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C$550,000 Mortgage of february 2024

Apply for C$550,000 Mortgage loans from companies verified by our specialists. On 22.02.2024 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
550000 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$
Loan term
0 months
Monthly payment*
i

Here is the average Mortgage overpayment on 22.02.2024 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 $550,000 mortgage in Canada is a loan that a borrower takes out to purchase a property with a purchase price of $550,000. The mortgage loan is typically secured by the property and is to be repaid over a period of time, usually 25 years, with interest. The borrower will make monthly payments to the lender, which will consist of both principal and interest. The terms and conditions of the loan, including the interest rate, will vary depending on the lender and the specific mortgage product chosen.

What is a down payment on a $550,000.00 mortgage?

A down payment on a $550,000 mortgage in Canada would typically be at least 5% of the purchase price, which would be $27,500. However, the amount of the down payment can vary depending on the type of mortgage and the lender's requirements. Some mortgages may require a higher down payment, while others may allow for a lower down payment or even no down payment at all. Additionally, some lenders may require mortgage insurance if the down payment is less than 20% of the purchase price.

Types of a $550,000.00 mortgage

A $550,000 mortgage in Canada can come in several different types, such as:

  1. Conventional Mortgage: A conventional mortgage is a loan that is not insured by the government. Borrowers typically need a down payment of at least 20% of the purchase price in order to qualify for a conventional mortgage.

  2. High-Ratio Mortgage: A high-ratio mortgage is a loan where the down payment is less than 20% of the purchase price. These types of mortgages require mortgage default insurance, which is typically added to the mortgage amount.

  3. Fixed-Rate Mortgage: A fixed-rate mortgage has an interest rate that stays the same for the entire term of the loan, usually 5, 7 or 10 years.

  4. Adjustable-Rate Mortgage (ARM): An adjustable-rate mortgage has an interest rate that can change periodically, usually every year.

  5. Hybrid Mortgage: A hybrid mortgage combines features of a fixed-rate and adjustable-rate mortgage.

The specific requirements and monthly payments for a $550,000 mortgage will vary depending on the type of mortgage, the down payment, and the interest rate. It's best to consult with a mortgage professional to get a detailed breakdown and help you choose the best option for your specific needs and financial situation.

Monthly payments on a different 550,000.00 mortgage types?

The monthly payments on a $550,000 mortgage in Canada would depend on the type of mortgage, the interest rate, and the amortization period.

For a conventional mortgage, the minimum down payment required is typically 5% of the purchase price, which would be $27,500 for a $550,000 home.

The most common types of mortgages in Canada are fixed-rate and variable-rate mortgages. A fixed-rate mortgage has an interest rate that stays the same for the term of the mortgage, while a variable-rate mortgage's interest rate can change over time.

Using an online mortgage calculator can give you an idea of the monthly payments for different interest rates and amortization periods. It is also important to consider other costs such as property taxes and insurance in your calculations.

It is also worth noting that lenders will also look at your credit score, income, and debt-to-income ratio when determining your eligibility for a mortgage.

Requirements

The requirements for a $550,000 mortgage in Canada can vary depending on the lender and type of mortgage. Generally, lenders will look at your credit score, income, debt-to-income ratio, and down payment amount. A down payment of at least 5% is required for a conventional mortgage, while a higher down payment may be required for a high-ratio mortgage. You may also need to provide proof of income, employment, and assets. Additionally, you may be required to purchase mortgage default insurance if your down payment is less than 20%.

How to get step-by-step?

To get a step-by-step guide on obtaining a $550,000 mortgage in Canada, you can follow these steps:

  1. Determine your budget: Before you start looking for a mortgage, it's important to know how much you can afford to spend on a home. Use a mortgage calculator to determine how much you can afford to borrow based on your income and expenses.

  2. Review your credit score: A good credit score is important for getting a mortgage with favorable terms. Review your credit score and take steps to improve it if necessary.

  3. Shop around for a mortgage: Compare mortgages from different lenders to find the best rate and terms. Be sure to consider the interest rate, fees, and other costs associated with the loan.

  4. Submit your application: Once you've found a mortgage you're interested in, submit an application to the lender. Be prepared to provide information about your income, employment, and assets.

  5. Get pre-approved: Once your application is approved, you'll receive a pre-approval letter that you can use when shopping for a home. This letter will show sellers that you're a serious buyer and can afford the home you're interested in.

  6. Close the loan: Once you've found a home and the seller has accepted your offer, you'll work with the lender to complete the loan process. This includes completing a home appraisal, providing proof of insurance, and signing the loan documents.

  7. Start Making payments: Once your mortgage is approved and closed, you'll start making regular payments to the lender according to the terms of the loan.

Please note that the above steps are general and may vary depending on the lender or the type of mortgage you choose. It is important to consult with a mortgage professional or a financial advisor to get a personalized and comprehensive information.

Monthly mortgage payments

The monthly mortgage payments on a $550,000.00 mortgage in Canada will depend on a few factors such as the type of mortgage, the interest rate, and the amortization period.

For example, if you were to get a 5-year fixed-rate mortgage with a 3.5% interest rate and a 25-year amortization period, your monthly mortgage payments would be approximately $2,574.

However, if you were to get a 5-year adjustable-rate mortgage with a 2.5% interest rate and a 25-year amortization period, your monthly mortgage payments would be approximately $2,275.

It is important to note that these are just estimates and that actual mortgage payments will depend on individual factors such as credit score, debt-to-income ratio and the lender's policies. It's also worth noting that a down payment of at least 5% is required for a mortgage of this size in Canada. It's best to consult with a mortgage broker or lender to get an accurate estimate of your monthly mortgage payments, and also to understand the requirements for getting a mortgage in Canada.

How to payoff $550,000.00 mortgage?

To payoff a $550,000.00 mortgage in Canada, you can follow these steps:

  1. Determine the remaining balance of your mortgage: This can be found on your monthly mortgage statement or by contacting your lender.

  2. Calculate your mortgage interest rate: This can also be found on your monthly statement or by contacting your lender.

  3. Create a budget and set a goal: Determine how much extra you can afford to pay towards your mortgage each month, and set a goal for when you want to pay off your mortgage.

  4. Make extra payments: Pay more than your regular monthly mortgage payments to reduce the outstanding balance faster.

  5. Make bi-weekly payments: Instead of making monthly payments, consider making half payments every two weeks. This will result in one extra payment per year.

  6. Make a lump sum payment: Consider making a lump sum payment once or twice a year, if you have additional funds available.

  7. Refinance: If interest rates have dropped, you may be able to refinance your mortgage and get a lower interest rate, which can help you pay off your mortgage faster.

  8. Seek professional advice: Consult a financial advisor or mortgage broker for personalized advice on how to pay off your mortgage faster.

It's important to note that the final amount and the number of years to pay off a mortgage depends on many factors such as: the mortgage type, interest rate, amortization period, and the payments you make. As a general rule, the shorter the amortization period and the higher the payments, the faster you will be able to pay off your mortgage.

FAQ

How much income per year do I need to take out a mortgage for 550,000?

The amount of income you need to take out a mortgage for $550,000 in Canada will depend on a number of factors, including the size of your down payment, the type of mortgage you are seeking, and your credit score. Generally, lenders will want to see that you have a stable income and a good credit history before approving a mortgage of this size. It's also important to note that the amount of income you need will also depend on the size of your down payment and the interest rate on your mortgage.

As a rough estimate, you may need to have an annual income of around $100,000 or more to qualify for a mortgage of $550,000, with a down payment of 20% or more and a good credit score. But it's always best to check with a mortgage broker or lender for a more accurate assessment of your specific situation.

What credit score do you need for a 550k mortgage?

The minimum credit score required for a mortgage in Canada can vary depending on the lender and the type of mortgage. However, generally speaking, a credit score of at least 600 is usually required to qualify for a mortgage.

Having a higher credit score can make it easier to qualify for a mortgage and can also lead to better mortgage terms, such as a lower interest rate. However, it's worth noting that other factors, such as income, debt-to-income ratio, and down payment, are also taken into account when determining whether an individual is eligible for a mortgage.

It's also important to keep in mind that the required income for a mortgage of $550,000 will vary depending on the interest rate, amortization period, and other factors. It is best to consult with a mortgage specialist for a personalized assessment and guidance.