Understanding Fixed Rate

In fixed-rate mortgages offer stability and predictability in mortgage payments. Here are some key points specific to fixed-rate mortgages:

Fixed Interest Rate: The interest rate remains constant throughout the term of the mortgage, whether it's 1 year, 2 years, 5 years, or longer. This stability ensures that your monthly payments remain consistent.

Term Options: Fixed-rate mortgages offer various term lengths, commonly ranging from 1 year to 10 years. 

Amortization Period: You can choose an amortization period that suits your financial situation, usually up to 25 or 30 years. A longer amortization period results in lower monthly payments but higher total interest paid over the life of the mortgage.

Benefits:

    • Payment Predictability: You know exactly how much your mortgage payment will be each month.
    • Protection Against Rate Increases: With fixed rates, you're protected from potential interest rate hikes during your term, providing stability in housing costs.

Considerations:

    • Initial Interest Rates: Fixed-rate mortgages start with slightly higher interest rates compared to initial rates on variable-rate mortgages.
    • Prepayment Penalties: Some fixed-rate mortgages may have penalties if you pay off your mortgage early or make significant prepayments. Be sure to understand these terms before committing.
    • Refinancing Costs: If interest rates drop significantly after you've locked in your fixed rate, refinancing to a lower rate may involve costs and considerations.

Choosing the Right Mortgage:

    • Financial Goals: Consider your long-term financial goals, risk tolerance, and how long you plan to stay in your home when deciding between fixed-rate and variable-rate mortgages.
    • Advice from Experts: Consulting me to provide personalized guidance based on your circumstances and market insights.

 

Current Rates

Current variable mortgage rate is

5.55%

Current prime rate is

6.45%

    • Terms
    • Bank Rates
    • Payment Per $100k
    • Our Rates
    • Payment Per $100k
    • Savings
    • 6 Months
    • 7.89%
    • $756.21
    • 7.49%
    • $730.93
    • $25.28
    • 1 Year
    • 7.74%
    • $746.69
    • 5.74%
    • $624.43
    • $122.25
    • 2 Years
    • 7.34%
    • $721.53
    • 5.44%
    • $606.90
    • $114.63
    • 3 Years
    • 6.94%
    • $696.72
    • 4.64%
    • $561.28
    • $135.43
    • 4 Years
    • 6.74%
    • $684.44
    • 4.64%
    • $561.28
    • $123.16
    • 5 Years
    • 6.79%
    • $687.50
    • 4.49%
    • $552.92
    • $134.58
    • 7 Years
    • 7.10%
    • $706.60
    • 5.40%
    • $604.58
    • $102.02
    • 10 Years
    • 7.25%
    • $715.92
    • 5.80%
    • $627.97
    • $87.95
Some conditions may apply. Rates may vary from Province to Province. Rates subject to change without notice. Posted rates may be high ratio and/or quick close which can differ from conventional rates. *O.A.C. E.& O.E.

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