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How comparing mortgage quotes works. Hint: it’s free!
First, choose whether you're buying a new home, refinancing or renewing, and fill in a few details. It only takes 3 minutes, and it’s 100% confidential.
Next, we’ll show you quotes from 75+ Canadian banks and brokers. It’s free, with no commitment.
When you find the best quote, secure your Saint-Jérôme mortgage rate by talking to a licensed broker or agent.
Compare mortgage rates in Saint-Jérôme.
Located along Quebec’s pretty Rivière du Nord, Saint-Jérôme is the largest city near the Laurentians mountains, and considered the gateway to the region. In the summer, it comes alive with a vibrant folk festival that draws throngs to the historic downtown. At just 60 kilometers from Montreal, it is a piece of tranquility just a short drive away from the bustling city life.
Looking for a home here? LowestRates.ca allows you to compare mortgage rates in Saint-Jérôme from 75+ banks and brokers across Canada. Just scroll to the top of this page, tell us whether you’re buying a home, renewing or refinancing, and in just three minutes we’ll get you started comparing the best mortgage rates in Saint-Jérôme, Canada.
As low as
As low as
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Current lowest posted bank rate
Conventional vs. high-ratio mortgages: which is cheaper?
Canada has rules for classifying mortgages as “conventional” or “high-ratio” based on your down payment amount. With a conventional mortgage, the buyer has a down payment of at least 20% of the purchase of the property. That means the loan is no more than 80% the cost of the home. In this case, the buyer isn’t required to purchase mortgage insurance to back the purchase of the home. Keep this in mind when searching for mortgage rates for houses in Saint-Jérôme.
A high-ratio mortgage is one where the buyer has a down payment of less than 20% of the property purchase price. You do need to put down something, though — at least 5%. Lenders also require extra assurity that they will get the money they lend you, in the form of mortgage default insurance. The cost is typically folded into what you’re paying for the mortgage over time, and so it is a factor to keep in mind when calculating mortgages in Saint-Jérôme. Getting a personalized quote is the best way to get a sense of average mortgage rates in Saint-Jérôme.
Conventional 5-year fixed mortgage rates vs. high ratio 5-year fixed mortgage rates in Quebec
Average Conventional Rate
Average High Ratio Rate
Last Updated: May 1, 2022
Fixed rate vs. variable rate mortgages: which is cheaper?
The best choice when looking for a mortgage loan in Saint-Jérôme will depend on what you’re looking for. Let’s start with fixed-rate mortgages in Saint-Jérôme. It’s dependable and predictable, because the interest rate (and your mortgage payments) will not change over the course of the term. For example, if you have a five-year term with a 3% interest rate, your interest rate will stay at 3% for a full five years.
Variable mortgages have more wiggle room. During your term, the interest rate on a variable rate mortgage may jump around. Variable mortgage rates are based on the lender’s prime rate, which in turn is related to the Bank of Canada’s overnight lending rate. The Bank of Canada’s rate is used as a benchmark for big banks and other lenders, so if the overnight lending rate changes, banks tend to adjust their rates as well.
Choosing between fixed mortgage rates and variable mortgage rates in Saint-Jérôme may depend on where interest rates are sitting at the time you’re shopping for your home. If interest rates are low, a fixed rate may make more sense. As always, the key is to do a comparison of mortgage rates in Saint-Jérôme to see what’s available on the market.
5-year fixed vs. 5-year variable mortgage rates in Quebec
Last Updated: May 1, 2022
Factors that affect your Saint-Jérôme mortgage rate
As you set out in search for the lowest mortgage rates in Saint-Jérôme, let’s paint a picture of the world you’re entering. Understanding these basic factors will help you wade through bank or broker mortgage rates in Saint-Jérôme.
Down payment: The main point here is that you’ll certainly need some type of down payment — the larger your down payment, the smaller your mortgage balance. While there is a loophole that exists, the government prohibited 0% down payment mortgages as of 2008. It was designed to protect Canada from the disaster that occurred in the United States with subprime mortgages. Keep in mind that you may also need mortgage default insurance, depending on the size of your down payment.
The government sets out how much of a down payment you need, depending on the price of the home:
A property that costs less than $500,000 requires a down payment of at least 5%
Properties that cost between $500,001 to $999,999 require a down payment of 5% on the first $500,000, then 10% on the amount above $500,000
Properties that cost more than $1 million require at least 20% down
Debt service ratios: By giving you money, the best mortgage lenders in Saint-Jérôme are taking a bet on you. They want to have confidence that you will be able to pay back the money they lend you. Debt service ratios are a way of calculating your ability to pay off the mortgage, based on your income vs. the costs you have on your plate. Lenders look at two types of debt service ratios (see below).
Gross debt service ratio (GDS): GDS looks at your expenses specifically related to housing. That’s everything from the mortgage, to property taxes and the utilities, and 50% of your monthly condo fees (if applicable). GDS takes those costs and divides the total by your gross (before tax) annual income. Lenders generally don’t want your household GDS to exceed 39%.
Total debt service ratio (TDS): This calculation is even broader. In addition to housing costs, it looks at credit cards, student loans or car payments — basically, any debt obligations that are under your name. Ideally, your household TDS shouldn’t be higher than 44%.
Credit score: our credit score matters when it comes to a lot of financial aspects of your life, including purchasing a home. Credit scores range from 300 to 900 in Canada. Your credit score and report reflect your borrowing history when it comes to things like personal loans, lines of credit and credit cards. Lenders want to see that you exhibit responsibility with your credit. Do you make your payments on time? Are your credit cards always on the edge of being maxed out? In general, lenders are looking to see that you are borrowing less than 20% to 30% of your available credit limit. Your credit score will influence the mortgage rates in Saint-Jérôme you qualify for.
Income and employment: Before they offer you mortgage interest rates for that Saint-Jérôme pad, lenders want to see that you bring in money on a regular basis, and that your employment is dependable. They won’t assess all work equally. Full-time work versus part time work; seasonal or contract; length of employment — these are all factors that matter. You’ll also need to include income generated from investment properties. Keep in mind that self-employed people will have to provide additional documentation that can substantiate your earnings.
Typical mortgage amounts in Saint-Jérôme
Home prices, down payment amount and current mortgage rates in Saint-Jérôme all affect the size of your mortgage and how much interest you’ll pay. If your down payment is less than 20% of the home’s purchase price, you will need mortgage default insurance. In Canada, mortgage default insurance is available from three sources: the Canada Mortgage and Housing Corporation (CMHC), which is backed by the government, or private insurance companies Canada Guaranty and Sagen.
And we know the price of housing is constantly changing, but here are some rough figures to keep in mind. The median price for a single family home in Saint-Jérôme was $378,000 in the second quarter of 2021, according to data from Centris. As a point of comparison, it was $451,000 in August of 2021 for the entire province of Quebec.
Although it’s vibe is quite different, Saint-Jérôme is considered part of the Greater Montreal area, which is the second most populous region in Canada. Prices in the Montreal Census Metropolitan Area (CMA) are going up faster than in the rest of Canada.
According to the Canadian Real Estate Association, the benchmark price of a home in August 2021 was $497,800 in the Montreal CMA, up 22% from the previous year. In all of Canada, prices climbed 13%, to $663,503, over that same time period.
Drilling down into more specifics, the median price for a single-family home in the Montreal was $500,000 in August, an increase of 17% over the previous year; it was $375,000 for a condo, up 20%; while a larger building that contains two to five units costs $679,750 which represents an increase of 13%.
Saint-Jérôme closing costs and land transfer tax
Remember that the costs associated with buying a home don’t stop at the purchase price. Yes, securing the cheapest mortgage rates in Saint-Jérôme is important, but you also have to factor in those pesky things called closing costs — everything from title insurance, mortgage insurance (if your down payment is less than 20% of the purchase price), home inspections, legal fees and home insurance. Closing costs are usually priced around 1-4% of the home’s purchase price.
Title insurance protects the title to your property, certifying that you are its owner. It is known as “servitude” in Quebec, and while it is fairly uncommon in this particular province, it is still available.
In Quebec, like several other provinces, there’s also a land transfer tax. The land transfer tax is known as the “welcome tax” in Quebec and is calculated on a sliding scale based on the price of the home. It’s also indexed to the Consumer Price Index, which means that it goes up every year. Here’s how homes in Saint-Jérôme are taxed:
0.5% on the first $52,800
1% on the amount between $52,801 and $264,000
1.5% on the amount between $264,001 and $500,000
Depending on the price of your home, the land transfer tax can add a sizable chunk to your bottom line, so make sure you keep that in mind when searching for the best mortgage rates in Saint-Jérôme.
Information for first-time home buyers in Saint-Jérôme
As housing affordability continues to be an issue across Canada, various incentives apply to try to encourage first-time home buyers to take the plunge. If you’re working with a broker in Saint-Jérôme to find mortgage rates, make sure you ask them about that. Here are a few things to get you started.
First thing to know, you’ll still have to live within the mortgage rules that everyone else does. That means a down payment of at least 5% for a property that costs less than $500,000. If the property costs up to $999,999, the first $500,000 requires 5% down, and the remainder requires 10% down. Any property in excess of $1 million calls for a 20% down payment.
The First-Time Home Buyers’ tax credit is something you can tap into to offset the cost of legal fees, inspections, and other closing costs up to $750. It’s not that much money, but every little bit helps. You can also get a rebate on the GST or HST that you pay o a new build. That incentive is available to anyone, not just a new buyer.
Your questions about Saint-Jérôme mortgages, answered.
What’s the difference between a mortgage term and an amortization period?
The amortization period is the entire time it will take you to pay off the money lenders give you to purchase a property. It’s a crucial figure in terms of calculating your monthly payments. Most home loans in Canada have a 25-year amortization period.
The mortgage term is the period of time you’re locked into your contract. During the term, you’re locked into the terms and conditions laid out in your mortgage contract, including the interest rate.
Here’s how the amortization period and mortgage terms work together: You agree to pay a certain amount of interest, be it variable or fixed, for a certain amount of years — the mortgage term. Mortgage terms can range from six months to 10 years, so you’ll have several terms within a longer amortization period. By the end of the amortization period — 25 years, for example — you will have cleared your debt.
What’s the difference between an open mortgage vs. a closed mortgage?
An open mortgage gives you more freedom to make additional or accelerated mortgage payments. A closed one does not. This matters if you want to be able to control how quickly you pay down your debt. Depending on the terms of your open mortgage, you will have the ability to increase monthly payments, or apply bigger chunks on the principle, all at once.
Closed mortgages, as the name suggests, don’t give you that flexibility. They may even penalize you for clearing your debts quicker, because the lender had expected to make a certain amount of money by charging you interest over a certain amount of time. You mess with that plan, and you will have to pay.
How much does it cost to live in Saint-Jérôme?
The cost of living in Saint-Jérôme depends, in large part, on you. Renting may be more affordable than buying a house. The cost of buying a house in Saint-Jérôme is climbing at a rate that is higher than the rest of the country. But if you have saved enough money to put down a sizable down payment, and if you can lock in good mortgage terms, then your monthly payments could be more manageable. One positive is that Quebec has the cheapest auto insurance rates in Canada, at around $700 a year — which is half of what you pay in Ontario. Property taxes in Saint-Jérôme are among the lowest among municipalities in Quebec.
How much does getting a lower interest rate matter in Saint-Jérôme?
Securing the lowest mortgage interest rate in Saint-Jérôme matters, but there are other factors to consider before signing on the dotted line. Let’s talk about prepayment privileges and portability.
Prepayment is the ability to pay off more of your mortgage at a time of your choosing. Open mortgages allow you to do that, without penalty. Closed mortgages will charge you for speeding up the rate at which you pay off your loan. If you think you might not be in your house for the long haul, or if you want the flexibility to get out of the contract, this is something to keep in mind.
Similarly, the portability of a mortgage will allow you to transfer your existing mortgage to another property, without paying penalties. Not all mortgage companies in Saint-Jérôme will allow you to port your mortgage, so ask them about that. Flexibility may be worth paying extra for.
Your questions about LowestRates.ca, answered.
How are mortgage rates determined on LowestRates.ca?
LowestRates.ca works with 75+ banks and brokers to bring you competitive mortgage rates from lenders in Canada. We work with our partners to obtain their best deals and offers, and then we let them compete for your business. All you have to do is answer a few questions, and in minutes you’ll be provided with today’s mortgage rates for Saint-Jérôme. There’s no obligation, but you can choose to speak with our broker partner to secure your best rate and see if you're eligible for more savings.
Is it safe to get a mortgage online?
Yes, it’s safe — you no longer need to visit a bank branch or mortgage broker’s office in person to apply for a mortgage. It’s becoming increasingly common for Canadians to apply for mortgages online. LowestRates.ca only works with reputable, trustworthy financial institutions. Your credit score won’t be affected and your information is secure. We don’t share your information with anyone unless you want to connect with a mortgage broker. We take care of the heavy lifting by comparing the market for you and can connect you with the best mortgage lenders in the country.
How do I know I’m getting the lowest rate?
We have a strong selection of lenders on LowestRates.ca including the big banks and many independent providers, and we’re adding more lenders all the time. This ensures we’re always delivering you a competitive rate. Even if you’re not ready to commit to anything, you can use our site as a starting point for research (it’s totally free, and you’re under no obligation).
The better informed you are, the more likely you'll negotiate a better deal for yourself. And, really, that’s what we care about the most.
In a new suburb, builders will often have a model home on site to showcase the soon-to-be-built-homes. Fully furnished and beautifully decorated, this home is meant to entice you to buy one in the new neighbourhood.
If you have a sneaking suspicion that everything is more expensive these days, you’re right. Canada’s inflation rate hit an 18-year high in October of last year, sending consumer prices soaring. So much so that the cost of living has increased by nearly 5%, according to Statistics Canada.