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3-Year Fixed Mortgage Rates

The 3-year fixed rate mortgage is a convenient option for those mortgage shoppers who want constant interest rate for 3 years. At the end of the term the borrowers are allowed to renew their mortgage and switch to a new product that best suits their requirements. Nowadays, the 3-year fixed rate mortgage appeals to a large amount of borrowers in Canada.

3 year fixed interest rates provides reliable protection from rising interest rates for 3 full years. Moreover, choosing 3-year fixed term over 5-year fixed term can also save you a considerable amount of money in penalty costs.

Benefits of 3-year Fixed Mortgage Rates

Borrowers who are looking for more flexibility and less penalties must go for a 3-year fixed rate mortgage. Moreover, it can also meet your both short and long term financial as well as housing needs. Borrowers who are planning to step down from the five year fixed rate mortgage to 3 year fixed rate may have some extra interest-rate savings. Such short terms are also an ideal option if you are likely to break your mortgage within a few years.

3-Year Fixed vs. Longer Term Mortgage Rates

When you lock yourself in long-term mortgage rates, you cannot look at the latest market pricing trends. You fix yourself to a static mortgage term with definite terms and premiums for a longer period. The advantage of a 3-year term is that you have constant monthly mortgage premiums and you have an option to switch to some other term after 3 years.

How GN Can Help You?

Mortgage terms and conditions are dynamic and complex. Our mortgage agents in Toronto have in-depth knowledge about the various mortgage options and will help you buy the best mortgage solution that suits your housing needs. Our 3-year fixed mortgage plans are ideal for borrowers who want to ‘play safe.’ Depending on your needs and credit score, we will tailor a mortgage plan that is flexible and within your budget.

Call us today to get more info on 3-Year Fixed Mortgage Rates Today!
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