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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.

What is a 7-year fixed-rate mortgage?

To understand what a 7-year fixed-rate mortgage is, it's helpful to define its two core components.

The term

The term indicates the length of your mortgage contract and how much the interest rate is for. At the end of your 7-year term, it will be time to renew your mortgage (unless you’ve been able to pay it off in full). And guess what? If interest rates happen to be lower at the end of those seven years you will be able to negotiate your rate!

The fixed rate

In a 7-year fixed-rate mortgage the rate is described as “fixed” because it will not fluctuate up or down during the entire seven-year period. Compare that to a variable rate mortgage where, depending on whether the Bank of Canada raises or lowers its benchmark lending rate, the rate can go up or down multiple times throughout the term of your mortgage.

Why would someone choose a fixed rate over a variable one?

The main reason a homebuyer will decide to go with a 7-year fixed-rate mortgage vs. a 7-year variable rate mortgage is peace of mind.

It could be their personality or their financial situation but because their mortgage payment is usually the largest monthly bill they have to pay each month many homebuyers like to know it will be the same amount every 30 days — even though variable mortgage rates are usually lower than fixed-rate mortgages.

If you’re the type of person of the opinion that interest rates aren’t going up anytime soon — and you have the financial ability to handle an increase in your mortgage payment if they do — then going with a variable mortgage rate may be the perfect option.

Next, do you want a closed or open mortgage?

Now that you’ve settled on whether you want a fixed or variable rate 7-year mortgage you need to decide whether you want it to be a closed mortgage or an open mortgage. There are pros and cons to both choices.

Closed mortgages. Closed mortgages generally offer the lowest interest rate vs. open mortgages. This is because they place limits on how much extra money you can pay on top of your monthly mortgage payment.

Open mortgages. These types of mortgages allow you to make larger monthly mortgage payments without being penalized for it which gives you the opportunity to pay off your mortgage sooner. This added flexibility comes at a slight cost however as usually the interest charged on an open mortgage is a little higher.

LowestRates.ca can help you find out which Canadian banks, brokers and lenders have the best 7-year fixed-rate mortgage deals and offers.

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.

If you’re searching for a 7-year mortgage, we recommend requesting quotes for a 5-year mortgage. The rates will be more comparable to the ones available for a 7-year mortgage than they will be on a 3-year mortgage.

Next, we will match you with a mortgage broker. The broker can show you the latest 7-year fixed mortgage rates brokers and bankers are offering, if you still feel that a 7-year mortgage term is the right choice for you.

You can compare the current 7-year fixed closed mortgage rates in Canada vs. the current 7-year fixed open mortgage rates in Canada with just a few clicks.

What is the interest rate on a 7-year fixed-rate mortgage?

By reviewing historical 7-year fixed mortgage rates in Canada you can figure out the interest rate you are most likely to qualify for. A mortgage broker can pull up historical rates for you. 

Want to know what the rates on a 7-year fixed-rate mortgage are today and which Canadian lenders, banks, and brokers have the best 7-year fixed mortgage interest rates? LowestRates.ca can help connect you to a mortgage broker.

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.

To get an estimate of what a 7-year mortgage will cost, we recommend choosing a 5-year mortgage; the rates on this term will be more comparable to the ones available on a 7-year mortgage than on a 3-year mortgage.

Next, we will match you with a mortgage broker. The broker can show you the latest 7-year fixed mortgage rates brokers and bankers are offering if you still feel that a 7-year mortgage term is the right choice for you.

What are the fees involved with a 7-year fixed-rate mortgage?

If your goal is to land the cheapest 7-year fixed-rate mortgage with no fees attached, that’s not going to happen. Every mortgage has fees. Below is a brief summary of what to keep in mind.

  • Mortgage default insurance: In Canada, if your down payment is less than 20% of the home’s sale value, you need to purchase mortgage insurance from the Canadian Mortgage Housing Corporation. Mortgage insurance premiums are folded into your monthly mortgage payments and are intended to protect your lender in case you default on your mortgage.
  • Provincial Sales Tax (PST): In some provinces, a Provincial Sales Tax (PST) is tacked on to your mortgage balance and has to be paid when you close on the home.
  • Interest adjustment costs: This fee can come into play if you close on a house in the middle of a month. If that happens, your lender may charge you for the interest accrued before you actually pay your first full mortgage payment.
  • Appraisal fee: Part of the mortgage approval and home buying process includes an independent appraisal of your home to see if it meets your lender’s lending criteria. This cost falls to you. This is one reason why even the best 7-year fixed-rate mortgages won’t come with no fees payable.
  • Prepayment penalty: If you have a closed mortgage, you’ll be charged a fee if you make extra payments. If you plan to make more payments than just the monthly one, or if you plan to make a larger payment than what’s required each month, you should opt for an open mortgage instead of a closed mortgage.

A mortgage payment represents a substantial financial outlay. Fees will vary depending on the lender. It’s up to you to be aware of what they are.

Therefore, when you’re investigating 7-year fixed mortgage rates at Canadian banks, mortgage brokers and mortgage companies always bring up the question, “What fees will I be paying with this mortgage?”

And don’t forget that in addition to these fees you will also have to pay for things such as legal costs, land transfer tax, property taxes as well.

Make sure you figure out all of the costs you’ll be responsible for ahead of time. Budgeting properly can you help you avoid costly surprises.

Where can I get the cheapest rate on a 7-year fixed-rate mortgage in Canada?

It’s one thing to find which lender has the cheapest 7-year fixed-rate mortgage, it’s another thing to qualify for it. Before they offer you their best rate lenders will want to know that you are a low-risk borrower. How do they do this? By seeing if you meet a variety of criteria:

  • Your Total Debt Service and Gross Debt Service ratios are 44% and 39% or under, respectively.
  • You can pass the mortgage stress test.
  • You have a high credit score.
  • You have a decent down payment, and you can prove it’s not borrowed.
  • You have a steady income.

If you have no trouble meeting these five things you can feel confident that you will qualify for the best 7-year fixed-rate mortgage that a lender has to offer. If you only meet some of the criteria, you probably won’t be offered the lender’s lowest mortgage rate — they may even decide to not offer you a mortgage at all.

What other mortgage terms are available?

The mortgage term defines how long you’ll be locked into your mortgage contract. The contract stipulates how interest will be calculated and whether you will have any prepayment privileges. After the term ends, you will be able to renegotiate your mortgage contract. It takes many terms to pay off a mortgage in full.

There are short-term and long-term mortgages. Anything below four years is considered a short-term mortgage and anything beyond that is a long-term mortgage. The shortest mortgage term is six months and the longest is 10 years.

Interest rates tend to be lower on short-term mortgages — that’s because lenders can bank on getting their money back relatively soon, which equals less risk for them — but monthly payments on short-term mortgages tend to be quite steep.

A long-term mortgage can provide peace of mind, but you do sacrifice flexibility. If you end up wanting out of your mortgage to seek a lower interest rate through refinancing, it will come at the cost of hefty fees.

Five-year fixed-rate mortgages are the most popular term length for mortgages in Canada. To many Canadian homeowners, it lends a feeling of stability; five years isn't too long nor is it too short.