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Your Guide to Getting the Best Mortgage Rates in Sainte-Marie

When you’re looking to find the best mortgage rates in Sainte-Marie, nesto is your one-stop shop. Rates in Sainte-Marie are very competitive due to its large and mature mortgage marketplace. You can always rely on us to help you understand how to navigate mortgages in any market and provide the best interest rate upfront.

About Sainte-Marie

When you’re looking to find the best mortgage rates in Sainte-Marie, nesto is your one-stop shop. You can always rely on us to help you understand how to navigate mortgages in any market and provide the best interest rate upfront.

Sainte-Marie is a small and charming city of 13,000 in Quebec’s Chaudière-Appalaches region, located Southeast of Quebec City. It is a close-knit community where residents enjoy a high quality of life. The city is situated along the banks of the Chaudière River, providing stunning views and access to outdoor recreation opportunities.

The history of Sainte-Marie dates back to the early 18th century when French Canadian farmers first settled it. Over time, the city became an important industrial centre with a thriving manufacturing industry, including food processing, textiles, and furniture production. Today, Sainte-Marie remains an important economic hub with many employment opportunities in the region.

Sainte-Marie offers residents excellent healthcare facilities, educational institutions, and recreational opportunities. The city has several parks and green spaces where residents can enjoy outdoor activities such as hiking and cycling. Sainte-Marie hosts many cultural events yearly that celebrates its rich history and diverse community.

Sainte-Marie is a beautiful city with a rich history and strong economy that offers residents an excellent quality of life. Whether looking for employment opportunities or a vibrant community to call home, Sainte-Marie has something to offer everyone.

About the Quebec Housing Market

Québec households face limited purchasing power despite potential interest rate decreases. The real estate market in Quebec is projected to remain resilient, with average home sales prices remaining steady. Due to increased listings, homebuyers in Québec may have more negotiating power at the beginning of 2024. Still, this situation is expected to change as interest rates decrease later in the year. A decrease in interest rates is forecasted for the second half of 2024. 

Mortgage renewals are expected to become more expensive due to higher interest rates, with 28% of mortgages in Quebec coming up for renewal within 18 months. Property tax increases are anticipated, with Montreal residential buildings expecting rises of 4.9%. Borrowers may opt for extended loan terms to mitigate higher interest rates and minimize monthly payments. 

Affordability remains a top concern for homebuyers, influenced by limited inventory, fluctuating interest rates, and employment prospects. More construction is needed, with the APCHQ expecting 15% more new homes to be built in Quebec in 2024 compared to 2023. Critical trends among homebuyers include a preference for larger spaces, proximity to public transport, and affordability.

Provincially, transactions are expected to drop by 2% in 2024 but still close to the 20-year historical average of 78,000. Median prices for single-family homes and condominiums are expected to rise by 2% and 1%, respectively, offsetting modest declines from the previous year. Prices are expected to continue rising due to pent-up demand and the anticipated boost in the condominium market when interest rates decline. ReMax predicts Montreal and Québec City could shift toward a buyer’s market in 2024. 

Inflation, forecasted at 2.71% by the Quebec Ministry of Finance, may continue affecting the cost of living and the real estate market. The real estate market in Quebec is poised for significant adjustments in 2024, encompassing interest rates, property prices, and housing availability. Market participants are advised to remain vigilant and adaptable amidst the evolving landscape. Overall, the Quebec residential real estate market is expected to experience more balanced conditions in 2024, supported by the province’s resilience and low household debt.

Learn more about monthly changes to the Québec housing market.

Quebec Mortgage Strategy

Fixed rates are usually priced at 1.5% to 2% higher than their respective bond yields due to the cost of funding. Longer-term rates have come down recently, while short-term rates won’t see a decline until the Bank of Canada (BoC) edges closer to its 2% inflation target. The bond market expects a 50 bps (equal to 0.50%) rate cut by the BoC in mid-spring 2024, just in time for the spring lending season. Typically, more homes become available as it is easier for homebuyers in Sainte Marie to get outside as snow starts to melt. 

We expect many mortgage brokers will continue to advise their clients that variable-rate mortgages (VRM) might be a good option as the BoC gets closer to lowering the prime rate. However, this option is only for the most well-qualified borrowers with ample savings to address a possible upward rate movement. A well-qualified borrower should have ample room in their debt-service and loan-to-value ratios, at least 6 months in cash savings to manage their household budget due to job loss, and extensive savings and investment to weather possible longer-term economic turbulence. 

Going with a 5-year fixed rate could be a high starting point, but if you’re looking for immediate relief on your home in Sainte Marie, it could be the best price you may get this year without any additional risk. The risks of predictable and stable monthly mortgage payments exist in shorter-term fixed and fluctuating (variable and adjustable mortgage) rates. There is a chance that the prime rate doesn’t come down as quickly as expected, alongside a slight but growing chance that the prime rate could start increasing if inflation isn’t controlled and the Bank of Canada goes back to rate tightening after a short reprieve.

US T-bill (treasury bond) yields remain elevated compared to Canadian bond yields. The US budget may grow in the long run, impacting rates stateside. Inflation builds as the US government borrows money to finance economic growth and activity. As their debt grows, though quite unlikely, so does the risk of default – where they cannot make interest payments on bonds. When political and economic problems arise, bond traders ask for higher returns (yields) from the US on their bonds. 

As Canada shares a single economy with the US but does not have a seat at the Federal Reserve, the Bank of Canada manages economic risks by changing the target to our overnight policy rate, which increases or decreases the prime rates at which variable (VRM) and adjustable (ARM) mortgage rates are priced. However, this has a limited effect on fixed mortgage rates as neither government controls the price bond traders are willing to pay to buy an existing government bond. US bond yields continue to impact Canadian bond yields, and their risk, to some extent, continues to be shared by Canadian bond yields.

The mortgage strategy for Sainte Marie in 2024 got a boost from Canada’s Mortgage Charter, which the federal government announced in its Fall Economic Statement. Although not bound by legislation, it’s worth reviewing to take advantage of the current economic situation.

Ways the Mortgage Charter helps Quebec mortgage holders’ and homeowners’ mortgage strategy in 2024:

Borrowers in Quebec with insured mortgages will only have to re-qualify at their contract rate when switching lenders

This benefit is a reinterpretation of existing mortgage guidelines from the Office of the Superintendent for Financial Service (OSFI). It mandates that the stress test can be skipped by Sainte Marie mortgage borrowers previously insured when transferring their mortgages between lenders. A significant relief as typical Sainte Marie households could qualify with $25,000 annual income for every $100,000 mortgage balance versus $29,000 required to stress-test a similar mortgage

Mind you, these savings might be more profound at nesto than those you’ll see at big lenders since they keep their revenue margins higher to compensate for having their Sainte Marie brick-and-mortar branches and advertising their non-mortgage products. At nesto, we’re only looking to advise Sainte Marie mortgage holders, and we don’t have any physical branches, as more than 95% of our employees can choose to work remotely 100% of the time.

Our lower rates allow borrowers in Sainte Marie who have chosen nesto for their mortgage to continue having manageable mortgage payments. Borrowers in Sainte Marie who may have a mortgage coming up for renewal can be confident that they’ll have the flexibility to easily qualify to move to nesto from their lender at maturity. Prospective homeowners and first-time homebuyers (FTHB) in Sainte Marie can rest assured that, at nesto, they can experience simple and easy approval and retain a manageable budget.

Borrowers in Quebec that are at risk of negative amortization can make prepayments or sell their principal residence without incurring any prepayment penalties

Mortgage holders in Sainte Marie are already allowed to make prepayments. However, each mortgage solution from every lender comes with its own rules around prepayment, and some may restrict when borrowers can take advantage of them. 

Homeowners and mortgage holders in Sainte Marie can be sure that nesto has competitive rates with flexible prepayment options on our full-featured mortgage solutions. We also offer limited options for our more popular mortgage solutions for those clients looking to have a super low rate without any of the frills so they can keep more of their hard-earned money to enjoy more family time in Sainte Marie. Suppose you’re a variable-rate mortgage (VRM) holder in Sainte Marie who’s experienced negative amortization. In that case, you can rest assured that nesto offers competitive uninsured rates to refinance your mortgage so you can pay down your mortgage. Still interested in having a variable rate on your mortgage in Sainte Marie? We’ve got you covered. You can be confident that you’ll never experience negative amortization on nesto’s adjustable-rate mortgage (ARM) if you own your Sainte Marie home while making your scheduled repayments.

Welcome Tax & Rebates in Sainte Marie

Quebec charges a Property Transfer Duties Tax, colloquially known as the Welcome Tax

Municipalities collect the duties rather than the province and can set rates higher than 1.5% but at most 3%. (except in Montréal) on any bracket over $500,000. 

Tiers are adjusted annually by the provincial government based on Québec’s annualized consumer price index (CPI). The welcome tax rate is calculated as

  • 0.5% on amounts up to $55,200
  • 1% on amounts exceeding $55,200 up to $276,000,
  • 1.5% on amounts that exceed $276,000.

Rebates in Québec are limited through the Home Purchase Assistance Program, which is offered exclusively in the City of Montréal.

Learn more about how the Welcome Tax, Rebates and Exemptions work in Sainte Marie.

First-Time Home Buyer (FTHB) Programs in Sainte Marie

Sainte Marie has a few first-time home buyer ( FTHB) programs available through the province and federally. Learn more about all the first-time home buyer programs and processes for obtaining a mortgage for your first home while saving your hard-earned money.

Quebec’s First-Time Home Buyers Tax Credit (FTHBTC) amounts to a maximum of $1,500, which can be claimed by the buyer upon meeting the qualifying criteria. Learn more about the Québec FTHBTC to find out your eligibility.

GST and QST Refund on Newly Built or Substantially Renovated Homes amounts to a maximum rebate of $9,975. Find out more information and your eligibility at the Revenu Quebec resource page. 

The Registered Retirement Savings Plan (RRSP) Home Buyer’s Plan (HBP) in Sainte Marie allows you to withdraw up to $35,000 ($70,000 for a couple) from your RRSP to buy or build a qualifying home for yourself or a related person with a disability. Learn more about the HBP to find out your eligibility.

The First Home Savings Account (FHSA) in Sainte Marie allows prospective homebuyers to contribute $8,000 a year up to a lifetime maximum of $40,000 toward buying their first home. Withdrawals and investment incomes will be tax-exempt if the funds are used to purchase a home. Learn more about the FHSA to find out your eligibility.

New Construction Funding for Indigenous Housing financing programs for Indigenous communities (First Nations, Métis, and Inuit) in Sainte Marie. Learn more about on-reserve and off-reserve eligibility.

Learn About Rates & Mortgages in Sainte Marie

Our frequently asked question (FAQ) section addresses common questions regarding mortgage rates and mortgages in Sainte Marie. We’ve designed this section to help you make informed choices for your first or next home purchase, renewing your existing mortgage, switching your mortgage to nesto, or refinancing your home in Sainte Marie.

What are today’s mortgage rates in Sainte Marie?

The average 5-year fixed mortgage rate from big banks in Canada is 5.47%*, while nesto’s lowest 5-year fixed mortgage rate in Sainte Marie is .

The average 5-year variable mortgage rate from big banks in Canada is 6.94%*, while nesto’s lowest 5-year variable mortgage rate in Sainte Marie is .

The average 3-year fixed mortgage rate from big banks in Canada is 6.02%*, while nesto’s lowest 3-year fixed mortgage rate in Sainte Marie is

The average 3-year variable mortgage rate from big banks in Canada is 7.75%*, while nesto’s lowest 3-year variable mortgage rate in Sainte Marie is .

Today’s best default-insured mortgage rates in Sainte Marie are on a fixed 5-year mortgage and on an adjustable-rate mortgage. An adjustable-rate mortgage (ARM) is similar to a variable-rate mortgage (VRM) without the risks of hitting your trigger rate or negatively amortizing once you’ve hit your trigger point.

Today’s average insured rates from the 6 biggest banks, which hold almost 70% of all mortgages in Canada, are 5.47% on a 5-year fixed mortgage and 6.94% on a 5-year variable mortgage. However, these rates are significantly higher than those available at nesto. At the same time, 4 of these banks’ (and not to mention your big green caisse) VRMs can cause negative amortization if prime rates rise rapidly during your term. If your variable mortgage rate rose significantly during your term, you could be at risk of payment shock and need to refinance to avoid negative amortization.

Why get Sainte Marie mortgage rates at nesto?

At nesto, we offer some of the most competitive rates in Sainte Marie or anywhere else in Canada. We’re the biggest 100% digital online mortgage lender in Sainte Marie, with realtime pricing on all our mortgages. We’re so confident that you’ll find the best rates in Sainte Marie right here at nesto that we’ll even back it up with our low rate guarantee, or we’ll pay you $500* if we can’t beat your rate. With nesto, you’ll save time.

On top of our lowest rates on offer, we save you time from spending hours looking for the best rate or having to visit a mortgage provider in person. Your mortgage will be completed online, and from start to finish, you can do it in the cozy comfort of your home or chalet. There is no need to shovel your driveway or fill the boat with gas to cross the lake to sign your mortgage application in person before your offered rate changes. So sit back on your terrasse and complete your mortgage application faster than it takes you to walk down to your nearest dep. With nesto, you’ll save money.

Imagine all the time you can save shopping for your mortgage rate each time it comes up for renewal. At nesto, we’d prefer to offer you a low rate every time you renew your mortgage with us instead of spending that money to acquire a new customer. You can be confident that you won’t have to negotiate when your mortgage term ends. You’ll be offered the best rates at renewal without negotiation. And since our variable mortgages are indeed adjustable-rate mortgages, you’ll not be at risk of negative amortization. If you decide to take our adjustable-rate mortgage (ARM), once the 5 years on your mortgage term have been completed, you’ll have 5 fewer years to owe on your mortgage amortization. However, during periods of monetary tightening, VRMs can increase in amortization, so you start with 25 years and end with 40 years or more after your 5-year term is completed. With nesto, you’ll save time, every time.

If time is money, and nesto is saving you time finding the best rate and locking it in, then you’ve already started to save with us. You’ll save even more from our low rates once your first mortgage payments kick in. We offer easy-to-understand prepayment options. And unlike the bank or your local caisse, we have no posted rates to supercharge your prepayment penalty if you decide to pay your mortgage earlier than planned. Like most mortgage finance companies, we use your contract rate to calculate prepayment penalties.

Should I get an open or closed mortgage in Sainte Marie?

Closed mortgages come with much lower interest rates – typically, the difference between the 1-year open and 1-year closed at any given time with most banks will be more than 1.5%. The difference between a 5-year open mortgage rate and a 5-year closed mortgage rate will be more than 3%. That’s more than 1.5% to almost 4% savings on your mortgage rate by choosing a closed mortgage versus avoiding an annual prepayment limit on your open mortgage.

Choosing an open or closed mortgage for your home financing depends on your long and short-term plans. If your plan involves switching homes or lenders because you must move away from Sainte Marie, an open mortgage may be a good option. However, this flexibility comes with much higher rates than a closed mortgage. 

What if you’re expecting a big windfall of money, such as a large bonus at work or an inheritance from a relative? Once again, it may be a better option to go with an open mortgage so you have the flexibility to maximize your prepayment. However, these prepayment privileges should only be utilized once you have met your primary financial goals. Goals include putting aside 6 to 12 months of your budget in cash savings for any unplanned circumstance, such as a layoff at work. 

Maximizing your RRSP and TFSA limits to set aside money for retirement and long-term savings should also be prioritized as money needs time to grow (a concept that is inverse to that of paying down a mortgage due to amortization), and these investment vehicles provide a hedge against diversification risk. As well as building an emergency fund that should be at least 10% of your gross annual income in case of major repairs or maintenance if any issues arise with your home or car. Setting aside cash for inflationary pressures is also good financial planning. This way, you can avoid dipping into your credit line or emergency savings.

Should I use a mortgage broker or lender in Sainte Marie?

Using a mortgage broker gives you access to advice that sometimes you can’t find directly from a lender. A mortgage broker is an intermediary between yourself, the borrower, and lenders (or financial institutions). Of course, with one quick search online, you’ll easily be able to locate multiple mortgage brokers around Sainte Marie. Throughout Québec, dealing with a mortgage broker gives you the peace of mind that you’re getting licensed professional advice that meets provincial regulations from the Autorité des marchés financiers (AMF) while exceeding consumer protection standards nationally.

If you review the resources Québec’s provincial mortgage regulator provides, you’ll find reasons to work with a broker. What if we told you there is a way to have it all? 

By making nesto your starting point, you’ll get professionally licensed advice for your mortgage in Sainte Marie. Our mortgage experts who can assist you with your property in Sainte Marie are provincially registered brokers in Sainte Marie, regulated through the AMF. You’ll also be dealing directly with nesto as a lender. Our prime lending mortgage borrowers in Sainte Marie can be assured that no broker incentives, commissions or finder’s fees are added to their rate

Additionally, nesto is not required to pay our mortgage experts a finder’s fee since you come to us directly, and they are not acting as an intermediary between the borrower and the lender. Instead, they advise you on your mortgage solution as a mortgage expert. Unlike a brokerage, non-bank lender, financial institution, or caisse, we do not pay them a finders’ fee and add the fee to our rate as a premium. Instead, nesto pays our mortgage experts a salary and passes the savings to you, the borrower, with the most competitive rates in Sainte Marie.

Should I find a mortgage with a rate hold in Sainte Marie?

Securing your mortgage rate hold in Sainte Marie is an excellent way to protect yourself from possible rate hikes over the short term. This concept is similar to choosing a fixed mortgage rate to protect yourself from potential increases over the long term. However, unlike your rate being predictable for years over your term, you’ll get predictability for months with your rate hold. Mortgage rate holds and rate locks in Sainte Marie come at a cost for the lender; the longer a lender holds the rate for you, the higher the cost for them. You’ll notice that a premium is added for longer rate holds. Lenders will offer a quick close rate (close within 30 or 60 days) on the money they want to lend out before that rate expires, as they have already bought and paid for those funds at that rate. At nesto, we’ll hold your mortgage rate for up to 150 days- the longest rate hold period in Canada, everywhere in Canada – including all of Québec and most definitely in Sainte Marie.

It’s important to differentiate between a fixed mortgage rate hold versus a rate hold discount, which is held on a floating mortgage rate such as those on variable or adjustable mortgages. The lender will hold the discount (to their prime rate) they provide you on a floating mortgage. For example, if your lender in Sainte Marie gives you a rate of 4.95% on a fluctuating mortgage where the lender’s prime rate that day is set at 6.45%, you’re receiving a discount of 1.50% from their prime rate. Whether this discount is held for 30, 60, 90, or 120 days or from the time your mortgage application is funded until the end of your term, your discount will carry in whichever direction the lender’s prime moves. 

Typically, most lenders in Sainte Marie will move their prime with the Bank of Canada’s policy rate and the nation’s Big 6 Banks. With an adjustable-rate mortgage (ARM), your payment will adjust up or down with the changes in the prime rate. In contrast, with a variable-rate mortgage (VRM), your payment won’t adjust – the interest component on your payment amount will adjust, making more of your payment go toward interest and less toward your principal.

A rate hold is a great option when your new home purchase in Sainte Marie closes in the next 3 or 4 months or your mortgage is up for renewal within 90 or 120 days. Most lenders will allow you to hold your rate once your mortgage application is approved. Your lender will also hold rates for you for a similar period before your mortgage matures to early renew your mortgage without a penalty. Consider this your cue to start shopping to understand the market and future rate expectations. With nesto’s 150-day rate hold period, we’ll provide you with a low rate and peace of mind.

What Affects My Mortgage Rate in Sainte Marie?

Multiple factors can affect your mortgage interest rate in Sainte Marie or anywhere else in Canada. These same factors will also affect your mortgage qualification and the speed at which your mortgage underwriter processes your application and grants you approval. In order of importance, mortgage rates in Sainte Marie are priced based on these factors: location, downpayment, purpose, mortgage term, mortgage type, amortization period and mortgage restrictions


The fact that your property is located in Sainte Marie plays a significant factor in the mortgage rate your lender offers. The main reason its location plays such an essential factor is the ability of the lender to resell the property if you were to default on your mortgage. For instance, if the local economy in Sainte Marie is in a downturn and those living in and around Sainte Marie are leaving the area for better jobs and career opportunities, the lender must be compensated for the additional risk of lending money there. This negative migration in Sainte Marie creates a demand risk. 

On the reverse side of the same equation is supply risk. If it’s costlier to lend money in Sainte Marie, fewer lenders will provide mortgages there. When fewer lenders lend in Sainte Marie, the risk is more significant for those who lend in Sainte Marie.

The good news is that nesto is available in Sainte Marie and, indeed, all towns, cities and regions of Québec. As nesto started in Quebec, we are committed to providing you with the best mortgage options in Quebec. You can be assured that no other lender can offer our competitive rates in Sainte Marie than they would in the rest of Canada. No other mortgage lender or broker in Sainte Marie can provide such competitive rates from the comfort of your terrasse. Watch your 100% online mortgage get approved by nesto before you can even make an appointment to sign documents in person at your local caisse.

Downpayment / Capital

Downpayment on a mortgage is also commonly known as capital or equity, and it’s usually measured as a ratio or percentage of the property’s purchase price or market valuation. They are measured as a factor, referred to as the loan-to-value (LTV) ratio. Or as a percentage, which is referred to as the downpayment. For example, an 85% LTV ratio means you’ve got a 15% (100% – 85% = 15%) downpayment or capital on your mortgage transaction. Meanwhile, the percentage directly refers to the downpayment or capital itself from the property’s value as a whole (100%).

It’s commonly assumed that a lower downpayment will mean your mortgage interest rate in Sainte Marie will be higher. However, this is not always true as the lowest (5% to 19.99%) downpayments on your home purchase give you access to insured mortgages which carry no risk to the lender in Sainte Marie. Therefore, you’ll get access to nesto’s lowest rates in Québec since your mortgage is default-insured by CMHC, Sagen or Canada Guaranty, and it poses no risk of default to your lender. 

Your LTV ratio will determine if you’ll need to pay for or purchase mortgage default insurance. LTV is the single biggest factor for insured or insurable mortgage pricing when it comes to purchases and renewals. However, insured and insurable pricing is limited to a purchase price or market value of a maximum of $1 million on the subject property. With refinances, downpayments are considered the capital or equity in your property. You refinance a property when you own it – have already financed (or purchased) it during a previous transaction. You’ll need at least 20% equity in your property, as refinances are limited to 80% LTV.


The purpose of your property in Sainte Marie plays a significant factor in accessing the lowest Québec mortgage rates. Lenders need to understand what purpose your property will serve. Will it be a primary residence, vacation home, cottage or chalet, second home for your child attending school in Sainte Marie, or investment/rental property? The main risk that property use brings is that there is proof from past economic downturns that borrowers are willing to pay for the roofs over their heads above all else. 

The logic behind your higher rate for a mortgage on your Sainte Marie property solely for investment purposes is if money is tight, you’re likely to pay the mortgage on your primary residence before other obligations. The lender sees this as a risk and will add a premium on your mortgage rate for your investment or rental property.

In the same vein, a borrower won’t be able to access the lower insured or insurable mortgage rates in Sainte Marie on properties that do not meet the insurer’s lending criteria, especially those properties not being used as primary residences, are valued at more than $1 million, carrying a mortgage amortization greater than 25 years, have been previously refinanced, or are looking to be refinanced.

Mortgage Term

The mortgage term you choose for your property in Sainte Marie is vital in determining your mortgage rate in Sainte Marie. Each fixed mortgage term’s rate is determined by a similar term for the corresponding bond determines each fixed mortgage term’s rate. 

Typically, lenders add a 1% to 1.5% premium to the bond’s yield to determine the corresponding fixed mortgage rate for that term. This premium is their funding and origination costs—the cheaper it is for the lender to finance new client acquisition and overhead expenses, the less their premium is on your rate in Sainte Marie. You will be charged higher premiums if your property is a rental or your mortgage is uninsured in Sainte Marie.

Floating rates, such as variable and adjustable mortgages throughout Québec, work differently than fixed mortgage rates in Sainte Marie. Floating rates are priced against your lender’s prime rate. Once you’ve secured your floating mortgage, your rate will fluctuate with your lender’s prime rate. The discount on your adjustable or variable mortgage rate is the funding and origination premium the lender attaches to your mortgage pricing. Typically, lenders only offer 3 floating mortgage options: 6 months, 3 years, and 5 years. 

The premium the lender charges decreases for longer terms as the lender expects to retain your mortgage for longer. Also, if you pay off your mortgage early, lenders expect to recover more interest the longer you have left on your term. Additional premiums will be added to your mortgage rate in Sainte Marie if your property is a rental or your mortgage is uninsured.

Amortization Period

The amortization period can be the most significant factor in your mortgage rate in Sainte Marie, as well as make a substantial impact on your cost of borrowing. When amortizations exceed 25 years on your home purchase or mortgage renewal, they cannot access the government-backed insured or insurable rates from CMHC. Mortgages that carry amortizations greater than 25 years, those underwritten on properties with over $1 million valuations, or for refinance purposes cannot be default insured by CMHC, Sagen or Canada Guaranty.

Banks and caisses typically charge 10 to 50 bps (1 basis point is 0.01%) more on their uninsured mortgage rates in Sainte Marie – those with amortizations over 25 years. Prime lenders will provide you with amortizations for up to 30 years. If you’re looking at amortizations exceeding 30 years, you’ll have to go through an independent broker who works with a subprime lender and be willing to pay an additional 3% to 5% combined on your rate and fees. 

Notice that the average insured 5-year fixed and variable rates today at the BigSix are 5.47% and 6.94%, respectively. nesto’s rates average today for the same are on the insured 5-year fixed rate and on the similar variable interest rate. 

nesto’s lowest vs Big Bank insured mortgage rates


For today, {date}, nesto’s {term}-year {type} mortgage rate is {bps} bps ({bps_percent}) lower than the similar average at Canada’s Big 6 Banks. On a {mortgage_ammount} mortgage over a {amortization_period}-year amortization, with nesto, your monthly payment would be {nesto_monthly_payment}, saving you up to {monthly_savings} on your monthly payment. This equals {savings_interest} in interest saved while allowing you to pay down {extra_payment} extra on principal over your term for your property in Sainte Marie.

You’ll also notice the average insured 3-year fixed and variable rates today at the BigSix being 6.02% and 7.75%, respectively. nesto’s rates average today for the same are on the insured 5-year fixed rate and on the similar variable interest rate. 

nesto’s lowest vs Big Bank insured mortgage rates


For today, {date}, nesto’s {term}-year {type} mortgage rate is {bps} bps ({bps_percent}) lower than the similar average at Canada’s Big 6 Banks. On a {mortgage_ammount} mortgage over a {amortization_period}-year amortization, with nesto your monthly payment would be {nesto_monthly_payment}, saving you up to {monthly_savings} on your monthly payment. This equals {savings_interest} in interest saved while allowing you to pay down {extra_payment} extra on principal over your term for your property in Sainte Marie.

Here at nesto, we strive to provide you with excellent service, support, and advice as well as the most competitive rates in Sainte Marie so that we can keep your loyalty as a client. Providing competitive rates and excellent services to build brand loyalty keeps our funding and origination costs down so we can pass these savings back to our clients by offering competitive mortgage rates in Sainte Marie.

Mortgage Restrictions

Finding the lowest rate in Sainte Marie may come with some restrictions. Reviewing your mortgage contract to ensure you’re not restricted from selling or refinancing is valuable. Typically, mortgage lenders will institute a “bona fide sale” clause that could limit you from selling your home to a related party or refinancing with another lender before your term ends. The lowest restricted “no frills” mortgage is typically labelled limited or restricted

Some lenders will make it very complicated by giving discounts in exchange for a mortgage feature. For instance, many mortgages will only let you make a 10% prepayment on your mortgage anniversary date in lieu of a lower rate. Other lenders may not mortgage porting, early renewal conversions or blend and extends, mortgage assumptions on their restricted mortgage solution. 

At nesto, we’ve simplified our restricted mortgage in Sainte Marie, available throughout Québec. Our limited mortgage provides the borrower with the lowest possible rate in exchange for having no prepayment options or prepayment privileges. Your prepayment charge or a prepayment penalty is calculated as the greater of the estimated interest rate differential (IRD) or 3 months of interest or 2.9% of the remaining balance if paid out before the completion of your term.

Mortgage Type

The mortgage type you choose for your property in Sainte Marie or anywhere else in Canada will significantly affect your mortgage rate. There are various types of mortgages, such as fixed-rate mortgages and floating-rate mortgages. Floating mortgages are more commonly known as adjustable-rate mortgages (ARM) or variable-rate mortgages (VRM) in Sainte Marie. In Sainte Marie, mortgages can also come as open versus closed, reflecting the flexibility in limits and restrictions with their prepayments. Mortgages in Sainte Marie can also be registered as a standard or collateral charge or have revolving home equity lines of credit (HELOCs) set up under a collateral charge. If suitable, all types of mortgages in Sainte Marie provide different options and solutions that can be tailored to your financial situation.

Open vs Closed Mortgages

Open mortgages in Sainte Marie do not have prepayment limits and penalties. Closed mortgages have set prepayment limits and penalties, which are calculated based on one of the following methods: a 3-month interest rate penalty, an interest rate differential (IRD) penalty, or a penalty calculated as a percentage of the remaining mortgage balance. 

Typically, in Sainte Marie or elsewhere in Sainte Marie, the caisse and chartered banks calculate the IRD penalty using a discounted method – where the differential is the discounted rate you received at the start of your mortgage compared to their current posted rate for the remaining term on your mortgage. Whereas nesto doesn’t have any posted rates, the rate we advertise is the rate you will receive on your mortgage, and future considerations for prepayment penalty calculations are made similarly.

Open mortgages in Sainte Marie are more suitable for borrowers willing to pay a higher interest rate for flexibility. Closed mortgages in Sainte Marie are ideal for borrowers looking for lower interest rates if they are confident they will not need to move or sell their home during their term.

Fixed vs Variable Mortgages

Choosing a fixed versus floating mortgage is a personal choice, and it can be the right choice with the right advice. Except for a few short periods over the last 40 years, fixed mortgages have typically dominated as a choice in Sainte Marie or elsewhere in Sainte Marie. 

Interestingly, the 5-year fixed mortgage has been the go-to choice for most mortgagors in Sainte Marie during the same time. Why is the 5-year fixed the most popular mortgage option in Sainte Marie? It is likely true for many reasons, most notably as it matches the market/business cycle and provides a reprieve for the lender’s resources in renewing borrowers more often. As large banking institutions and the caisse continue to offer a range of financial services, the mortgage’s typical 5-year term ties in well with their borrowing and investing client’s 5-year financial plan reviews.

Fixed Rate Floating Rate (ARM and VRM)
Locks rate over 1, 2, 3, 4, 5, 7 or 10 years.The rate floats with changes to the lender’s prime rate, which fluctuates with the Bank of Canada’s policy rate.
Typically priced higher than the floating rate.The rate is a discount/premium from the lender’s prime rate.
Provides stability with consistent mortgage payments.The rate is typically discounted more than a fixed rate but can sometimes float higher.
A mortgage penalty is calculated as being greater than either the 3 months of interest or the interest rate differential (IRD).A mortgage penalty is calculated as 3 months of interest.
Unable to switch from fixed to floating rate without paying a penalty.You can convert by locking into a fixed rate from a floating rate. You’ll only pay a penalty if you reduce the remaining term at conversion.

There are two types of floating-rate mortgages: fixed payments and fluctuating payments. Fixed payment floating-rate mortgages are more specifically called variable rate mortgages (VRM), while those with fluctuating payments are called adjustable-rate mortgages (ARM). With ARMs, the payment adjusts with changes to the lender’s prime rate. Commonly, they are both known as variable-rate mortgages. However, not all variable mortgages are created the same, as some come with negative amortization and trigger risks. If you decide to take a floating mortgage from nesto for your property in Sainte Marie, your risks are limited as your payment will adjust with changes in our prime rate. 

Your adjustable-rate mortgage (ARM) from nesto will protect you from negative amortization. Today, our prime rate is , while our lowest insured and insurable rates are and , respectively.

Historically, over the last 40 years, floating mortgages may have saved Quebeckers more money in interest-carrying costs; however, that may no longer be the case as rates are expected to stay higher for longer while those in Sainte Marie, as well as all other Canadians, grapple with future periods intermittent volatility. Periods of volatility will continue in the new polarizing world and could be experienced through cost overlays due to climate change.

For first-time home buyer (FTHB) who are getting used to all their new bills related to owning a home, it is recommended that they choose a fixed mortgage to provide some stability during the first term of their mortgage. As an FTHB, you could access our lowest insured fixed rate in Sainte Marie, currently at . Have you got a 35% downpayment towards your first home in Sainte Marie?  Then, you could access our lowest insurable rate, currently at . Choosing a fixed mortgage will provide you with predictability on your most significant monthly obligations (mortgage payment, condo fees, property taxes, homeowners’ insurance and utility/heating costs), as it takes time to build back your savings after so much spent on your downpayment and closing costs.

How nesto works

At nesto, all of our commission-free mortgage experts hold concurrent professional designations from one or more provinces. Our clients will receive the best advice and care when they speak with specialists that exceed the industry status quo. 

Unlike the industry norm, our agents are not commissioned but salaried employees. This means you’ll get free, unbiased advice on the most suitable mortgage solution for your unique needs. Our advisors are measured on the satisfaction and quality of advice they provide to their clients. 

nesto is working hard to change how the mortgage industry functions. We start with honest and transparent advice, followed by our best rates upfront. We can offer you these low rates using the fintech industry’s best-in-class and safest technology to provide a 100% digital online experience and process to reduce overhead costs.

By working remotely across Canada, all our mortgage experts and staff spend less time commuting to work and more time with their friends and family. This makes for more dedicated employees and contributes to our success with happy and satisfied clients.

nesto is on a mission to offer a positive, empowering and transparent property financing experience, simplified from start to finish.

Reach out to our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.