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Excellent
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 ...
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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...
Nuwara47
August 2
Quick efficient and very helpful 👌
Quick efficient and very helpful 👌
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August 2
dick
Web page was quick and easy to use
Richard
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.
KaneezAla
July 29
Extremely simple
Extremely simple, and fast process.
JaniceGiannitti
July 26
excellent
excellent, professional service
SabinBaidoc
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
ChristinaLain
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
BRIAN FEX
October 26
Easy to use
Easy to use, easy to find the result that you're looking for! 5 star coverage!
KS
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!
stephenblaszko
October 14
Fast response
Fast response
AnarieD'Agostino
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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2-year fixed-rate mortgages in Canada: what you need to know.

Most Canadians opt for fixed rates because they don’t want to worry about unexpected monthly expenses. A fixed rate gives Canadians peace of mind knowing how much they’ll need to pay each month.

For those looking for short-term security without the long-term commitment, 2-year fixed mortgage rates can be ideal. While 5-year fixed mortgage rates are more commonly pursued, 2-year fixed interest rates give homeowners the option of renewing their mortgage much sooner. Depending on the market, this early renewal can catch them a better deal or wind up increasing their interest rates. Those pursuing current 2-year fixed mortgage rates will have to be prepared to pay more money if rates start to climb.

One benefit of this added risk is that 2-year fixed mortgages have lower interest rates than their 3-year and 5-year counterparts. This could be a strategic move for homeowners expecting their income to temporarily drop, such as through a parental leave from work.

If you’re looking for comparisons of 2-year fixed mortgage rates, here's how LowestRates.ca can help.

Most Canadian consumers choose 3 or 5-year mortgages. As a result, these are the mortgage terms we compare in our digital marketplace.

We will connect you to a broker who can compare 2-year fixed mortgage rates from the top lenders in Canada, including the country’s largest banks for you. We recommend applying for a 3 year mortgage in this instance; the rates on a 3 year mortgage are more comparable to the rates on a 2 year mortgage.

It takes three minutes or less to get mortgage quotes on LowestRates.ca. We offer the ability to compare mortgage rates, whether you’re in the market to get your first mortgage or if you’re renewing or refinancing your current one.

Find the best 2-year fixed mortgage rates in Canada today.

Your questions about 2-year fixed-rate mortgages, answered.

When should you consider a 2-year fixed-rate loan?

A 2-year fixed-rate mortgage loan is a very specific product for a very specific borrower. It isn’t a very common mortgage term and, as a result, not all lenders offer it. If you’re someone who only has two years left on a mortgage, a 2-year fixed rate is probably the perfect product for you. However, other buyers may be better served with a more common mortgage type, such as a 3-year fixed-rate mortgage. That’s a mortgage type that nearly all lenders offer, so there’s more competition in the market and more options to compare to help you find the best rate. 

Are 2-year fixed-rate mortgages better than other mortgage terms?

Whether or not a 2-year fixed rate mortgage is better than others is all a matter of perspective. No two mortgages are the same just as no two borrowers are the same. What is perfect for one may not be for another. It’s best to weigh all your options, compare different mortgages, and find the one that’s best for you. Typically, the best mortgage will be one with the term you want at a competitive rate. There are hundreds of options across various lenders and banks in Canada, so do your research to find the one that’s right for you.

What is a good 2-year fixed mortgage rate?

Rates are constantly fluctuating due to several economic factors, so what’s considered “good” is always changing. That said, the mortgage rate a borrower will be offered is based on several factors. Lenders look at a borrower’s down payment, income and salary, debt history, and credit score, among others when determining what rate they qualify for. Having a good handle on your finances, repaying your debt in a timely manner, and researching the options available in the mortgage market will help you find a good rate that fits your needs, whether it’s a two-year fixed rate or another type of mortgage.

How is the 2-year fixed mortgage rate set?

Fixed rates are heavily influenced by the Government of Canada’s bond market. Banks and lenders use both bonds and mortgages to generate profits and they typically set rates based on their bond yields. The profits generated by bond investments are used to cover the costs of the mortgages they offer. When bond yields rise, fixed mortgage rates generally rise as well.

How much can you save comparing 2-year fixed rates in Canada with LowestRates.ca?

To date, LowestRates.ca has helped our users save $1 billion in interest and fees. With mortgage rates, even a savings of a fraction of a percentage point can mean lowering your costs by tens of thousands over the life of your mortgage. That’s because mortgages are used to pay off assets that cost hundreds of thousands or even millions of dollars, so lowering your mortgage rate even a little bit can mean big savings. That’s why it’s always a good idea to compare mortgage rates, when you first purchase a home and then again each time you’re renewing your mortgage.

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