Let's find the mortgage professional who can guide you!
At Immocalcul, we work for you, independent of any banner, and find the right specialist for your real estate project according to your true needs.
En tant que courtier hypothécaire, je déniche le produit financier idéal, adapté à votre situation unique. “Philippe Limoges Ratté - Multi-prêts”
What type of mortgage product are you looking for?
New Real Estate Purchase
Mortgage Refinancing
Bank Pre-approval
Find the right mortgage rate.
At Immocalcul, we believe that talking with real experts to find the ideal mortgage rate allows you to focus on what's important and do what you're really passionate about.
What makes ImmoCalcul the most complete universe for real estate?
Does the Lowest Rate Guarantee the Best Deal?
When looking to obtain a mortgage, a low interest rate offer might seem attractive. However, it's not always synonymous with the best deal.
Benefits of a Low Interest Rate
A reduced rate can indeed save you money on the total cost of your loan.
Other Factors to Consider
But other elements need to be considered, such as closing costs, repayment terms, and the type of rate (fixed or variable). Moreover, some offers might have penalties for early repayment, hindering an early settlement of your loan.
The Dilemma: Fixed or Variable Rate
Fixed rates guarantee stability, while variable rates can be beneficial but fluctuating. It's crucial to determine your preferences and needs.
Conclusion
A low interest rate doesn't necessarily mean a better deal. Consult a mortgage expert to determine the best offer for your situation.
Advantages of the S.C.H.L
Mortgages associated with a down payment of less than 20% often have higher rates and require insurance according to legislation.
Mortgage Insurance
It plays a key role in ensuring competitive interest rates, even with a low down payment. Additionally, this insurance maintains the stability of the real estate market, especially during tense economic periods. In cases of repayment difficulties, it intervenes to repay the lender.
Insurance Payment Terms
You can pay the insurance premium at the time of purchase or include it in your loan. However, insurance is limited to properties worth up to 1 million dollars.
Down Payment Requirements
For a property worth up to $500,000, a 5% down payment is required. Beyond that, an additional 10% of the exceeding amount is demanded.
Strategies to Minimize Mortgage Loan Costs
Fees associated with a mortgage can significantly weigh down your monthly expenses. Yet, various approaches can lighten these costs. Learn how to save on your loan.
Opt for a Competitive Interest Rate
The interest rate greatly influences the overall cost of your loan over its entire duration. Compare offers from different lenders to get the most favorable rate.
Prefer a Shorter Repayment Term
Repaying over a shorter period might increase your monthly payments, but you'll save on the total interest amount over the loan's lifespan.
Make Additional Payments
If your budget allows, add extra payments. This will help you settle your loan faster and save on interest.
Consider Refinancing
If interest rates have dropped since getting your original loan, think about refinancing to take advantage of this decrease. However, remember to consider refinancing fees to determine if this option is profitable.
Minimize Ancillary Fees
Closing costs, documentation fees, brokerage fees... These additional costs can add up to a significant amount. Make sure you understand them and try to minimize them as much as possible.