Laurentian Bank Mortgage Rates & Reviews
Laurentian Bank Background
Laurentian Bank (TSE: LB) is a Canadian schedule 1 bank that primarily operates in Quebec. Laurentian Bank also has locations across Ontario, British Columbia, Alberta, and Nova Scotia. Laurentian Bank was founded in 1846 in Montreal, Quebec, with the goal to help clients improve their financial health, and went public in 1965. Today, Laurentian Bank has multiple business lines, including: personal banking solutions, commercial banking solutions, and wealth management and capital market services. Laurentian Bank currently employs over 2900 people, and has over $44 billion in assets, as of 2021. Laurentian Bank mortgages are known for being very well catered to their clients, with options such as cashback mortgage programs.
Laurentian Bank Fixed Mortgage Rates
A Laurentian Bank fixed rate mortgage will reduce your risk of future interest rate fluctuations, with your interest rate being the same throughout your whole Laurentian Bank mortgage term. Besides making your mortgage easier to plan for and protecting you from the potential of rising Laurentian Bank mortgage rates, it gives you peace of mind, especially as a first time home buyer with a large mortgage amount. Laurentian Bank mortgage rates range from 1 year to 10 year terms, however the most popular terms are the 5-year fixed mortgage, and the 3-year fixed mortgage term. The reason why the 5-year fixed term is the most popular is because it allows you as a home buyer to not worry about renewing for 5 full years, giving you convenience.
| Term | Laurentian Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Laurentian Bank Variable Rate Mortgages
Since a variable rate mortgage will result in your Laurentian Bank mortgage rate moving with the prime rate over your term, many first time home buyers and buyers with large mortgage amounts tend to avoid them. This is because if rates are to rise during your term, the amount of money you are paying towards interest payments will also rise. However, variable mortgages can benefit you if the prime rate falls, with lower monthly interest payments. Even if your Laurentian Bank mortgage rate changes with the prime rate changing, your monthly mortgage payment will still remain the same. The only difference will be how much of your mortgage payment goes to the principal balance, and how much goes to interest payments.
| Term | Laurentian Rate | Canada's Lowest Rate |
|---|
The rates shown are for insured mortgages with a down payment of less than 20%. You may get a different rate if you have a low credit score or a conventional mortgage. Rates may change at any time.
Laurentian Bank Prime Rate
The Laurentian Bank Prime Rate is used as the basis for most of Laurentian Bank's credit products, such as mortgages, lines of credit, credit cards, and HELOCs. When determining the interest rate on a credit product, Laurentian Bank adds or subtracts a spread from the prime rate, to get the final interest rate. Laurentian Bank determines the spread based on the length of the loan, the perceived risk involved, and the collateral involved.
Current Laurentian Bank Prime Rate: 5.95%
Laurentian Bank Prime Rate History
Laurentian Bank History
Laurentian Bank Mortgage Break Penalty
| Bank or Lender | Variable Rate Mortgage | Fixed Rate Mortgage |
|---|---|---|
 | Greater of 3 Month’s Interest based on your current annual mortgage rate or the current prime rate. | Greater of 3 Months’ Interest or the IRD amount |
Greater of 3 Months’ Interest based on Laurentian’s current posted interest rate for the mortgage’s original term or the sum of 1 Months’ Interest at your current mortgage rate (up to $500) and the amount repaid multiplied by the Residual Term multiplied by the Difference in Rates.
The Difference in Rates is the difference between Laurentian’s current posted interest rate for the term of the original mortgage and the Reference Rate.
The Reference Rate is the annual interest rate charged by Laurentian on the date of payment for a term closest to the Residual Term.
To see how much you can expect to pay in prepayment charges, utilize the Laurentian Bank mortgage penalty calculator below:
Laurentian Mortgage Prepayment Calculator
Are you looking to pay off your mortgage early? Or refinance the terms of your mortgage at a lower interest rate? Maybe you sold your home. Whatever the case, you most likely will have to pay a mortgage break penalty set by your lender. Whatever the situation, our calculator will help you determine the cost to break your mortgage so you can be confident about your mortgage decisions.
What is the remaining balance on your mortgage?
What is the term-length and type of your current mortgage?
What is your current mortgage interest rate?
If applicable, what was the rate discount you received when you signed your current mortgage agreement?
When did your current mortgage start?
Who is your current mortgage lender?
What is Laurentian Bank's current interest rate for a 3-year fixed rate mortgage?
How is my mortgage penalty calculated?
Other Laurentian Bank Mortgage Products
Laurentian Bank HELOC
A Laurentian Bank home equity line of credit provides you with the ability to access your home equity whenever you need it, with a loan you are able to access at any time once you set it up. Since the line of credit is secured by your home, you will have a very low interest rate, which makes this a perfect option if you have a lot of home equity and need money for a renovation, education costs, or as an emergency fund. Once you take out your HELOC, you will only incur interest on the amount you take out, and you can repay it at any time. Laurentian Bank also makes accessing this credit easy, with you being able to access it through an ATM, your online banking portal, or at a branch.
Laurentian Bank Cashback Mortgage
If you are planning on getting a 5-year fixed mortgage, Laurentian Bank offers a cash back mortgage option, which allows you to get a maximum of 5% of your mortgage back in cash. The maximum amount of cash back you can get is $25,000, which you will receive when you close on your home. This can be a great way to cover your home closing costs, purchase furniture, or do renovations on your new home with.
Laurentian Bank Retirement Line of Credit
As an alternative to selling your home in order to access the equity in it for retirement, the Laurentian Bank retirement line of credit offers you the ability to use equity while retaining your home. You will have the ability to access up to 50% of your home's value if you own your home with no mortgage. With it, you will have flexibility in how often you make your payments, and will only require at the minimum to make monthly interest payments. As you pay back your line of credit, your credit limit will automatically increase, giving you the ability to access money at an affordable rate. To qualify, your income in retirement will still need to meet requirements for the line of credit, considering this is not a reverse home mortgage and you will still own your home.
Laurentian Bank Mortgage Features
Laurentian Bank Mortgage Protection Insurance
Mortgage protection insurance gives you peace of mind knowing that if anything happens to you, your mortgage will be covered. Laurentian offers 2 forms of protection insurance: mortgage life insurance, and disability insurance. Mortgage life insurance will cover up to $750,000 in mortgage amounts, while disability coverage will provide you with a maximum benefit of $2500 for 24 months. Your monthly premium will depend on how much of a mortgage you are covering, what coverages you are getting, your age, and how many people you are covering. Although mortgage protection insurance is not mandatory and is an add-on coverage, it can be a good option if you are unable to get normal individual life insurance, or just want more coverage.
Laurentian Bank Mortgage Portability
If you are buying a new home, selling your current one, or are looking to refinance your home to unlock home equity, the portability program at Laurentian Bank is helpful. You will be able to keep your current mortgage terms and conditions, including your term, amortization, interest rate, and payment frequency in both scenarios, while avoiding a prepayment penalty or getting a reimbursement for your penalty. For more information, speaking with your Laurentian Bank mortgage advisor can be helpful.
Laurentian Bank Prepayment Allowance
As a Laurentian Bank mortgage holder, you will be able to pay off up to 15% of your original mortgage balance every year. The two options you will have when prepaying your mortgage are:
1. Increasing your monthly mortgage payment by 15%, and
2. Prepaying up to 15% of your original principal balance in a lump-sum payment
Both options will speed up how long it takes you to pay off your mortgage, considering that each extra dollar paid towards your mortgage in addition to your monthly payments will reduce your mortgage balance.
Contacting Laurentian Bank
Laurentian Bank has a strong branch network in the province of Quebec, which means that visiting your local branch is an option for getting a Laurentian Bank mortgage in Quebec. However, across other provinces in Canada Laurentian Bank has a very small branch network, meaning that you will need to work with Laurentian Bank online, through a mortgage broker, or over the phone to get a mortgage. The phone number to speak with a mortgage representative is 1-866-522-4655.
Laurentian Bank Quebec Locations
| City | Number of Locations | Main Locations |
|---|---|---|
| Montreal | 15 | Downtown Montreal: 1360 René-Lévesque Boulevard West |
| Quebec City | 5 | Sainte-Foy: 2828 Boulevard Laurier |
| Laval | 2 | Vimont: 1899 Boul René-Laennec Boulevard |
| Sherbrooke | 1 | Jacques-Cartier: 2637 Rue King Ouest |
| Trois-Rivieres | 1 | Secteur-Lambert: 4450 Boulevard des Forges |
| Gatineau | 2 | Central Gatineau: 325 Boulevard Gréber |
Disclaimer:
- Any analysis or commentary reflects the opinions of WOWA.ca analysts and should not be considered financial advice. Please consult a licensed professional before making any decisions.
- The calculators and content on this page are for general information only. WOWA does not guarantee the accuracy and is not responsible for any consequences of using the calculator.
- Financial institutions and brokerages may compensate us for connecting customers to them through payments for advertisements, clicks, and leads.
- Interest rates are sourced from financial institutions' websites or provided to us directly. Real estate data is sourced from the Canadian Real Estate Association (CREA) and regional boards' websites and documents.