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5-Year Variable

Rates updated: May 28, 2022 at 7:30 AM


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Rates updated: May 28, 2022 at 7:30 AM

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Very accurate quotes that are fast …
Very accurate quotes that are fast thanks guys
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Very pleasant and helpful. No pressure there for the client
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Quick and courteous follow-up, connected me with a broker instantly.
April 27
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Was great, provided a few quotes and I felt no pressure to accept any of them. I...
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This company does Follow up and Follow…
This company does Follow up and Follow through and that is so necessary because ...
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Quick to respond and very competitive rates offered.
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April 12
very fast service
very fast service, polite, efficient
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I spoke with Barb and she was very…
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April 4
Its a good experience.
AnjoeTharakan Antony
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
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March 15
Very good.
Very good, and the Rates you have stated is great. Please wait till I see the ba...
Ian Stevens
March 10
Good customer service
Good customer service
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March 3
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Great team and amazing communication skills. Very straight forward to get an est...
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It was a good experience
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Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
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October 14
It's great
It's great, found the best rates.
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October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
October 14
Fast response
Fast response
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From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
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October 13
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A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson
September 30 is the best out there is the best out there. They are fast efficient and gets job done...
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August 31
very quick and reliable rates
very quick and reliable rates
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5-year variable-rate mortgage: What you need to know.

When signing a mortgage contract in Canada, homebuyers have many term and amortization options to choose from. One of the most popular options in Canada is the 5-year, variable interest rate mortgage term with a 25-year amortization period. This is just one of many potential mortgage structures Canadians can arrange with their mortgage lender. This page will review the different mortgage terms available to Canadians as well as the different rate structures they can select. We’ll also dive into the difference between fixed and variable rates, open and closed mortgages, and how to secure the best mortgage rate possible in Canada. If you’re ready to start looking for a home and a 5-year variable-rate mortgage, you can start your search by filling out the form above. If you’re looking to refinance or or renew your mortgage, don’t despair. We’ve got you covered. Just select the “Refinance” or “Remortgage” options in the form above.

Your questions about 5-year variable mortgages, answered.

When should you consider a 5-year variable-rate loan?

When selecting a mortgage term and rate structure, it’s important to take several things into consideration. For instance, your financial situation and personal tolerance for risk will come into play when you’re deciding how long you want your term and amortization periods to last. Furthermore, a variable rate tends to be riskier than a fixed rate; more risk averse homebuyers may choose to go with the latter. However, variable rates have been proven to save Canadians money in the long run. So, if you’re looking for the best deal, a 5-year variable-rate mortgage may be the way to go.

Are 5-year mortgages better than other mortgage terms?

Most homebuyers in Canada choose a five-year term. It’s popular because five years is a sweet spot for homebuyers within the range of six months to 10 years, but interest rates on five year-terms are still affordable compared to longer terms. The fact that the five-year term is so ubiquitous also means rates are competitive. However, that doesn’t necessarily make a five-year term “better” than other terms, or the best option for everyone. The best mortgage term depends on a few factors, such as how long you plan to stay in your home, how many years you have left to pay off your mortgage, and what rate you can get.

What is a good 5-year variable mortgage rate?

Mortgage rates are always subject to change. A “good” rate is relative to two things: what lenders are currently offering in the marketplace, and what you qualify for based on your financial profile (down payment amount, credit score, income, etc.). allows you to compare 5-year variable mortgage rates (as well as 5-year fixed mortgage rates) from banks and brokers across the country, so you can get an idea of what you qualify for.

How is the 5-year variable mortgage rate set?

Variable mortgage rates are based on the lender’s prime rate. The prime rate is the interest rate that lenders offer their most creditworthy customers. Every lender sets its own prime rate, but prime rates are related to the Bank of Canada’s overnight lending rate. Also known as the policy interest rate, it is used as a benchmark by big banks and other lenders for setting rates on variable mortgages, lines of credit and interest paid on deposits. If the Bank of Canada adjusts its overnight lending rate based on economic conditions, your mortgage lender may adjust its prime rate accordingly, and your variable mortgage rate will change.

How much can you save comparing 5-year variable rates in Canada with

So far, has helped our users save $1 billion in interest and fees. When it comes to mortgage rates, even a decimal point or two can save you thousands of dollars in interest payments over the life of your mortgage. Most lenders don’t offer their best rates up front, but aggregates the best rates from banks and brokers across Canada and lets them compete for your business. Mortgage rates vary in different housing markets across Canada, so it’s best to get a personalized quote.

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