C$300,000 Mortgage of april 2024

Apply for C$300,000 Mortgage loans from companies verified by our specialists. On 21.04.2024 you have access to 16 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.
Offers: 16
Updated
02.02.2023
07:23
Mogo
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
Rate
i

Effective interest rate on the product

4.46%
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$10,000-$100,000,000
Rate
i

Effective interest rate on the product

up to 4.95%
Term
i

Loan term for the financial product

up to 10 years
Think Financial
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$50,000-$500,000
Rate
i

Effective interest rate on the product

up to 5.19%
Term
i

Loan term for the financial product

up to 25 years

Get 1% cashback on your mortgage value (Up to $9,250*) mortgage cashback

CHIP Reverse Mortgage
Reverse Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100,000-$500,000
Rate
i

Effective interest rate on the product

up to 7.67%
Term
i

Loan term for the financial product

up to 25 years
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$1,000-$10,000,000
Rate
i

Effective interest rate on the product

up to 4.94%
Term
i

Loan term for the financial product

up to 40 years
Alpine Credits
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$10,000-$500,000
Rate
i

Effective interest rate on the product

up to 22.99%
Term
i

Loan term for the financial product

up to 60 months
Invis
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$50,000-$400,000
Rate
i

Effective interest rate on the product

up to 6.09%
Term
i

Loan term for the financial product

up to 10 years
Centum
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100,000-$6,000,000
Rate
i

Effective interest rate on the product

up to 4.59%
Term
i

Loan term for the financial product

up to 10 years
Easyfinancial
Home Equity Loans
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$15,000-$75,000
Rate
i

Effective interest rate on the product

from 9.99%
Term
i

Loan term for the financial product

72 - 240 months
First National
Mortgage
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$100,000-$1,000,000
Rate
i

Effective interest rate on the product

up to 7.3%
Term
i

Loan term for the financial product

up to 30 years
300000 Mortgage calculator
Calculation of a mortgage loan at any bank
Loan amount
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Specify the desired loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Down payment
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Specify the percentage of the down payment

%
C$
5
90
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Interest rate
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Mortgage Application Online of April 2024
Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years

You are able to get mortgage with discount. You can receive money in: 15m

Mortgage Application Online of April 2024Mortgage Application Online of April 2024Mortgage Application Online of April 2024Mortgage Application Online of April 2024Mortgage Application Online of April 2024
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Loan amount
0 C$
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0 months
Monthly payment*
i

Here is the average Mortgage overpayment on 21.04.2024 from lenders in Canada.

40 383 C$
More
Royal Bank of Canada
4.6
I appreciate the transparency in the loan terms provided by Royal Bank of Canada, with no hidden fees or charges.
Review
Royal Bank of Canada
4.4
RBC provided me with a flexible loan repayment schedule, making it easier to manage.
Review
Royal Bank of Canada
2.4
I encountered some hidden fees when repaying the loan with RBC, making it more expensive than I expected.
Review
Royal Bank of Canada
2
Unfortunately, the loan terms offered to me by RBC turned out to be less favorable than those of other banks.
Review
Royal Bank of Canada
4.2
It's very convenient to use RBC's online services to manage my loan and make monthly payments.
Review
Royal Bank of Canada
4.2
I obtained my home loan with RBC, and they were very flexible in setting terms that suited my financial capabilities.
Review

A $300,000 mortgage in Canada is a loan that is used to purchase a home or property that costs $300,000 or more. The loan is typically secured by the property and is repaid over a period of several years, usually 25 years or less. The borrower makes monthly payments to the lender, which include both the principal and the interest.

To get a $300,000 mortgage in Canada, you will typically need to provide the lender with proof of your income and credit history, as well as a down payment of at least 20% of the purchase price. You will also need to pay closing costs, which can include legal fees, appraisal fees, and other miscellaneous expenses.

It's always good to consult with a mortgage broker or lender to get a more accurate assessment of what are the requirements and what type of mortgage you'll need for your mortgage.

What is a down payment on a $300,000.00 mortgage?

A down payment on a $300,000.00 mortgage in Canada is a sum of money that is paid upfront to the lender at the time of closing the mortgage. The amount of the down payment is typically a percentage of the purchase price and is usually required as a condition for approving the mortgage loan.

In Canada, the minimum down payment for a mortgage on a property that costs $500,000 or less is 5%. If the property costs more than $500,000, the minimum down payment is 5% on the first $500,000 and 10% on the remaining amount.

For a $300,000 mortgage, this means that the minimum down payment will be $15,000 (5% of $300,000). If you put less than 20% down payment on your home, you will need to buy mortgage default insurance, which protects the lender in case you are unable to make your mortgage payments.

It's important to note that having a larger down payment can potentially result in lower interest rates, better loan terms, and lower monthly payments.

Types of a $300,000.00 mortgage

There are several types of $300,000.00 mortgages available in Canada, including:

  1. Fixed-rate mortgages: These mortgages have an interest rate that remains the same throughout the entire term of the loan. This type of mortgage is popular among borrowers who want the security of knowing their monthly payments will not change.

  2. Adjustable-rate mortgages (ARMs): These mortgages have an interest rate that fluctuates based on market conditions. They are often used by borrowers who plan to sell or refinance their home before the rate adjusts.

  3. Hybrid mortgages: These mortgages have a fixed interest rate for a certain period of time, after which it converts to an adjustable rate.

  4. High-ratio mortgages: This type of mortgage is for borrowers who have a down payment of less than 20% of the purchase price and require mortgage default insurance.

  5. Low-ratio mortgages: This type of mortgage is for borrowers who have a down payment of 20% or more of the purchase price, and do not require mortgage default insurance.

  6. Open mortgages: These mortgages can be prepaid or renegotiated at any time without penalty.

  7. Closed mortgages: These mortgages have a set term and usually have penalties if they are prepaid or renegotiated before the term is over.

It's important to consider different options and choose the one that best suits your financial situation and future plans. It's always a good idea to get pre-approved and consult with a mortgage broker or bank before making any final decisions.

Monthly payments on a different $300,000.00 mortgage types?

The monthly payments on a $300,000 mortgage in Canada will vary based on the type of mortgage you choose and your interest rate.

  • For a fixed-rate mortgage, your monthly payments will remain the same for the duration of the mortgage term. The most common terms are 5, 7, 10, and 25 years.

  • For a variable-rate mortgage, your monthly payments will fluctuate with changes in the prime lending rate.

The interest rate you receive will depend on a variety of factors, including your credit score, down payment, and the length of the mortgage term. It is important to compare different types of mortgages and interest rates to find the best option for your situation. It would be ideal to consult a financial advisor or a mortgage broker to get a more accurate information based on your personal financial situation

Requirements

The requirements for a $300,000 mortgage in Canada will vary depending on the lender and type of mortgage.

  • Down payment: For a conventional mortgage, you will typically need to make a down payment of at least 20% of the purchase price. For a high-ratio mortgage (less than 20% down payment), you will need to purchase mortgage default insurance.

  • Income: Lenders will typically require proof of income, such as pay stubs or income tax returns, to determine your ability to make mortgage payments. The amount of income required will depend on factors such as the size of the mortgage, the interest rate, and your credit score.

  • Credit score: A good credit score is a key factor in qualifying for a mortgage. A credit score of at least 600 is generally considered the minimum for mortgage approval, however, higher scores will generally result in more favorable terms.

  • Employment : Lenders also want to see that you have a stable employment history and income, and will typically ask for proof of employment and income through pay stubs and/or income tax returns.

  • Other debts and obligations: Lenders will also consider your other debts and obligations, such as credit card balances and car loans, when determining your mortgage eligibility.

It's important to note that lenders have different requirements and standards, so it's a good idea to shop around and compare offers from different lenders to find the best mortgage for your situation. It would be ideal to consult a financial advisor or a mortgage broker to get a more accurate information based on your personal financial situation.

How to get step-by-step?

To get a step-by-step process for obtaining a $300,000 mortgage in Canada, you can follow these general steps:

  1. Review your credit score and credit history to ensure they meet the minimum requirements set by lenders.

  2. Determine how much of a down payment you can afford and what type of mortgage best suits your needs.

  3. Shop around for the best mortgage rate and terms from various lenders.

  4. Provide the necessary documentation such as proof of income, employment, and assets to the lender.

  5. Complete a mortgage application and agree to a mortgage credit check.

  6. Wait for the lender to approve or deny the mortgage application.

  7. If approved, review and sign the mortgage documents.

  8. Close on the mortgage and provide the down payment and closing costs.

It is also important to note that the requirements for a $300,000 mortgage may vary based on the lender, the type of mortgage and your credit history. Income and credit score requirements can vary significantly depending on the lender, but generally, an annual income of at least $70,000 and a credit score of at least 600 is considered the minimum. It is important to speak with a mortgage broker or lender to get a more accurate idea of the requirements and the documentation you will need to provide

How to payoff $300,000.00 mortgage?

A $300,000 mortgage can be paid off by making regular monthly payments over the course of the mortgage term, which is typically 25 years. The amount of the monthly payments will depend on the interest rate, the type of mortgage, and the amount of the down payment. To pay off the mortgage early, you can make larger payments or make extra payments towards the principal balance. Additionally, you can refinance to a shorter term or to a lower interest rate to help pay off the mortgage faster.

FAQ

How much income per year do I need to take out a mortgage for 300,000?

The amount of income you need to take out a mortgage for $300,000 will depend on a variety of factors including your credit score, the amount of your down payment, and your debt-to-income ratio. In Canada, typically, lenders want to see that your total housing costs (mortgage payments, property taxes, heat, etc) do not exceed 32% of your gross income and your total debt payments (including mortgage, credit cards, car loans, etc) do not exceed 40% of your gross income. However, this can vary depending on the lender and the type of mortgage you are applying for. A higher income, larger down payment, and a higher credit score will generally be required for a $300,000 mortgage.

What credit score do you need for a 300k mortgage?

The credit score required for a $300,000 mortgage can vary depending on the lender and the type of mortgage you are applying for. In Canada, a credit score of 600 or higher is generally considered to be a minimum for a conventional mortgage, but some lenders may approve loans for borrowers with lower scores. For a government-insured mortgage, such as those backed by the Canada Mortgage and Housing Corporation (CMHC), a minimum credit score of 600 is typically required. However, with a higher credit score, you will generally be eligible for better mortgage rates and terms. It's important to note that your credit score is just one factor that lenders consider when determining whether to approve your mortgage application. Your income, debt-to-income ratio, and the size of your down payment are also important factors that will be taken into account.