5 Year Variable Open Mortgage Rates
The Best Mortgage Rates in Ontario
5 YearVariable Open View All
|3.85% View Details »||3.65% View Details »||4.00% View Details »|
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by Sean Cooper
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Variable Rates are Lower, Right?
It's true that in Canada, variable mortgage rates are often lower than fixed mortgage rates. But unlike fixed rates, variable rates may change depending on market fluctuations. Borrowers pick variable rates when they are confident that the rates won't go up, or hopefully drop even lower.
Open Mortgages Offer More Freedom, Right?
It's true that open mortgages allow the borrower more freedom than closed mortgage rates. They may pay off as much of their mortgage as they like, without fear of costly penalties from their lender. However, as open mortgage rates are generally higher than closed mortgage rates, you may ending up paying more in the long run.
There May Be More Options Than You Think
RateSupermarket.ca compares the entire market, including banks, mortgage brokers, credit unions and specialty lenders. Choosing a five year term give you access to the most amount of rates, so be sure to explore your options with a fixed rate and a closed mortgage as well.