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C$500,000 Mortgage of february 2024

Apply for C$500,000 Mortgage loans from companies verified by our specialists. On 27.02.2024 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
500000 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
Your loan amount
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Loan term
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Specify the loan term for the calculation

years
months
1
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Interest rate
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Mortgage Application Online of February 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 February 2024Mortgage Application Online of February 2024Mortgage Application Online of February 2024Mortgage Application Online of February 2024Mortgage Application Online of February 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 27.02.2024 from lenders in Canada.

40 383 C$
More
MDG
1
Removed money from my bank account, to apparently verify my bank account. Then denied my application because I live in a unorganized township that does not have a physical address...
Review
Money Mart
1
Bad customer service they can never fix your problems...
Review
GoDay
1.6
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review

A $500,000 mortgage in Canada is a loan for $500,000 that is used to purchase a home. The loan is typically secured by the home and is repaid over a period of time, usually 25 years, with regular payments that include both principal and interest. The amount of the monthly payments will depend on the interest rate, the length of the mortgage term, and the type of mortgage you choose.

What is a down payment on a $500,000.00 mortgage?

In Canada, a down payment on a $500,000 mortgage is typically at least 5% of the purchase price. For a $500,000 home, the minimum down payment would be $25,000. However, a larger down payment can result in a lower interest rate and monthly payments. It is also worth noting that for a home purchase over $500,000, the minimum down payment is increased to 10%.

Types of a $500,000.00 mortgage

A $500,000 mortgage in Canada typically requires a minimum down payment of 5% for a conventional mortgage, and a minimum down payment of 10% for a high-ratio mortgage.

There are several types of mortgages that you can choose from, including:

  • Fixed-rate mortgages: the interest rate remains the same for the entire term of the loan

  • Adjustable-rate mortgages (ARMs): the interest rate can change over time

  • Conventional mortgages: a mortgage that is not insured or guaranteed by a government agency

  • High-ratio mortgages: a mortgage that is insured by a government agency such as the Canada Mortgage and Housing Corporation (CMHC)

  • Open mortgages: a mortgage that can be prepaid or renegotiated at any time without penalty

  • Closed mortgages: a mortgage that has specific terms and conditions, and has a penalty for early repayment.

It's important to consider the type of mortgage that best suits your needs and financial situation. You should also consider the interest rate, amortization period, and the terms and conditions of the mortgage. It's always recommended to seek the advice of a mortgage professional, like a mortgage broker or bank advisor, to help you find the best mortgage options for you.

Monthly payments on a different $500,000.00 mortgage types?

The monthly payments on a $500,000.00 mortgage in Canada will depend on several factors such as the type of mortgage, the interest rate, and the amortization period. Here are a few examples of the monthly payments for different mortgage types:

  • Conventional mortgage: With a 5% down payment and a 30-year amortization period, the monthly payments for a $500,000.00 mortgage would be approximately $2,672.

  • High-ratio mortgage: With a 5% down payment and a 30-year amortization period, the monthly payments for a $500,000.00 mortgage would be approximately $2,672.

  • Variable-rate mortgage: With a 5% down payment and a 30-year amortization period, the monthly payments for a $500,000.00 mortgage would be approximately $2,672.

  • Fixed-rate mortgage: With a 5% down payment and a 30-year amortization period, the monthly payments for a $500,000.00 mortgage would be approximately $2,672.

It is important to note that these are approximate figures, and your actual payments will depend on your specific circumstances and lender.

Requirements

The requirements for a $500,000 mortgage in Canada may vary depending on the lender and type of mortgage, but generally, you will need to meet certain qualifications such as:

  • A down payment of at least 5% of the purchase price

  • A minimum credit score

  • Proof of income and employment

  • A debt-to-income ratio that falls within the lender's guidelines

  • A clear title to the property

  • Homeowners insurance

  • Meet lender's specific guideline

  • Meeting with a mortgage broker to help navigate the process and find the best mortgage options for you can be a great way to find the best mortgage for you. It is also important to keep in mind that interest rates, amortization periods, and other terms and conditions may vary depending on the type of mortgage you choose.

How to get step-by-step?

To get a step-by-step guide on obtaining a mortgage for $500,000 in Canada, you can follow these general steps:

  1. Check your credit score: Your credit score plays a big role in determining your mortgage rate and your chances of getting approved. Check your credit score and report to make sure there are no errors and to identify areas that need improvement.

  2. Determine how much you can afford: Look at your income, debts and expenses to determine how much you can afford for a mortgage payment. Use a mortgage affordability calculator to get an estimate.

  3. Get pre-approved: Before you start house hunting, it's a good idea to get pre-approved for a mortgage. This can give you a better idea of how much you can afford and can also give you an edge when making an offer on a house.

  4. Compare mortgage rates and products: Research different mortgage rates and products, and compare them to find the best option for you.

  5. Apply for a mortgage: Once you have found the right mortgage product and rate, you can apply for a mortgage. You'll need to provide information about your income, assets, debts, and employment.

  6. Provide documentation: Your lender will ask for documentation such as proof of income, proof of employment, and proof of assets.

  7. Closing: Once your mortgage application is approved, you'll need to close the mortgage. This includes signing the mortgage documents and paying closing costs.

  8. Make payments: Once your mortgage is closed, you'll need to make regular payments to your lender.

  9. Pay off your mortgage: There are several ways to pay off your mortgage early, such as making bi-weekly payments, increasing your payments or making lump sum payments.

  10. Review your mortgage: Review your mortgage regularly to make sure it still meets your needs and that you are not overpaying in interest.

Monthly mortgage payments

The monthly mortgage payments on a $500,000 mortgage will vary depending on the type of mortgage, the interest rate, and the term of the loan.

For a fixed-rate mortgage with a 30-year term, the monthly payments would be approximately $2,387 per month, at a 3.5% interest rate.

For a 15-year fixed-rate mortgage, the monthly payments would be approximately $3,430 per month, at a 3.0% interest rate.

For an adjustable-rate mortgage, the monthly payments would be lower at the beginning of the loan but may fluctuate over time, depending on the interest rate.

It's important to note that these are just estimates and actual monthly payments will depend on the lender and the borrower's specific financial situation. It's also recommended that you consult with a mortgage professional to get a more accurate estimate of the monthly payments on a $500,000 mortgage.

How to payoff $500,000.00 mortgage?

There are several ways to pay off a $500,000 mortgage:

  1. Make extra payments: You can make extra payments on top of your regular payments to pay off your mortgage faster. This will reduce the amount of interest you pay over the life of the loan.

  2. Refinance: You can refinance your mortgage to a lower interest rate, which will lower your monthly payments and help you pay off your mortgage faster.

  3. Bi-weekly payments: You can make bi-weekly payments instead of monthly payments. This will help you pay off your mortgage faster because you will be making 26 payments a year instead of 12.

  4. Make a lump sum payment: You can make a lump sum payment on your mortgage, which will reduce the amount of interest you pay over the life of the loan and help you pay off your mortgage faster.

  5. Increase your income: You can increase your income by getting a higher paying job or starting a side business, which will allow you to make larger mortgage payments.

  6. Reduce your expenses: You can reduce your expenses by cutting back on unnecessary expenses or finding ways to save money. This will give you more money to put towards your mortgage payments.

  7. Get a mortgage with a shorter term: You can get a mortgage with a shorter term, like 15-year fixed rate mortgage, which will have higher monthly payments but you will pay off your mortgage faster and pay less interest.

  8. Rent out a portion of your home: Rent out a portion of your home to generate extra income that you can use to make extra mortgage payments.

It is important to consider the pros and cons of each option and to consult with a financial advisor before making any decisions.

FAQ

How much income per year do I need to take out a mortgage for 500,000?

The amount of income needed to take out a mortgage for $500,000 will vary depending on the lender and the specific mortgage product you are applying for. However, as a general rule, most lenders will want to see that your income is sufficient to cover the mortgage payments, as well as any other recurring debts or expenses you may have. In Canada, the Gross Debt Service (GDS) ratio is generally used to determine how much of your income can go towards housing costs. The GDS ratio is calculated by dividing your housing costs (mortgage payments, property taxes, and heating costs) by your gross income. Lenders typically want to see a GDS ratio of no more than 39%. For example, if you are looking to take out a mortgage with a 25-year amortization and a 5-year fixed interest rate of 2.5%, your monthly mortgage payment would be approximately $2,385. To meet the GDS ratio of 39%, you would need to have an annual income of at least $120,000.

What credit score do you need for a 500k mortgage?

The credit score required for a $500,000 mortgage in Canada will vary depending on the lender and the type of mortgage. Generally, a higher credit score will result in better mortgage terms and rates. Lenders typically look for a credit score of at least 600-650, but some may require a higher score. Other factors that are considered include income, debt-to-income ratio, and down payment. It is best to check with different lenders and compare their requirements and rates to find the best option for you.