An uncommon product, the 9-year fixed rate mortgage is generally overlooked by Canadians. It’s rarely offered by institutions, so rates aren’t very competitive -- sometimes 9-year fixed rates are actually higher than 10-year fixed rates.
Since it’s rare for borrowers to ask for 9-year terms, PC Financial, FirstLine Mortgages, and Laurentian Bank are the only lenders that currently offer them.
Sometimes you can get lower interest rates on a 9-year fixed rate mortgage than on a 10-year fixed. In this scenario, the 9-year term is usually the more tempting choice: it’s almost as long as the 10-year, but it offers a more attractive rate. So even if interest rates rise, you’ll know that your payments will stay the same every month for 9 years.