This is the most common mortgage type and that makes it important for homeowners to claim the lowest 5 year fixed mortgage rates from lenders. Borrowers must not mistake this duration with the amortization period or the amount of time to pay off the entire mortgage. Post this term, homeowners need to remortgage their homes at a new rate and time period with a new set of terms and conditions. In the case of a variable mortgage rate, the interest would fluctuate depending on the market conditions and that makes individuals unsure of the actual amount they have to pay at the end of the mortgage term.
RateGuru is amongst the best-fixed mortgage rates providers in Canada with an experienced team of licensed mortgage professionals. With the right expertise and knowledge, we have helped several new and old Canadian homeowners make better borrowing decisions. Our team guarantees lower mortgage rates compared to others along with effective debt consolidation strategies and a clear understanding of the entire process through complete transparency. Reach out to us for free counseling if you are looking at purchasing a new mortgage.
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