2.24% 5 year fixed rate Ontario

September 12th, 2019Best Mortgage Rates

2.24% 5 year fixed rate

Take advantage of today’s best mortgage interest rates with a 2.24% 5 year fixed rate in Ontario.

Based on a $350,000 mortgage, 25 year amortization and a 2.24% versus a 2.64%, the interest savings is $6563.44 over the 5 year term.

 

2.24% 5 year fixed rate Ontario

 

What would you do with over $6500?

For those buying a home in Ontario with less then 20% down, take advantage of a 2.24% now.

Buy your dream home today with less down payment and a lower rate.

With a high ratio mortgage, one with less then 20% down, you can buy a home with as little as 5% of the price as a down payment. Take advantage of a 2.24% 5 year fixed rate today.

A fixed rate mortgage allows you to lock in a rate for a certain period of time.

Learn more: Fixed rate mortgages

This mortgage allows 20% pre payment privileges.

Learn more: Prepayment privileges

 

5 year fixed rate pros:

With a 5 year fixed rate you get to lock in the rate for 5 years. This helps you with budgeting as you know exactly what your payment is each month. The payment will not change like a variable rate mortgage payment may. You can however increase the payment if you would like to pay the mortgage off faster.

 

5 year fixed rate cons:

If rates decrease during the 5 year term, you would have to break your current mortgage in order to take advantage of the current best mortgage rates. Some lenders will charge a penalty to break a mortgage

 

Mortgage brokers in Ottawa can assist you with finding you not only the best mortgage rate but with finding you a mortgage that has the best options for your needs. With access to dozens of lenders from banks, to credit unions to internet lenders, you can rest assured that you will get a great mortgage at a fair rate. Contact me to learn more about this current promotion. Some conditions apply.