A fixed rate mortgage is a fully amortizing mortgage loan where the interest rate on the note remains the same through the term of the loan. As a result, the payments are also fixed and will not change for the term of the mortgage. A fixed rate mortgage can be locked in for terms of 1 to 25 years and amortized up to 30 years. In Canada, the most popular term is a 5 year fixed rate and it is rare to lock in for more than 10 years. Typically the banks will offer their best rate discounts and special rate offers in the 3-5 year range as they like to keep s clients business for as long as possible.
- 1 to 10 Year Terms
- Maximum 95% Loan to Value
- Rate Hold Typically 120 Days
- Amortization Up To 30 Years
- Up To 20% Pre-Payment Privileges
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***Rates are subject to change at anytime and restrictions may apply. Contact a mortgage broker for the most up-to-date rates.***