C$400,000 Mortgage of may 2024

Apply for C$400,000 Mortgage loans from companies verified by our specialists. On 29.05.2024 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®
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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
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Effective interest rate on the product

4.46%
Rating by Finanso®
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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
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
400000 Mortgage calculator
Calculation of a mortgage loan at any bank
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Mortgage Application Online of May 2024
Mortgage amount:
200000 C$
2500000 C$
Term:
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30 years

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

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Here is the average Mortgage overpayment on 29.05.2024 from lenders in Canada.

40 383 C$
More
Royal Bank of Canada
4.6
RBC provided me with a loan with competitive terms, allowing me to save on interest rates.
Review
Royal Bank of Canada
4.2
Thanks to the loan from RBC, I was able to fulfill my dream of buying a car without experiencing financial difficulties.
Review
Royal Bank of Canada
2
I feel that the interest rates on loans from RBC are slightly higher compared to other banks, making them less attractive to customers.
Review
Royal Bank of Canada
2
When attempting to restructure my loan with RBC, I encountered inconveniences and delays in processing my request.
Review
Royal Bank of Canada
1.8
Customer service at Royal Bank of Canada branches leaves much to be desired, with staff not always willing to help and showing little attention to customer concerns.
Review
Royal Bank of Canada
4.6
Thanks to the loan from RBC, I was able to realize my financial plans and make long-awaited purchases.
Review

A $400,000 mortgage in Canada is a loan that is taken out to purchase a property with a purchase price of $400,000. The loan is typically paid back over a period of 25 to 30 years, with monthly payments that include both interest and principal. The specific terms of a $400,000 mortgage will depend on the lender and the type of mortgage product that is chosen.

To be eligible for a $400,000 mortgage, you will typically need to have a good credit score, a stable income, and a down payment of at least 5% of the purchase price. Additionally, you may need to provide documentation such as proof of income, employment, and assets.

The types of mortgages available include fixed-rate mortgages, adjustable-rate mortgages (ARM), and government-insured mortgages (such as FHA and VA loans). The monthly payments for a $400,000 mortgage will vary depending on the interest rate, term length, and type of mortgage

What is a down payment on a $400,000.00 mortgage?

A down payment on a $400,000.00 mortgage in Canada typically ranges from 5% to 20% of the purchase price, depending on the type of mortgage loan and the lender's requirements. For example, if the down payment is 5%, the borrower would need to provide $20,000 as a down payment. If the down payment is 20%, the borrower would need to provide $80,000 as a down payment. It's important to note that the larger the down payment, the lower the risk for the lender and the more favorable the terms of the mortgage may be for the borrower.

Types of a $400,000.00 mortgage

The types of a $400,000 mortgage in Canada can include:

  1. Conventional mortgage: This type of mortgage is not insured by the government and typically requires a down payment of at least 20% of the purchase price.

  2. High-ratio mortgage: This type of mortgage is insured by the government and typically requires a down payment of less than 20% of the purchase price.

  3. Fixed-rate mortgage: This type of mortgage has an interest rate that stays the same for the entire term of the loan.

  4. Adjustable-rate mortgage (ARM): This type of mortgage has an interest rate that changes over time, usually in relation to a financial index.

  5. Hybrid mortgage: This type of mortgage is a combination of a fixed-rate and adjustable-rate mortgage.

  6. Combination mortgage: This type of mortgage allows you to combine different types of mortgages, such as a fixed-rate and adjustable-rate mortgage or a high-ratio and conventional mortgage.

It's important to note that the requirements for each type of mortgage can vary depending on the lender and the specific program.

Monthly payments on a different $400,000.00 mortgage types?

The monthly payments for a $400,000 mortgage will vary depending on the type of mortgage, the interest rate, and the length of the mortgage term.

For example, with a fixed-rate mortgage, the monthly payments will be the same for the entire term of the mortgage. With a variable-rate mortgage, the monthly payments may change if the interest rate changes.

A 30-year fixed-rate mortgage at a 4% interest rate would have a monthly payment of approximately $1,909. A 15-year fixed-rate mortgage at the same interest rate would have a monthly payment of approximately $2,958.

It is important to note that these are just examples, and the monthly payments may be different depending on the lender, the down payment, and other factors. It is recommended that you consult with a mortgage professional or use a mortgage calculator to get an accurate estimate of the monthly payments for your specific situation

Requirements

The requirements for obtaining a $400,000 mortgage in Canada can vary depending on the lender and the type of mortgage being applied for. Generally, the following are required:

  • Proof of income, such as pay stubs, tax returns, and proof of employment

  • Proof of assets, such as bank statements and investment accounts

  • Proof of down payment, if required

  • Good credit score and history

  • Proof of property insurance

It's also important to note that the minimum down payment for a home over $500,000 is 5% of the first $500,000 and 10% on the remaining amount.

How to get step-by-step?

To get a step-by-step process for obtaining a $400,000 mortgage in Canada, you should follow these general steps:

  1. Check your credit score and work to improve it if necessary.

  2. Determine how much you can afford for a down payment and a monthly mortgage payment.

  3. Shop around for different mortgage options and compare rates from various lenders.

  4. Choose the mortgage that best fits your needs and budget.

  5. Complete a mortgage application and provide the necessary documentation.

  6. Get pre-approved for a mortgage.

  7. Find a property and make an offer.

  8. Get a home inspection and appraisal.

  9. Close on the mortgage and the sale of the property.

Please note that this is a general overview of the mortgage process and that requirements, down payments, and interest rates can vary depending on the lender, your credit score, and the type of mortgage you choose. It's always best to consult with a mortgage professional or financial advisor to get a more detailed understanding of the process and what to expect.

Monthly mortgage payments

The monthly mortgage payments for a $400,000 mortgage will depend on several factors including the interest rate, the length of the loan, and the type of mortgage. Generally, the longer the loan term, the lower the monthly payments will be, but the total interest paid will be higher. The interest rate also plays a significant role in determining the monthly payments, as a higher interest rate will result in higher monthly payments. It is best to speak with a mortgage lender or use a mortgage calculator to get an estimate of the monthly payments for a specific $400,000 mortgage.

How to payoff $400,000.00 mortgage?

To pay off a $400,000.00 mortgage, you can make extra payments towards the principal balance on top of your regular monthly payments. You can also increase the frequency of your payments from monthly to bi-weekly or weekly, which can help you pay off the mortgage faster. Another option is to refinance your mortgage to a shorter term or a lower interest rate. It is important to speak with a financial advisor or mortgage specialist to determine which strategy is best for your individual situation.

FAQ

How much income per year do I need to take out a mortgage for 400,000?

The amount of income needed to take out a mortgage for $400,000 in Canada can vary depending on the lender and the type of mortgage. However, as a general rule, lenders typically look for a total debt service ratio (TDS) of no more than 44% to qualify for a mortgage. This means that your total monthly housing costs, including the mortgage payment, property taxes, and heating costs, should be no more than 44% of your gross monthly income. Additionally, lenders will also consider your credit score, down payment, and other factors when determining your eligibility for a mortgage.

What credit score do you need for a 400k mortgage?

The credit score required for a $400,000 mortgage can vary depending on the lender and the type of mortgage. Generally speaking, a higher credit score will result in better mortgage terms, such as a lower interest rate. In Canada, the minimum credit score typically required for a mortgage is 600, but some lenders may require a higher score. It is also worth noting that a higher income and a larger down payment can help offset a lower credit score. It is always best to consult with a mortgage broker or lender to determine the specific credit score requirements for a $400,000 mortgage.