Current Fixed Mortgage Rates under 3 per cent are now available from select banks for a limited time. Canada’s choice mortgage rate has just become even more popular with BMO’s 5 year now at a low 2.99% for their 5 year fixed mortgage rate, TD Bank is offering 2 fixed rates below 3% with their 4 year fixed rate at 2.97% and 2 year fixed rate at 2.79% and finally, Scotiabank with has a special 4 year fixed rate at 2.94%.
All of these low mortgage rates are closed, which means you cannot make extra payments or larger payments with the sum of payments exceeding the set amount determined in the loan agreement without incurring a charge, which is not a good choice if you want to pay your mortgage off faster, but does give you the opportunity to save more over the term of your mortgage. Should you choose to break your mortgage for reasons other than selling your home, you could also incur a large penalty. These rates are good for the new homeowner or if you are renewing your mortgage and are comfortable with the mortgage payments and know you will not want to break the mortgage. Lower fixed rates will give you the security without the risk that payments will rise. Variable-rate mortgages are based on the major banks’ prime lending rate, while the Fixed-rate mortgage is strongly linked to the bond market so they tend to be more secure.
The lower rates offered are for a limited time; BMO applications must be submitted by April 17, 2014 and with these rates, conditions apply so they may not be the right rate for your circumstances. Speak to your mortgage broker or lender today and find the best mortgage rates and products for you.