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Laurentian Bank Mortgage of february 2023

Apply for Mortgage from Laurentian Bank verified by our specialists. On 08.02.2023 you have access to 5 home loans with a low rate. Increase your chances of getting money — fill out a multi-application with a free credit rating check.

Offers: 5

Updated
29.12.2022
19:27
Retirement line of credit
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
Equity line of credit
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™
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300
650
1000
$10,000
Rate
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Effective interest rate on the product

4,950%
Fixed-rate 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
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Effective interest rate on the product

7,050%

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

A mortgage with cash back
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
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Effective interest rate on the product

6,140%
Term
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Loan term for the financial product

5 years
Variable-rate 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
Term
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Loan term for the financial product

5 years

Calculate the mortgage
Loan amount
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Loan amount

CAD
CAD
USD
50000 C$
5000000 C$
Down payment
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%
C$
5
50
Your loan amount
C$
Loan term
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Specify the loan term for the calculation

years
months
1
25
Interest rate
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Choose the interest rate on the loan

4 %
6 %
Type of payments
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Online application for a mortgage

Mortgage amount:
200000 C$
2500000 C$
Term:
5
30 years
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Loan amount
0 C$
Loan term
0 months
Monthly payment*
40 383 C$
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Types of mortgage loans

GoDay
1.6
JUDGEV
JUDGEV
26.05.2022 at 15:46
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
Laurentian Bank Mortgage of february 2023

Types of Laurentian Bank mortgages

  • Variable-rate mortgage. A variable-rate mortgage involves an interest rate changing based on the fluctuations of the prime rate. The term can be 3 or 5 years, and the payment amounts can be either fixed or variable (based on the prime rate’s fluctuations). To diminish global costs, there is a prepayment opportunity applied directly to the capital: once a year, you can make additional lump-sum payments of up to 15% of the loan amount. Flexible payment schedules allow you to pay on a monthly, month-end, biweekly, or weekly basis.
  • A mortgage with cash back. A mortgage with cashback from Laurentian Bank can be an attractive option for clients with a tight budget and cash needs. With this 5-year fixed-rate mortgage, you can get a cashback of up to 5% of the borrowed amount. The interest rate will be 6.140% in this case. To speed up your mortgage repayment, once a year, you can either make a principal payment of up to 15% of the initial loan amount or increase your regular payments by up to 15%. As to payment frequency, you can stick to monthly, month-end, biweekly, or weekly payments.
  • Fixed-rate mortgage. If you prefer long-term stability when paying off your financial obligations, consider a fixed-rate mortgage from Laurentian Bank. A fixed-rate mortgage is a closed mortgage, so you can benefit from lower rates than with an open mortgage, while restrictions on prepayment amounts apply. Still, there is an opportunity to speed up your mortgage repayment by either making a principal payment of up to 15% of the initial loan amount or increasing your regular payments by up to 15% once a year. You can pay on a monthly, month-end, biweekly, or weekly basis. The interest rates for fixed-rate mortgages range from 5.390% (a promotional rate) to 7.050%, depending on the term.
  • Equity line of credit. With an equity line of credit, you can leverage your property to get access to financing of $10,000 and more at a competitive variable interest rate. The posted rate for an equity line of credit is 4.950%. Just with any other lines of credit, interest applies on an equity line of credit only when you use it. The repayment terms are flexible — you can pay interest only, a percentage of the line of credit balance, or a fixed sum each month.
  • Retirement line of credit. Clients who have their residence fully or largely paid off can apply for a Retirement Line of Credit. With this line of credit, you can get access to financing equal to up to 50% of your property’s market value and still remain the homeowner. Flexible repayment terms allow you to pay at your own pace, making either interest payments only, paying a percentage of the balance due, making fixed payments, or repaying your balance in full at any time. Paying off your line of credit results in renewing your available credit, with no need to re-apply for it.

How to apply for a Laurentian Bank mortgage?

To start your mortgage application process, you need to book an appointment with one of Laurentian Bank’s advisors by filling in the form on the website. Once you do, expect an advisor to contact you in the next couple of days.

Requirements

Applying for a mortgage from Laurentian Bank requires you to be a Canadian citizen at the age of the majority in your province. When reviewing your application, Laurentian Bank’s financial advisors will verify your income and credit score. So, having a steady source of income and a good credit score will increase your chances of getting favorable mortgage loan conditions.

To qualify for a Retirement Line of credit, you must be a homeowner whose equity on the property doesn’t exceed 25% of the current property’s market value.

Pros and cons

Here are the benefits of mortgage solutions from Laurentian Bank:

  • A variety of financing options to choose from
  • Fixed-rate mortgages feature a guaranteed rate for up to 120 days upon pre-approval
  • Opportunities to accelerate loan repayment with closed mortgages

The potential drawbacks include:

  • Restrictions on allowed prepayment amount and schedule with closed mortgages
  • Minimum borrowing amount requirement of $10,000 with an equity line of credit
  • Availability of a Retirement Line of Credit only for clients whose equity on the property doesn’t exceed 25% of the current property’s market 

How to make a payment?

You can make a mortgage payment in any of the following ways:

  • Through LBCDirect
  • Through the Laurentian Bank mobile app
  • At a Laurentian Bank ATM
  • At a Laurentian Bank branch near you
  • By phone

FAQ

Should I choose fixed or variable payments?

The choice will depend on your priorities. If you prefer stability and are willing to pay off your mortgage quickly, a fixed payment option might work better for you. Throughout the entire mortgage term, you will pay regular fixed amounts based on the 5-year fixed rate term.

If making the smallest possible payments is your priority, variable payments will work best for you. Choosing the variable payment option will allow you to keep your regular payments small based on the lowest market rate.

What is the maximum cashback amount that I can get with a cash-back mortgage?

The maximum amount of cashback you can get with a cash-back mortgage solution is $25,000.

How do I access funds with my equity line of credit?

With an equity line of credit from Laurentian Bank, you can access funds in the following ways:

  • By personal cheque
  • At an ATM
  • Via the Laurentian Bank Telebanking service
  • Through LBCDirect
  • At your local Laurentian Bank branch