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What our users say:

Based on 505 reviews
September 22
Was pleasantly surprised by the prompt…
Was pleasantly surprised by the prompt response to my enquiry online. Hope it's ...
Mishu K
August 5
Received a call before I was even…
Received a call before I was even finished submitting information. Super fast se...
Robert Chiasson
August 4
Great service!
Great service!
Linda RitaOlivier
August 3
They respond very quickly
They respond very quickly. They are very understandable. The representative I sp...
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
Khalilulla Razzaque
August 2
Web page was quick and easy to use
July 30
Good experience was pretty quick
Good experience was pretty quick
Grant W.Murray
July 29
The agent was friendly
The agent was friendly, helpful and polite. All in all a good experience.
July 29
Extremely simple
Extremely simple, and fast process.
July 26
excellent, professional service
July 23
Very kind and helpful
Very kind and helpful
April Shannon
July 22
Easy to find easy to use website which…
Easy to find easy to use website which provided me with options.
Randall McLellan
July 22
Excellent service
Excellent service
Sven Zorz
July 21
They were great
They were great
July 21
Excellent pricing
Excellent pricing
pankaj joshi
June 27
I asked for the best mortgage rate & I got my answer
I asked for the best mortgage rate to the application detail I sent & I got a s...
Issa Horani
March 20
Real options to save
Lowest Rates. CA has been extremely helpful I've gone through my ups and downs b...
Amir Isakovic
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
Lina Bella
March 3
Great team and amazing communication…
Great team and amazing communication skills. Very straight forward to get an est...
Andre F MPereira
January 8
fast and easy
fast and easy
moira fortin
November 4
It was a good experience
It was a good experience
October 26
Easy to use
Easy to use, easy to find the result that you're looking for! 5 star coverage!
October 15
Great service and very helpful :) would…
Great service and very helpful :) would definitely recommend
Emily Peacock
October 14
It's great
It's great, found the best rates.
Chirath Ranaweera
October 14
Fast and pleasant experience
Fast and pleasant experience. Saved a lot of money too!
October 14
Fast response
Fast response
October 13
From the online process to the first…
From the online process to the first contact speaking to a rep it’s was a good...
Rose Daniel
October 13
A very pleasant contact
A very pleasant contact, without rep talking over my head., It was very infor...
Margaret Markson

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

Some people appreciate the peace of mind that comes with knowing what their monthly mortgage payment will be for more than five years but they feel like being in a mortgage for 10 years is a little too long. If this sounds like you, then a 7-year fixed-rate mortgage may be the perfect compromise.

What is the best 7-year fixed-rate mortgage? What is the lowest 7-year fixed-rate mortgage?  Since most Canadians don’t choose 7-year mortgages, we only offer the ability to compare 3 or 5-year mortgages at this time. We recommend seeing what your mortgage payment would be like at one of these terms first.

After you apply for a quote, we will connect you to the mortgage broker offering the lowest rate. The broker will also be able to show you rates for 7-year mortgages. 

In a short time,  you’ll have a seven-year fixed-rate mortgage rates comparison between Canadian brokers, banks, credit unions, and mortgage companies, ready for you to review.

Your questions about 7-year fixed-rate mortgages, answered.

When should you consider a 7-year fixed-rate loan?

Seven-year fixed-rate mortgages are for people who are ready for a long-term financial commitment — you’ve found an interest rate you want to lock down, you don’t plan on moving, and you don’t see your life circumstances changing in a way that could affect your ability to pay your mortgage for the next seven years. The tradeoff for that stability is that interest rates on longer mortgage terms are higher than short-term rates.

Are 7-year mortgages better than other mortgage terms?

It depends on what you’re looking for. If you find an attractive interest rate, Longer mortgage terms such as the 7-year fixed rate allow borrowers to lock it down for an extended period of time. This can be beneficial at a time when interest rates are low, but are starting to rise again. However, interest rates on a 7-year term will be higher than what you can find for a 5-year fixed rate (the most popular mortgage term in Canada) or a 2-year fixed rate.

What is a good 7-year fixed mortgage rate?

Longer mortgage terms such as seven years or 10 years have higher interest rates because lenders need to financially shield themselves from any changes that might arise during your term — interest rates could rise, or you (the borrower) could pay off your mortgage early. A good mortgage rate also depends on your personal profile. Lenders offer the lowest rates to borrowers they deem the most creditworthy, so they’ll look at things like your credit score, employment history, income, how much debt you have and your down payment amount.

How is the 7-year fixed mortgage rate set?

Fixed mortgage rates are linked to government bond rates. With a government bond, the investor lends the government money for a set amount of time — for example, seven years. During those seven years, the investor is paid interest payments. At the end of seven years, the full value is repaid to the investor. Banks and other lenders invest in government bonds because bonds are a safe investment. Bond yields are used to cover the cost of lending mortgage money to consumers. Mortgage rates typically rise in tandem with bond yields.

How much can you save comparing 7-year fixed rates in Canada with

Since was founded, we’ve 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.