C$600,000 Mortgage of may 2024

Apply for C$600,000 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®
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
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
600000 Mortgage calculator
Calculation of a mortgage loan at any bank
Loan amount
i

Specify the desired loan amount

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

Loan amount

CAD
CAD
USD
50000 C$
1000000 C$
Down payment
i

Specify the percentage of the down payment

%
C$
5
90
Your loan amount
C$
Loan term
i

Specify the loan term for the calculation

years
months
1
30
Interest rate
i

Choose the interest rate on the loan

1 %
30 %
Type of payments
i

Specify the type of payment for calculating

Mortgage Application Online of May 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 May 2024Mortgage Application Online of May 2024Mortgage Application Online of May 2024Mortgage Application Online of May 2024Mortgage Application Online of May 2024
Your data is securely protected. Will not affect your Credit Score.
Loan amount
0 C$
Loan term
0 months
Monthly payment*
i

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 $600,000 mortgage in Canada would likely be a standard amortizing mortgage with a repayment term of 25 years. The interest rate and monthly payments would depend on the lender and the borrower's creditworthiness. The borrower would also need to make a down payment of at least 5% of the purchase price, which in this case would be $30,000. The borrower would also be required to have a sufficient income, a good credit score and a debt-to-income ratio that meets the lender's requirements.

What is a down payment on a $600,000.00 mortgage?

The minimum down payment required for a mortgage on a property valued at $600,000 or less in Canada is 5% of the purchase price. For a property valued at $600,000, the minimum down payment would be $30,000. However, if the purchase price is more than $500,000, an additional down payment of 10% of the portion of the purchase price above $500,000 will be required. This means that for a property valued at $600,000, the minimum down payment would be $35,000. It is worth noting that these are minimum requirements and many lenders will require a larger down payment.

Types of a $600,000.00 mortgage

In Canada, there are several types of mortgages that can be used to purchase a home with a $600,000.00 mortgage, including:

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

  2. High-ratio mortgage: This type of mortgage is insured by the Canada Mortgage and Housing Corporation (CMHC) and allows for a down payment as low as 5%.

  3. Flexible mortgage: This type of mortgage allows borrowers to make extra payments, pay off the mortgage faster, or skip payments.

  4. Fixed-rate mortgage: This type of mortgage has an interest rate that stays the same for the entire term of the mortgage, typically 5 years or more.

  5. Variable-rate mortgage: This type of mortgage has an interest rate that changes with the prime lending rate.

  6. Combination mortgage: This type of mortgage allows you to split your mortgage between a fixed and variable rate.

It is important to compare the different types of mortgages and their terms, and consult with a mortgage professional to determine which type of mortgage is best for your individual financial situation.

Monthly payments on a different $600,000.00 mortgage types?

The monthly payments on a $600,000 mortgage will depend on the type of mortgage, the interest rate, and the term of the mortgage. For example, a 30-year fixed-rate mortgage with a 4% interest rate would have a monthly payment of approximately $2,864, while a 15-year fixed-rate mortgage with the same interest rate would have a monthly payment of approximately $4,432. Other types of mortgages, such as adjustable-rate mortgages or interest-only mortgages, would have different monthly payments. To get an accurate estimate of the monthly payments for a specific mortgage type and rate, it is best to speak with a mortgage lender or use an online mortgage calculator.

Requirements

The requirements for a $600,000 mortgage in Canada can vary depending on the lender and type of mortgage. Generally, some of the requirements may include:

  • A down payment of at least 5% of the purchase price, which would be $30,000 for a $600,000 mortgage.

  • Proof of income, such as pay stubs, tax returns, and a letter of employment.

  • A good credit score, typically a minimum of 600 or higher.

  • Evidence of assets, such as bank statements and investments.

  • A valid government-issued ID and proof of legal status in Canada.

It's important to note that these requirements may vary depending on the type of mortgage and lender, and it's a good idea to speak with a mortgage broker or lender to get a more detailed understanding of the specific requirements.

How to get step-by-step?

The process of getting a mortgage in Canada typically involves the following steps:

  1. Determine how much you can afford to borrow: This will depend on your income, credit score, and other factors. You can use an online mortgage calculator or speak with a mortgage broker to get an idea of how much you can afford.

  2. Get pre-approved: Once you have an idea of how much you can afford, you can get pre-approved for a mortgage. This will give you an idea of what interest rates you qualify for and how much you can borrow.

  3. Find a property: With pre-approval in hand, you can start shopping for a property. Keep in mind that the purchase price of the property will need to be within the amount you are pre-approved for.

  4. Hire a home inspector: Before making an offer on a property, it's a good idea to hire a home inspector to check for any issues with the property.

  5. Make an offer: Once you've found a property you like and had it inspected, you can make an offer.

  6. Get a mortgage: If your offer is accepted, you'll need to get a mortgage. This will involve submitting documentation such as income statements and proof of employment, as well as going through a credit check.

  7. Close the deal: Once your mortgage has been approved, you'll need to close the deal. This will involve paying closing costs and transferring the ownership of the property to you.

Monthly mortgage payments

The monthly mortgage payments for a $600,000 mortgage in Canada will vary depending on the type of mortgage, the interest rate, and the amortization period.

Here are some examples of monthly mortgage payments for a $600,000 mortgage in Canada:

  • For a fixed-rate mortgage with a 5% interest rate and a 25-year amortization period, the monthly mortgage payment would be approximately $3,219.

  • For a fixed-rate mortgage with a 3% interest rate and a 25-year amortization period, the monthly mortgage payment would be approximately $2,622.

  • For a variable-rate mortgage with a 2.5% interest rate and a 25-year amortization period, the monthly mortgage payment would be approximately $2,539.

Please note that these examples are approximate calculations and the actual monthly mortgage payments may vary depending on the lender and individual circumstances.

It's also important to note that down payment requirement in Canada is at least 5% of the total value of the home.

It's important to speak to a lender to get a more accurate estimate of the monthly mortgage payments, as well as to understand the requirements and qualifications for a mortgage in Canada.

How to payoff $600,000.00 mortgage?

To pay off a $600,000 mortgage, you will need to make regular monthly payments to your lender. The amount of your monthly payments will depend on the type of mortgage you have, the interest rate, and the length of your loan term. You can pay off your mortgage early by making larger payments or by increasing the frequency of your payments. Additionally, you can refinance your mortgage to a lower interest rate to help you pay it off faster.

To get step-by-step instructions on how to pay off your $600,000 mortgage, you should contact your lender or a financial advisor for personalized advice. They can help you understand your options and create a plan that works for you.

It's important to remember that paying off a mortgage early can have some tax implications and it's always best to consult a financial advisor or tax professional to understand the full impact on your personal finances.

FAQ

How much income per year do I need to take out a mortgage for 600,000?

The amount of income you need to take out a mortgage for $600,000 in Canada will depend on various factors such as your credit score, down payment, and the mortgage terms and interest rate. Generally, lenders will look for a debt-to-income ratio of no more than 43%. This means that your total monthly debt payments, including your mortgage payments, should not exceed 43% of your gross monthly income. In addition, lenders typically require a minimum credit score of 600-640 to qualify for a mortgage.

What credit score do you need for a 600k mortgage?

The credit score required for a $600,000 mortgage in Canada can vary depending on the lender and the specific terms of the mortgage. Generally, a higher credit score will be required for a larger mortgage amount. In Canada, a credit score of at least 600 is considered to be good, but many lenders will require a higher score. It's important to note that credit score is not the only factor that lenders consider when assessing a mortgage application, they also consider factors like your income, debt-to-income ratio, and down payment amount, as well as your employment and credit history. It's always best to check with different lenders to get the most accurate information on their specific requirements.