5- Year Fixed Rate Mortgage: A Leading Mortgage Rate Option to seek a New Home in Canada

Among the most reserved options to seek the best mortgage rates from the leading options, the 5-year fixed mortgage rate is Canada’s leading option to make sure that you have the popular option to seek a new home.  There is no denying that this leading option of mortgage rate is considered the best one for Canadians to get a popular mix of security and savings.

Let’s look at the reasons why many Canadians look for a 5-year fixed mortgage rate.

1.    Because they want to lock in their interest cost for a long time and want the cheapest way to do that with the best of intentions.

2.    Because they prefer a payment that doesn’t change for several years, that may lead them to scroll from the different options available.

3.    Because individuals sometimes have no robust plans to increase, refinance, and pay off their mortgage before the 5-years is upfront.


What limitations about 5-year fixed-rate mortgages are essential for Canadians?

·         5-year fixed mortgage rates are the quality variable to ensure that you can get closer with the maintenance of fixed and variable rates to the narrower side.

·         Most lenders pay their legal and appraisal fees when they switch into a 5-year fixed rate with this option. People should bear in mind for a mortgage refinance and changing lenders to get the most outstanding information.

·         Never expect to look for a worthy 5-year fixed rate if you are not locking in a floating-rate mortgage. In many cases, lenders typically offer subpar ‘conversion rates’ to such borrowers, and those rates can be 20-30 basis points higher than the best 5-year fixed mortgage rates they offer new customers.

All in all, if you are looking to grab all the top insights on a 5-year fixed-rate mortgage from a leading website, feel free to connect to RateShop.ca! Today, they stand as top independent brokerages in 2020 as recognized by Canadian Mortgage Professional for helping people collect the best guide on leading mortgage rates!

 

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