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Compare Laurentian Bank Mortgage Rates in Canada

Compare Laurentian Bank Mortgage Rates in Canada

Laurentian Bank was founded in 1846 as the Montreal City and District Savings Bank. In 1948, the bank was able to grant personal loans and mortgages after legislative changes. In 1987, it changed its name to Laurentian Bank of Canada. Today, Laurentian Bank primarily operates in Quebec. 

It’s crucial for borrowers to compare rates before securing a mortgage. Shopping around for a better rate can result in savings not only in your mortgage payment but also in the interest-carrying costs over the term of your mortgage. If a lender consistently offers lower-than-average rates, this could translate into significant savings over the entire life of your mortgage.

Key Highlights

  • Laurentian Bank is a full-service bank with branches in Quebec.
  • Laurentian Bank offers a broker channel under B2B bank, which operates through brokerages nationally. 
  • Your personal financial situation and relationship with Laurentian Bank often determine whether you qualify for their lowest rates.

Compare Big Bank Rates in Canada

Compare the average big bank mortgage rates to nesto’s in the easy-to-view table below. This enables you to quickly compare nesto average rates against the average rates from the big 6 banks in Canada. 

At nesto, we do all the work to ensure you always get the best rate upfront!

Why look at the rates offered by the Big 6 Banks in Canada? The 6 biggest banks in Canada hold over 70% of all mortgages and, as such, are the starting points of most mortgage originations in the country. Their combined average simplifies the expectation and trend for Canadian mortgage rates.

nesto’s lowest vs Big Bank insured mortgage rates

Results

Aujourd’hui, {date}, le taux hypothécaire {type} de {term} ans de nesto est inférieur de {bps} points de base ({bps_percent}) à la moyenne similaire des 6 grandes banques canadiennes. Pour un prêt hypothécaire de {mortgage_ammount} sur une période d’amortissement de {amortization_period} ans, votre versement mensuel avec nesto serait de {nesto_monthly_payment}, ce qui représente une économie de {monthly_savings} sur votre versement mensuel. Cela équivaut à {savings_interest} en intérêt économisé, tout en vous permettant de rembourser {extra_payment} de plus sur le capital pendant le terme de votre prêt.

How to Compare Bank Rates From Big Banks

Shopping for mortgage rates on your own can be a tiresome task. nesto has simplified the entire process by providing all the information you need in one place. When comparing rates, be sure to measure mortgage products based on term length and type. For instance, if you’re looking at a fixed-rate mortgage, compare banks’ 5-year offerings, then 3-year offerings, etc., as opposed to looking at just the rate without the term length being offered.

If you’ve found a rate from a lender other than nesto, we guarantee that we’ll match or beat it, or you could get $500. Learn more about nesto’s low rate guarantee.

Laurentian Bank Prime Rate

Laurentian Bank’s prime rate is used as the basis for many of Laurentian Bank’s products, including revolving credit products, variable-rate mortgages, lines of credit and HELOCs. The prime rate is typically combined with a spread depending on the product and its associated risk to make up the final interest rate that you’re offered. As of May 20, 2024, Laurentian Bank’s prime rate is .

Here’s a snapshot of the Prime Rate over time.

*Most Recent Prime Rate Shown
Source: BankofCanada.ca

Laurentian Bank 5-Year Fixed and Variable Rate History

When shopping around for mortgage rates, it’s important to compare against historical trends. These trends will provide insights into how Laurentian Bank’s interest rates have changed over the years. Tracking these trends can help you make predictions on where interest rates may be headed in the future. 

We don’t track historical rates for Laurentian Bank, but we’ll tell you that they are quite similar to the Big 6 Bank average mortgage rates discussed above. 5-year mortgage rates are the most popular rates to choose from in Canada, with people switching between fixed or variable depending on market trends. Analyzing the Bank of Canada chart below can help you choose between a fixed or variable 5-year mortgage rate in today’s market.

Bank of Canada Policy & Prime Rate Changes

Date of Rate ChangeKey Overnight Target Rate (%)Change (%)Bank Prime Rate
June 2, 20100.30%0.25%2.50%
July 21, 20100.55%0.25%2.75%
September 9, 20100.80%0.25%3.00%
January 28, 20150.65%-0.15%2.85%
July 16, 20150.50%-0.15%2.70%
July 13, 20170.75%0.25%2.95%
September 7, 20171.00%0.25%3.20%
January 18, 20181.25%0.25%3.45%
July 12, 20181.50%0.25%3.70%
October 25, 20181.75%0.25%3.95%
March 5, 20201.25%-0.50%3.45%
March 17, 20200.75%-0.50%2.95%
March 30, 20200.25%-0.50%2.45%
March 3, 20220.50%0.25%2.70%
April 14, 20221.00%0.50%3.20%
June 2, 20221.50%0.50%3.70%
July 14, 20222.50%1.00%4.70%
September 7, 20223.25%0.75%5.45%
October 26, 20223.75%0.50%5.95%
December 7, 20224.25%0.50%6.45%
January 25, 20234.50%0.25%6.70%
March 8, 20234.50%0.00%6.70%
April 12, 20234.50%0.00%6.70%
June 7, 20234.75%0.25%6.95%
July 12, 20235.00%0.25%7.20%
September 6, 20235.00%0.00%7.20%
October 25, 20235.00%0.00%7.20%
December 6, 20235.00%0.00%7.20%
January 24, 20245.00%0.00%7.20%
March 6, 20245.00%0.00%7.20%
April 10, 20245.00%0.00%7.20%

The Bank of Canada (BoC) will deliberate on the Key Overnight Target rate twice every quarter. Generally, all lenders will follow suit to keep their prime rates in line with the country’s Big Six chartered banks. Find below the most recent changes to the baseline, which impacted the spreads to the Big Banks Prime Rates.

You can find more details about the Key Overnight Target Rate and an explainer from the Bank of Canada (BoC) if you want to learn more about this topic.

Laurentian Bank Special Mortgage Product Offerings

Laurentian Bank offers standard fixed and variable-rate mortgage options. In addition to their standard mortgages, they also offer:

  • Retirement Line of Credit – access up to 50% (minimum $25,000) of the current market value of your principal residence. Options to pay interest only, a percentage of the balance due, or fixed payments and the ability to pay it off in full without penalty.  

Laurentian Bank Annual Mortgage Prepayment

This annual prepayment privilege enables you to prepay up to 15% of your original mortgage principal on a closed mortgage in one lump sum payment every year. This will help reduce your interest payments and pay down your mortgage much faster, as all of the lump sum amount will go towards the mortgage principal balance. 

Important: if you choose to pay down more than 15% of your mortgage principal annually, you’ll be charged a penalty. 

Canadian Bank Closed Mortgage Prepayment Amounts
Laurentian Bank15%
RBC10%
TD Bank15%
Scotiabank15%
BMO20%
CIBC20%
National Bank10%

Renewing With Your Bank vs. Renewing With nesto 

Did you know you can renew with nesto and save up to $18,542* in your first term? 

The renewal process often raises questions like whether you have to renew your mortgage with your current bank. The answer is no. You have the choice to renew at the end of your term directly with any bank or lender or through a mortgage broker. If you’re looking to renew your current mortgage, it’s worth shopping around for better rates and terms that suit your situation before you renew with Laurentian Bank.

At nesto, we’re the pioneer in online mortgage lending in Canada. Our mission is to offer a positive, empowering and transparent property financing experience, simplified from start to finish. To do that, we provide you with the best mortgage deal possible in an unbiased, commission-free way.

To get started and renew your mortgage with nesto, find the best rate available near you at least a couple of months before your current term expires. Once you’ve found a rate you’re interested in, get in touch with us, and one of our mortgage experts will be delighted to help build your tailored mortgage solution. 

Renewing with nesto is a simple, transparent, hassle-free process that could save you thousands over the lifetime of your mortgage compared to the Big Banks. 

Frequently Asked Questions

Here are some of the commonly asked questions about Laurentian Bank’s mortgage offerings and rates recently. 

Are Laurentian Bank rates lower than other big banks?

Laurentian Bank mortgage rates are competitive among other big banks and lenders but aren’t consistently lower or higher. Your personal financial situation will often determine whether you qualify for the lowest rates. If, for instance, your credit score is low or you’re carrying a higher debt load, you’re not likely to qualify for the best rates. In order to get the best mortgage rate and the features you desire, it’s important to compare mortgages from multiple providers, which is exactly what nesto does on your behalf.

What are the benefits of choosing a smaller lender?

Big banks have stringent lending policies and tiered pricing differences between their many business channels. For instance, someone who has multiple products with them may get a bigger discount than someone who only comes to them for a mortgage. 

Smaller lenders, often called virtual or online lenders, often only specialize in mortgages and are also known as monoline lenders. As their sole business line is mortgages, they won’t need you to purchase other products to receive or retain the discount you deserve on your mortgage. Smaller lenders are more focused on ensuring you always have the best mortgage experience possible so that they can retain you throughout the life of your mortgage.

How do I get a mortgage with Laurentian Bank?

You can get a mortgage at Laurentian Bank by booking an in-person (Quebec only) or virtual meeting with an advisor through their website or by giving them a call. Alternatively, you can reach out to your local mortgage broker who has access to B2B Bank, which is the Laurentian Bank broker channel.

Final Thoughts

While Laurentian Bank may be a good choice for many mortgage borrowers, it’s always prudent to compare your options whenever you’re in the market for a new mortgage, renewal or refinance. 

Your nesto mortgage expert will ensure you get the best rate every time and without the need to negotiate.