Mortgagenomics Canada

Key Characteristics of fixed rate mortgages…Current Rate Range (as of Feb 5, 2021): 1.49% to 1.79%Distinguishing Characteristics:mortgage break penalties are the greater of 3 months interest or interest rate differential (IRD).  And with that being said, your mortgage penalty figure can deviate back and forth throughout the life of your term depending on the prevailing market conditions.Fixed mortgages can be ported/transferred to another property so as to avoid a break penalty, or to preserve your interest rate (CAUTION: porting your mortgage does not always add up.  In fact, in most cases mortgage holders opt out of it due to all the caveats associated with it.  But nonetheless, it is certainly an option.  Click Here to be redirected to my previous blog on Porting a Mortgage)fixed rate mortgages are available for various terms (1, 2, 3, 4, 5, 7, 10 year terms)Can be amortized up to 30 yearsMaximum Loan To Value allowance: 95%interest rate changes can occur at any time without any notice