In Canada, fixed rate mortgages have proven to be immensely beneficial and are often referred to as a “vanilla wafer”. Fixed rate mortgages are fully amortizing mortgages where the interest rate on the note remains the same throughout the term of the loan. Since there are so many different mortgage companies, there are various options to consider when thinking about fixed rate mortgages.
Depending on what you obtained your mortgage for in the first place, fixed rate mortgages are generally more expensive than regular adjustable rate mortgages. With that being said, if you are interested in a fixed rate mortgage, Smarter Loans is able to help you acquire one in an efficient manner. In Canada, fixed rate mortgages is made simple by Smarter Loans. We are committed to helping you find a mortgage company that doesn’t just approve you for any fixed rate mortgage, but the fixed rate mortgage that best applies to your situation and unique set of needs. Fixed rate mortgages are very common for purchasing homes over 15 or 30 year terms. The reason being that they are less subject to the effect of inflation over time and can be a much more consistent form of repayment.
If it’s a mortgage that you are interested in, all you need to do is scroll down and select the fixed rate mortgage that best serves your unique needs, then click “apply now” in order to proceed to a brief online application. If the information laid out is overwhelming or confusing, you can also alternatively pre-apply with Smarter Loans and we’ll connect you with a mortgage company that offers a fixed rate mortgage that we determine to be compatible to your needs.
We can help connect you with the top fixed rate mortgage providers in Canada.