What are the best 5-year fixed mortgage rates in Canada?
Generally, you can find competitive rates through banks, credit unions, and mortgage brokers.
- Major Banks: Royal Bank of Canada (RBC), Toronto-Dominion Bank (TD), Scotiabank, Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC).
- Credit Unions: Meridian Credit Union, Coast Capital Savings, Vancity Credit Union.
- Online Lenders and Mortgage Brokers: Simplii Financial, Motive Financial, RateHub.ca
What Factors Affects Mortgage Rates?
- Credit Score. A higher credit score can help you secure a lower interest rate.
- Down Payment. Larger down payments often result in better rates.
- Loan Amount. Higher loan amounts might affect the rate offered.
- Term Length. While 5-year fixed is common, other term lengths can influence the rates offered.
- Lender Type. Banks, credit unions, and online lenders may offer different rates and terms.
What does 1-year fixed-rate mortgage mean?
A 1-year fixed-rate mortgage in Canada is a type of mortgage where the interest rate remains constant for a one-year period. Provides stability and predictability in your payments, as you are protected from interest rate fluctuations during the term.
At the end of this period, the mortgage will either need to be renewed, refinanced, or paid off.The new rate will be based on current market conditions.
Do Canadian banks offer 2-year fixed mortgages?
Yes, Canadian banks do offer 2-year fixed-rate mortgages. These mortgages provide a fixed interest rate for a term of two years, offering stability in payments for that period.
Is a 3-year fixed mortgage a good idea?
A 3-year fixed-rate mortgage can be a good option if you want stability and predictability for a relatively short period, while maintaining the flexibility to reassess your mortgage terms sooner. It’s important to compare rates, evaluate your financial goals, and consider potential future changes in interest rates to determine if a 3-year term aligns with your needs.
Home loan calculations for 20 years (example)
| Amount, $ | Rate, % | Accrued %, $ |
| 400,000 | 4.65% | 187,550 |
| 400,000 | 4.65% | 187,550 |
| 400,000 | 4.65% | 187,550 |
| 500,000 | 5.15% | 259,646 |
| 500,000 | 5.15% | 259,646 |
| 500,000 | 5.15% | 259,646 |
| 600,000 | 5.65% | 341,825 |
| 600,000 | 5.65% | 341,825 |
| 600,000 | 5.65% | 341,825 |
| 700,000 | 6.15% | 434,088 |
| 700,000 | 6.15% | 434,088 |
| 700,000 | 6.15% | 434,088 |
What Canadian banks offer 4-year fixed mortgage rates?
Here’s a list of some major banks where you can find 4-year fixed-rate mortgage options:
- RBC - RBC Fixed - Rate Mortgage
- TD Canada Trust - TD Fixed-Rate Mortgage
- Scotiabank - Scotiabank Fixed-Rate Mortgage
- BMO - BMO Fixed-Rate Mortgage
- CIBC - CIBC Fixed-Rate Mortgage
- National Bank of Canada - National Bank Fixed-Rate Mortgage
- Laurentian Bank - Laurentian Bank Fixed-Rate Mortgage
What are the 10-year fixed mortgage rates?
The rates for 10-year fixed-rate mortgages in Canada can vary based on the lender, your credit profile, and the current interest rate environment.
As a rule 10-year fixed mortgage rates in Canada range from approximately 5.00% to 6.50%.
Do Candian banks offer 15-year fixed mortgage rates?
Yes, Canadian banks do offer 15-year fixed-rate mortgages. These mortgages provide a fixed interest rate for a term of fifteen years, allowing borrowers to have stable payments for an extended period.
Fifteen-year fixed-rate mortgages might offer lower interest rates compared to longer terms, like 20 or 30 years.
You can also see the similar FAQ about:
- CIBC mortgage advisor salary
- CIBC mortgage disability insurance offer
- CIBC mortgage discharge fee
- CIBC mortgage prepayment charge
- CIBC mortgage statement payout request: how to make
Details of companies offering the financial services:
Meridian Credit Union
Head office’s address: 3280 Bloor Street West Centre Tower, Suite 2700 Toronto, ON, M8X 2X3
Contact center: 866-592-2226
Phone: 416-597-0165
Web-site: https://www.meridiancu.ca/
Swift code: MRCUCA21
Stock code: MRBK
BSB: 837
Bank Of Montreal
Head office’s address: 119, rue Saint-Jacques Montreal, Quebec H2Y 1L6
Contact center: 877-225-5266
Phone: 416-867-5000
Web-site: http://www.bmo.com/main/personal
Swift code: BOFMCAM2
Stock code: BMO
BSB: 001
CIBC
Head office’s address: 199 Bay St, 44th Floor Toronto
Contact center: 800-465-2422
Web-site: https://www.cibc.com/en/personal-banking.html
Swift code: CIBCCATT
Stock code: CM
BSB: 010
Citizens Bank Of Canada
Head office’s address: 401-815 West Hastings St Vancouver
Contact center: 888-708-7800
Web-site: https://www.citizensbank.ca/
Swift code: CTZNCA8V
BSB: 309
Rochester’s Mortgage Center
Head office’s address: 1-800-356-1101
Web-site: https://home.familyfirstny.com
Scotiabank
Head office’s address: Scotia Plaza, 44 King Street West Toronto
Contact center: 800-472-6842
Phone: 416-866-6430
Web-site: http://www.scotiabank.com/ca/en/0,,2,00.html
Swift code: NOSCCATT
Stock code: BNS
BSB: 002
Tangerine Bank
Head office’s address: 3389 Steeles Avenue East Toronto, Ontario
Contact center: 888-826-4374
Phone: 416-756-2424
Web-site: https://www.tangerine.ca/en/index.html
BSB: 614
TD Bank
Head office’s address: Toronto-Dominion Centre, Po Box 1 Stn Toronto Dom, Toronto
Contact center: 866-222-3456
Web-site: https://www.td.com/about-tdbfg/our-business/index.jsp
Swift code: TDOMCATTTOR
Stock code: TD
BSB: 004