The Best 7 Year Fixed Closed Mortgage Rates
The Best Mortgage Rates in Ontario
7 YearFixed Closed View All
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A Middle of the Road Fixed Rate
When mortgage shoppers choose a fixed closed mortgage it means that they don't want their mortgage rate or the conditions of their repayment to change. The most popular term in Canada is five years, a reasonably long term with the option to take advantage of changing rates in the future. Mortgage shoppers determined to keep the same rate for the long haul generally settle on a ten year rate.
All the Familiar Faces
Most banks offer a seven year rate for shoppers who are looking for more commitment than the usual five. But banks aren't the only players in the game. Mortgage brokers, specialty lenders and credit unions often have special rates designed to undercut the banks, but they tend not to compete with terms higher than five years.