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Mortgage Financing
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| Financing |
Characteristics |
Your Best Option If…. |
| Fixed-rate mortgage |
- Same rate for the entire term
- Rate set at the contract signing and guaranteed for a period of up to 120 days
- A 6-month to 10-year term. You can choose from various promotions depending on the chosen term, such as cashback or a reduced fixed rate.
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- …you prefer stability (equal payments throughout the term)
- …you want to plan from the start the amount that remains to be paid off at the end of your loan
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| Variable-rate mortgage |
- Variable-rate tied to fluctuations in the prime rate at Laurentian Bank
- Rates that fluctuate with fixed (varying capital-to-interest ratio) or variable payments
- Rate whose term can be converted at any time to a closed term equal to or higher than the remaining portion of the current term
- 3- or 5-year closed term
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- ...you are not very concerned with rate fluctuations
- …you want to take advantage of the lowest rate on the market
- …you want to pay back your mortgage very quickly
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| Mortgage line of credit |
- Variable rate tied to fluctuations in the prime rate at Laurentian Bank
- Choice of three types of repayments: interest only, a percentage of the balance, or a fixed amount
- Access to your funds at any time and your credit reserve rises at the same pace as your payments
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- ...you want more freedom and to have financing available when you want
- ...you’re looking for flexibility
- …you want to pay interest only on the amounts used
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| Homeowner's Kit |
- Allows you to modify the nature of your financing as you go, without a notorial act
- Only one notorial act to set up the warranty and no new notorial act for the mortgage
- Could be a good solution for you if your loan is lower than or equal to 80% of the property value
- Possibility of consolidating up to three mortgage instalments or a line of credit, and all the products keep all the features previously noted
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- ...you think you might want to change the nature of your financing along the way
- …you want to consolidate your debts under one roof and take advantage of a simplified source of funding
- …you want to benefit from a low interest rate
- …you want to lower your borrowing costs
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*Uninsured 1st rank mortgage only (80% or less of the property value)
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