2 year fixed mortgage rates canada

As homeowners when you opt for a 2 year fixed mortgage, rates would remain constant during the entire period and this duration should not be mixed up with amortization period or the length of time to pay off your mortgage in full. Though a two-year term is not quite popular amongst buyers it does save you a considerable amount of money, especially in situations when people end up breaking their mortgage. Short term mortgages are apt for customers who are unsure about their duration of stay or are likely to upgrade their home in the future.

RateGuru assures you the best-fixed mortgage rates in Canada with the flexibility to choose new mortgage types and switch lenders. We are here to streamline the entire process along with a clear understanding of each type of mortgage along with the risks and rewards associated with them. With the rates being fixed and lower than long term borrowing, a two-year mortgage will definitely result in a lot of savings. In addition to these benefits, you will always have the freedom to change your lender after the two-year tenure which could result in even lower rates.

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*Calculation does not include mortgage insurance premium. Mortgage insurance premium will depend on your credit profile and the down payment amount. Assume an extra $20 per payment on average, over the amortization period of the mortgage.

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First Mortgage
First time mortgage doesn’t mean only the first home home that you buy. It can also mean the primary lien on the property you are planning to buy. It’s not about the level of home buying but the property itself. The term mortgage is a security for the lender.