Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
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Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
Read More

Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
Read More

Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
Read More

Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
Read More

Fixed Rate Mortgage vs. Variable Rate Mortgage

Which mortgage is the better way to go? Most people go for the fixed rate mortgage because it is the safe choice; it provides stability and gives the feeling of comfort knowing exactly what you will be paying on your mortgage for the fixed term.
Read More

Meridian Credit Union, which is a part of our broker channel, has re-introduced the famous 5 year fixed @ 2.99%! Currently, this is the lowest fixed rate you can get in the market according to ratespy.com. This particular product comes with a 45 day rate hold, 20% annual pre-payment privilege, portability (as long as it is within Ontario), bridge financing if needed, optional skip payment and much more!
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The 10 year fixed product does not seem to be a popular one amount mortgagors. Over the years, 10 year fixed term rates have went up and down and sometimes can pay off and sometimes it does not. You have to be careful if you are choosing to go with a 10 year fixed. For example, 10 year fixed 12 month ago was at a very low 3.79%. Compared to today’s 3.39% 5 year, you could say it would pay off to have that rate for 10 years. This would pay off if rates were to significantly increase in the coming years, which is always a possibility. According to economists, this is exactly what is going to be happening with fixed rates. Variable rates will increase as well, but not as much as fixed are predicted to rise.
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Going for a mortgage loan is an all important decision.  Appropriate planning and lot of consideration is required for sure. When it comes to choosing the type of mortgage loan, there are basically three choices available in front of the borrower.  As a borrower, you can either go with a fixed rate mortgage loan, a variable/adjustable rate mortgage loan or both.
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Both fixed and variable rates are holding steady.  5 year fixed averaging 4.05% and 5 year variable averaging 2.25%.

The Bank of Canada met last week and left the variable/prime rate unchanged.