Laurentian Bank fixed-rate mortgages
Getting a fixed-rate mortgage is a great way to lock in an interest rate, so you'll know what your mortgage payments will be every month.
Laurentian Banks offers fixed-rate mortgages on term lengths ranging from 6 months, all the way up to 10 years. Most of their fixed-rate mortgages have closed terms, meaning you'll be limited in the number of extra payments you can make towards your mortgage. If you make additional payments that exceed Laurentian Bank's prepayment limits, they'll charge you a prepayment penalty.
If you want to be able to pay off your mortgage in full or make extra payments without facing a penalty, they have fixed-rate open term mortgages. Laurentian Bank's open term mortgages come in either 6 month or 1-year terms. Open terms also have higher interest rates than closed term mortgages to compensate for unlimited prepayment flexibility.
Laurentian Bank also offers a cash back mortgage on fixed 5-year terms. The amount is based on the principal amount borrowed and is capped at $25,000.
Laurentian Bank variable-rate mortgages
If you can take on a little more financial risk, a variable rate mortgage could be an excellent option to consider. With a variable rate mortgage, you'll get a lower interest rate than on a fixed-rate mortgage. However, if Laurentian Bank's prime lending rates increase, then so will your interest costs. Laurentian Bank currently provides variable-rate mortgages with 3 and 5-year terms.
Laurentian Bank mortgage prepayments
If you want to save on interest costs and become mortgage-free sooner, making prepayments on your mortgage is the way to go. Any additional payments you make towards your mortgage is considered a prepayment.
On closed term mortgages, Laurentian Bank allows for a prepayment privilege of 15%. This means that you can make a lump-sum payment of up to 15% of your original mortgage principal every year.
Laurentian Bank provides a flexible financing solution if you have paid back at least 20% of your mortgage. With the Homeowner's Kit, you only need to apply once to be able to re-borrow the equity you've built in your home. You can choose to set up your Homeowner's Kit to finance a new vehicle purchase, do home renovations, buy a second property, or any other significant expense. You could also choose to open up a line of credit portion of the Homeowner's Kit.
Getting pre-approval for a Laurentian Bank mortgage
You can get pre-approved for a mortgage from Laurentian Bank by filling out a pre-approval request form on their website. It takes between 10-15 minutes to complete the pre-approval form. Once completed, a Laurentian Bank representative will contact you. You can also contact a Laurentian Bank advisor directly if you have any questions or require more guidance on the mortgage application process.
About Laurentian Bank
Laurentian Bank has been a part of the Canadian banking system since 1846. They have more than 3,500 employees, with head offices located in Montreal and Toronto. Most of their operations are in the province of Quebec, but they do service customers across Canada.