Laurentian Bank of Canada continues to be a leader in Canadian banking, offering competitive mortgage rates and terms to men and women interested in buying a home. We are the best place online to find information on Laurentian mortgage rates. In addition to listing the latest and cheapest rates offered by Laurentian Bank, our in-depth resource page allows you to quickly sort through the important data about the institution and apply for a mortgage. Consider the following information to determine whether a Laurentian mortgage is right for you, and click on your preferred interest rate to start your application.
Laurentian Bank Mortgage Options
Before you choose a mortgage from Laurentian Bank of Canada, you should know all the loan options you can choose from. Here is an overview of your major Laurentian mortgage choices and their advantages:
• Fixed-Rate Mortgage — A Laurentian Bank of Canada fixed mortgage rate offers you stable payments throughout the life of your loan. It is a great product for budget-conscious people, as you never have to worry about your payment going up (or down) when you select the fixed-rate mortgage option. You can lock in a mortgage rate up to 90 days in advance of your loan’s closing, and terms are available in lengths ranging from 6 months to 10 years.
• Variable-Rate Mortgage — In many cases, the lowest Laurentian mortgage rates are available on Laurentian’s variable-rate mortgage. The interest rate on this mortgage is calculated based on Laurentian’s prime rate, and your payment increases or decreases periodically as the prime rate increases or decreases. You can also choose a fixed payment amount with this loan, which guarantees that your payment will never go higher than a set amount. In this case, the amount of your payment that goes toward the loan principal changes based on the prime interest rate. You can select either a 3-year or 5-year term if you opt for a variable-rate mortgage. In many cases, the variable interest rate is much lower than available fixed rates, so you can save money over time with this mortgage option.
• Cash Back Mortgage — A cash back mortgage is a fixed-rate mortgage that gives you up to 7 percent of the loan principal in cash when you close your loan. This is a good option if you need money to furnish your home, but the interest rate on a cash back mortgage is higher than the rate on a standard fixed-rate mortgage.
• Home Equity Line of Credit — Do you have at least 20 percent equity in your home? If so, you can opt for a home equity line of credit with an interest rate that is lower than rates available on standard credit cards. If you need money for a major purchase, this is probably the best and cheapest way to get the funds you want. Beginning in July 2012, B2B Bank, a subsidiary of Laurentian Bank will be the exclusive provider of these credit lines.
• Payment-Vacation Mortgage — The payment-vacation mortgage is the right mortgage product for you if your budget is tight. Laurentian bank covers your mortgage payments for a specified period at the beginning of this fixed-rate loan. You can select payment vacation terms of 6, 9 or 12 months (limit $25,000 total). The mortgage itself is available in 5- or 7-year terms.
• Homeowner’s Kit — A homeowner’s kit is a combination of a home mortgage and a home equity line of credit. It is ideal for those who need to pay off their home and want some extra money for other needs. You need at least 20 percent equity in your home to qualify for this product.
• Mortgage Prepayment Options — You save money when you take out a loan at the best Laurentian mortgage rates, but your savings are even greater over time when you pay down your mortgage rapidly. 15/15 prepayment options are available for nearly every loan product that Laurentian Bank of Canada offers. These options allow you to pay back up to 15 percent of your original loan balance a year without incurring a penalty. You can also increase your monthly payment by as much as 15 percent each year if you so desire.
What Makes Laurentian Bank of Canada Special
Clearly, the number of mortgage options listed in the previous section sets Laurentian Bank of Canada apart from other Canadian lenders. Not every lender, for example, offers a cash back mortgage or the opportunity to combine a mortgage with a home equity line of credit. There is one more advantage of Laurentian Bank worth mentioning. Laurentian Bank also offers RRSP loans to help people get money to purchase a home. If you are a first-time home buyer or have not owned property in the past 5 years, you can withdraw a certain amount of money from your registered retirement savings plan to use toward a home purchase. Singles can borrow up to $25,000 tax free under this program, and couples can borrow up to $50,000. This is a loan that you will pay back over 15 years, and it is a handy way to access funds for buying a home at current Laurentian mortgage rates.
Applying for a Laurentian Bank Mortgage
The Laurentian mortgage application process is not difficult. All you need to do is click on your preferred rate on this page and you will be taken to the Laurentian Bank online mortgage application. It takes no more than 5 minutes to complete this application, and a mortgage adviser will contact you within 2 days to finish the process. You should have documents handy that will verify your employment and credit history. Laurentian Bank does not provide a lot of other information about its mortgage approval process, but you should be able to qualify for Laurentian Canada mortgage rates if you have a regular income and a good credit history.
Some Historical Facts about Laurentian Bank of Canada
Laurentian Bank has a long history and is responsible for several firsts in the Canadian banking industry. Just consider these interesting facts:
• Laurentian Bank traces its history back to 1846 when the first institution that would become today’s bank was founded in Quebec.
• Laurentian Bank was the first Canadian chartered bank to link all of its branches and accounts to a central computer (1972).
• As of May 2012, Laurentian Bank employed 3,700 people and operated 158 branches, 36 centres for commercial banking, and 15 brokerage offices.
Get Started With Laurentian Bank Today
Laurentian Bank of Canada may be the right institution for you if you want to borrow money from a Quebec bank. Click on your preferred interest rate above to get started on the Laurentian Bank approval process.
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