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Fixed Rate Mortgage

A fixed rate mortgage involves keeping the interest rate and payments same for the entire term of the mortgage. It is the lender who decides the interest rate and term at the time of mortgage origination.

2-Year Fixed Mortgage Rates

2-Year Fixed Mortgage Rates

A 2-year fixed mortgage is available from almost every lender at an inviting and competitive rate. A borrower is locked-in for the entire two year term at subject mortgage rate. Since it is a fixed rate mortgage, the penalty for making a premature payout or breaking the mortgage is usually higher than the three months interest payment OR the interest rate differential of your lender. Generally, prepayment of this mortgage term is not financially rationalized.

Currently in Canada, Two year-term variable or two year open rate mortgages are not available in the market.

The Benefits of a Short Term Fixed Rate

There is no change in a fixed mortgage rate for the duration of its mortgage term. But while you shop you’ll note these rates changing consistently. Having a short term mortgage is a great way to get a low rate and take benefit of the changing market when there is time to renew your mortgage.

Do Fixed Mortgage Rates Offer Better Value Than Variable?

Fixed mortgage rates are not only a secure option for home buyers – they are a great deal too. According to a study released by BMO called “Mortgage Choices: the Fix(ed) is In,” the improvement in Canadian and U.S. economies will provide a better value over the long term, compared to a variable rate, if you lock into your mortgage rate now.

This challenges everyone who had the long-held belief that variable rates historically result to be cheaper 90.1 per cent of the time. Here is a chart below that depicts the spread between the lowest fixed and lowest variable options over 2013 – note the widening gap at the end of the year, when fixed rates experienced a sky-rocket. This trend has turned around somewhat since January, making fixed mortgage rates a bargain once again.


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