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9-year fixed-rate mortgages in Canada: what you need to know.

Canadians who choose a 9-year fixed-rate mortgage are looking for stability. This rate lasts for nine years and is beneficial for homeowners or property investors who want to know what their mortgage payments will be for that period of time. A long-term rate also gives them peace of mind, especially if they’re worried about renewing at a higher rate in the near future if they were to get a shorter-term mortgage.

However, rates on a longer-term mortgage are typically higher than a mortgage with a term of five years or less. That means you’ll pay more interest over the first few years of the term compared to a short-term mortgage. Also, the fees to break the mortgage could end up being extraordinarily high. With that in mind, it’s a good idea to check and do a comparison of 9-year fixed mortgage rates.

It’s important to note that the most common mortgage terms in Canada are three years or five years. As a result, these are the mortgage terms LowestRates.ca compares in our digital marketplace. However, we can connect you to a broker who can find current 9-year fixed rate mortgage rates from the top lenders in Canada.

LowestRates.ca can help you find the fixed rate term that’s best for you. Click the “Get Started” button above to start comparing rates for buying a new home, renewing or refinancing your mortgage, and we’ll show you available terms and mortgage rates.

Your questions about 9-year fixed-rate mortgages, answered.

What is a 9-year fixed-rate mortgage?

A mortgage contract and the rate last for a certain amount of time, which is called the term. When you hear the term “9-year fixed rate,” it means the interest rate is fixed for a term of 9 years.

However, that doesn’t mean you only have nine years to pay off the mortgage. It will often take a number of terms to pay it off completely. The amount of time you have to pay off the entire mortgage is called the amortization period (typically 25 years). When your term ends, you have the option to renew or renegotiate the mortgage. If you choose the latter, that may change the length of the amortization period.

You should also be aware of the difference between fixed and variable rate mortgages. Fixed rates stay the same for the length of the mortgage term while variable rates fluctuate if the Bank of Canada raises or lowers rates. That means 9-year fixed mortgage rates will typically be different than variable rates.

When you have a nine-year fixed mortgage rate, the interest rate will stay the same for nine years. Another thing to know about 9-year fixed mortgage rates in Canada today is that the payment amount will be the same for the entire term. However, fixed mortgage rates are typically higher than variable mortgage rates.

You should also know the difference between closed and open mortgages. Here’s a brief explanation:

Closed mortgages have certain rules you have to abide by when it comes to making extra payments. For instance, you may only be allowed to make one additional payment on top of your regular payments every year. You might also only be allowed to pay off a certain percentage of the original mortgage balance annually. With a 9-year fixed closed mortgage rate in Canada, your mortgage payments stay the same for the entire term and the mortgage can’t be broken without paying a fee.

Open mortgages allow you to make larger regular or one-time payments without having to pay a fee. Lenders will usually charge a higher interest rate on an open mortgage because of the increased flexibility. When you have a 9-year fixed open mortgage rate in Canada, there’s no limit on how many payments you can make nor is there a limit on the payment amount.

What are the fees involved with a 9-year fixed-rate mortgage?

Want the best 9-year fixed-rate mortgage in Canada with no fees payable? Hate to break it to you, but finding a 9-year fixed-rate mortgage with no fees is next to impossible. There are always fees associated with mortgages. Here are some examples:

Mortgage broker fees: When you get a mortgage through a broker, they’re paid a finder’s fee by the lender. However, if you decide not to work with a broker after they already found a lender for you, you may be charged an administration fee. You may also be charged a fee upfront if you’re a subprime borrower (that means you have a below-average credit score), which protects the broker if your mortgage application is denied.

Appraisal fee: When you apply for a mortgage, there’s an independent appraisal of the home you’re buying. This is done in order to find out if the home meets the financial institution’s lending criteria. Unfortunately, you’re responsible for paying this fee. This is another reason why even the cheapest 9-year fixed rate mortgage won’t have no fees.

Mortgage default insurance: When you make a down payment of less than 20% on a home, you must get mortgage default insurance. This insurance is available through the Canada Mortgage and Housing Corporation (CMHC), Sagen or Canada Guaranty. Insurance premiums are added to your mortgage balance. Mortgage insurance is intended to protect your lender in the event you can’t pay your mortgage.

Provincial sales tax (PST): Some provinces charge PST on the mortgage default insurance: Ontario (8%), Saskatchewan (6%) and Quebec (9.975%). This needs to be paid at closing.

Interest adjustment costs: You may need to pay interest to the lender if there’s a gap between the closing date and the beginning of the month when your first mortgage payment is due.

Prepayment penalties: With a closed mortgage, you may be charged fees if you make additional payments. Many lenders will only allow one additional payment a year and the payment can’t exceed a certain percentage of the original mortgage balance.

As you can tell, getting the cheapest 9-year fixed-rate mortgage with no fees is highly unlikely. You should also be aware of other fees that come along with buying a home, such as legal costs and land transfer taxes.

Despite these fees, you can save when buying a home if you get the lowest 9-year fixed mortgage rates.

Where can I get the cheapest rate on a 9-year fixed-rate mortgage in Canada?

We can’t tell you which financial institution has the best 9-year fixed-rate mortgage offers. However, we can provide you with some information on what will make banks more likely to lend money to you. To get the best 9-year fixed-rate mortgage deals, ensure that:

  • Your total debt service (TDS) ratio is 44% or less
  • Your gross debt service (GDS) ratio is 39% or less
  • You’re able to pass the mortgage stress test
  • Your credit score is high
  • You have enough money saved (that isn’t borrowed) for a down payment
  • You have reliable employment, and your income is steady and doesn’t fluctuate

Meeting the above criteria will give you more mortgage lending options. If you can only meet a few of the criteria, your options will be limited and your rate will likely be higher.

Should I use a mortgage broker or a bank?

When looking at 9-year fixed mortgage rates, Canadian banks and mortgage brokers are the most popular options for homebuyers. The decision whether to use a mortgage broker or a bank is really up to you.

If you want to know what is the best or lowest 9-year fixed-rate mortgage, it’s probably best to work with a mortgage broker because lenders will compete against each other for your business. A bank will usually offer you its best rate, which might not match the lowest rate you’re able to get from another lender. That’s a reason why you should check 9-year fixed mortgage broker rates before buying a home.

What other mortgage terms are available?

Other than 9-year fixed term mortgages, there are different terms available. While mortgage terms can vary from six months to 10 years, the most popular term is a 5-year mortgage. Other popular terms are 1-, 2-, 3-, and 4-year mortgages. It’s also possible to get 7- and 10-year terms.

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