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Types of Mortgage Rates and Financing

Mortgage Financing
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.
  • …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
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
  • 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
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
  • want more freedom and to have financing available when you want
  •’re looking for flexibility
  • …you want to pay interest only on the amounts used
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
  • 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

*Uninsured 1st rank mortgage only (80% or less of the property value)

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