Best Gatineau mortgage rates
The rate table shows 5-year fixed mortgage rates in Gatineau. To compare other rate types and terms, click on the filters icon beside the down payment percentage.
How much can I save by comparing Gatineau mortgage rates?
Getting a mortgage in Gatineau is probably the biggest financial commitment you’ll make in your life, so it’s important to get a great deal. Comparing mortgage rates from different providers is one of the best things you can do to get a lower rate.
So how much can you save with a lower rate? On a $500,000 mortgage with a 25-year amortization, paying 2.50% instead of 3.0% could save you around $126 a month. Overall, you’d pay $11,767 less in interest over a 5-year term. You can use our mortgage payment calculator to input your own figures, and work out how much you could save by comparing mortgage rates.
Why compare Gatineau mortgage rates with Ratehub.ca?
Ratehub.ca makes it easy to compare Gatineau mortgage rates, but pulling rates from the big banks, Gatineau mortgage brokers, and smaller lenders like credit unions, all in one place. By seeing what’s available in Gatineau, you’ll be able to make sure you get the best possible deal. We do this at no cost to you.
Are Gatineau mortgage rates higher than other cities?
Gatineau mortgage rates can sometimes differ from other Canadian cities, but not just because of the city itself. Mortgage rates are determined by lots of factors, including competition among lenders to offer the lowest rates. Some cities have more competition than others, which generally leads to slightly lower rates. However, the differences are generally small.
What’s the difference between variable and fixed rates?
Variable rates can change over the course of your mortgage term (which can range from 1 to 10 years). On the other hand, fixed rates remain constant throughout your mortgage term, even if the prime rate changes.
The advantage of variable rates is that if rates fall across the market, then your rate will also drop. The downsides are that rates can go up. This would also cause your rate to rise, which means paying more on your regular mortgage payment.
The advantage of fixed rates is that your regular mortgage payments will stay the same for your entire term. However, if prime rates were to drop, you’d be missing out on the savings that a lower rate would offer.
Is it worth getting a mortgage pre-approval?
When buying a new home in Gatineau it’s generally worth getting a pre-approval. A pre-approval is an in-principal commitment from a lender to offer you a particular rate for a given mortgage. This gives you confidence that the homes you’re looking at are within your budget and lets you move faster when you’re ready to make an offer.
You can start the pre-approval process by going directly to a lender, or you can apply with the help of a mortgage broker. Remember that you’re not obligated to get a mortgage with a particular lender, even if you’ve been pre-approved by them. Also, remember that your pre-approval is not a final guarantee of a particular rate. That’s only confirmed when you make your final application.
Which bank has the best mortgage rates in Gatineau?
No one bank has the best rates in Gatineau or offers the best mortgage in Gatineau. Mortgage rates change regularly, and different lenders will often run promotions that make them temporarily more competitive. The best way to get a lower mortgage rate is to compare current rates from multiple mortgage providers and brokers.
Remember as well that the best mortgage for you is not necessarily the one with the lowest rate. Your mortgage will be a big part of your life for years to come, and getting one with the right features and terms is sometimes more important than the rate. Getting advice from a Gatineau mortgage broker is a good way to better understand this if you’re worried.
Should I use a mortgage broker in Gatineau?
A mortgage broker can connect you with mortgage products from a range of lenders, both big and small. As well as being connected with multiple lenders, brokers often have access to rates and deals that aren’t available to the public. Generally, getting a mortgage through a broker will help you secure a lower mortgage rate than going directly to your current bank. Mortgage brokers are free for you to use, so there’s no risk in approaching one for a chat.
Compare current mortgage rates across the Big 5 Banks and top Canadian lenders. Take 2 minutes to answer a few questions and discover the lowest rates available to you.
Best fixed rate in Canadasee my rates
Jamie David, Sr. Director of Marketing and Mortgages
As one of Quebec’s largest cities, Gatineau has a bustling housing market, which results in high demand for mortgages. That's great for prospective home buyers, as more competition between mortgage providers generally results in lower rates.
If you’re looking to take out a mortgage in Gatineau, one of the best things you can do is to compare rates from multiple lenders, to take full advantage of this competition!
Best mortgage rates in Gatineau +
|5.29%||5 years||Fixed||Trust Company|
|5.49%||4 years||Fixed||Trust Company|
|5.90%||7 years||Fixed||Big 6 Bank|
|6.29%||2 years||Fixed||Big 6 Bank|
Comparing the best mortgage rates in Gatineau
The comparison tables at the top of this page list the best mortgage rates available in Gatineau, up to the minute. Comparing rates between multiple providers and mortgage brokers is the best thing you can do to get the lowest rate possible.
Of course, your personal rate may be different from the rates listed above. The rate you're eligible for can change based on things like your down payment, the price of the house, your credit score, which lender you choose, as well as what the property is being used for.
Luckily, you can get personalized quotes for mortgage rates without filling in a full mortgage application. Use the tools at the top of this page and we’ll provide you with personalized mortgage quotes from Gatineau lenders in under two minutes.
Mortgages in Gatineau vs Ottawa
It's important to remember that while Gatineau and Ottawa are united as one greater metropolitan area, they lie in separate provinces with very different regulations around mortgages and property purchases. If you're considering buying in either Gatineau or Ottawa, then you'll need to understand the costs associated with buying in both cities.
Read on to learn more about mortgages in Gatineau, then head to our mortgage rates Ottawa page to learn more about getting a mortgage across the river.
Gatineau closing costs
If you’re buying a home in Gatineau, be sure to factor in the relevant closing costs. Some closing costs can be added to your mortgage and paid off over time, but others need to be paid in cash upfront. Be sure to remember this when you set your savings goals.
- Provincial Land Transfer Tax: The Quebec provincial government will charge a land transfer tax on top of your property purchase price. The marginal land transfer tax rate for Gatineau is 0.5% - 1.5% depending on the purchase price. Learn more here.
- CMHC Insurance (and PST): If you take out an insured mortgage, you’ll need to pay for mortgage default insurance, also called CMHC insurance. While the premiums can be added to your mortgage, the provincial sales tax (PST) on those premiums needs to be paid upfront. In Quebec, premiums are subject to a 9% tax.
- Legal Fees: Any property purchase will require some legal documents to be processed by a Quebec licensed real estate lawyer. Fees for this are generally in the hundreds or low thousands of dollars.
- Adjustment fees: You may need to reimburse the seller for any prepaid utilities, maintenance, or taxes on the home.
These are just some of the closing costs you’ll pay when buying a home in Gatineau. Learn more on our closing costs education centre page.
Gatineau first-time home buyer rebates
Unlike other provinces including BC and Ontario, Quebec does not have a first-time home buyers' land transfer tax rebate. This is especially unfortunate for first-time home buyers in Gatineau, which has relatively high land transfer tax rates.
There is, however, an additional first-time home buyers' tax credit available in Quebec. Alongside the maximum $750 first-time home buyer federal tax credit, Quebec residents can claim an additional $750 maximum credit in the year they first purchase a home.
In addition to this, first-time home buyers in Gatineau are able to access the national first-time home buyer programs. Be sure to check those out if you’re in this situation.
Jamie David, Director of Marketing and Head of Mortgages
Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read full bio
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