A fixed rate mortgage is a mortgage product where the interest rate is locked in over a set term. These terms are usually 3, 5 and 10 year terms. This should not be confused with the amortization period, which is the term that you pay off the entirety of your mortgage.
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Have you compared mortgage rates in BC? Finding the lowest rate could save you a lot of money – our 5-year fixed rates in BC now average less than 2.5%, while bank-posted 5-year fixed rates average over 4.5%. On a $400,000 mortgage, the average difference in rates would result in over $100,000 of savings over the life of your loan.
But as the BC economy continues to face challenges, any future interest rate increases will impact real estate sales and investment. Our True North Mortgage brokers know the real estate landscape, and can offer you discounted BC mortgage rates, even from your own bank.
An open mortgage rate offers you the option to break your mortgage early – but at the cost of a higher rate. If you think you’ll need to break your mortgage early, or anticipating a high influx of cash to pay off your mortgage (lottery winnings included), an open mortgage rate will save you from paying hefty fees.
Find mortgage rates that work perfectly for you. Choose from 3- to 10-year closed term fixed rate mortgages and variable rate mortgages at Scotiabank.com.
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The annual percentage rate (APR) is based on a $ 250,000 mortgage for the applicable term assuming a processing fee of $250 (which includes fees associated with determining the value of the property). If there are no cost of borrowing charges, the APR and the interest rate will be the same.