for a larger one will work in your favour because it can help you secure more money, lower payments, and get you out of debt quicker.

Not to mention that if you put down less than 20% of your home’s asking price, you will need to purchase mortgage default insurance, which is mandatory for high-ratio mortgages but would have otherwise been optional.

Mortgage Rates and Hidden Costs

In Quebec City, you’ll find the same mortgages as in the rest of Canada. However, mortgage rates differ from province to province. Typically, the more expensive a home is, the more mortgage debt you’ll have and the more interest you’ll pay over time.

Additionally, there may be a number of unexpected costs that come about when purchasing a home, such as:

Taxes (HST, GST, property, etc.)
Home inspections & appraisals
Administrative fees & loan origination
Moving & utilities
Furniture & appliances
Repairs & maintenance
Extras (internet, phone, etc.)

Your Finances

Remember, the stronger your finances are, the easier it is to secure a favourable mortgage in Quebec City. Although a good down payment and credit score are essential, so is a decent income, a large savings account, and a low amount of debt.

Overall, you must show your lender that you can afford all the costs associated with your mortgage and living situation, even if interest rates rise or you can’t work for some reason. If your finances aren’t stellar at first, you can also strengthen your application by offering collateral or finding a cosigner.

Mortgages Available In Canada

As mentioned previously, it’s always a good idea to spend some time comparing mortgage lenders, rates and offers before you apply. Here are some of the mortgages that are popular amongst prospective homeowners in Quebec City:

Conventional – Otherwise known as a “low ratio” mortgage, you will need a minimum down payment of 20%, a solid income and good credit in order to be approved. In this case, mortgage default insurance is optional.
High-Ratio – Although mortgage insurance is necessary here, this is the most common mortgage option for anyone who has an average income, moderate credit, and/or a down payment of less than 20%.
Fixed-Rate – If you’re able to lock in a low-interest rate during pre-approval, you can apply for a fixed-rate mortgage. Here, your rate won’t change during your mortgage term, making your payments easier to budget for.
Variable Rate – Here, your interest rate will fluctuate with the Bank of Canada’s prime rate. While you could pay more if rates increase during your mortgage term, you can surely save some money when they drop.
Closed – If you’re under a strict budget, a closed mortgage might be best because you’re only allowed to pay off a specific amount of debt each year. Unfortunately, penalties will apply for any prepayments you want to make.
Open – You can also apply for an open mortgage, where you won’t be charged if you want to pay your mortgage ahead of schedule.
Bridge Loans – A good solution for those with bad credit, a bridge loan allows you to cover the financial gap between closing dates when you’re looking to sell your current property and mortgage another.
Second Mortgage – If your current home has accumulated at least 20% equity, you can offer it as collateral in exchange for a loan or line of credit (HELOC). That product will then become your “second” mortgage until your primary mortgage is fully paid.

Your Mortgage Is Closer Than You Think

If you’ve been having trouble finding an affordable mortgage in Quebec City, don’t forget to contact the experts at Loans Canada. We can put you in contact with the best mortgage lenders, rates, and conditions in your area.

Get Started