07-14-2025, 10:56 PM
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#777
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Senior Member
Join Date: Jan 2016
Drives: 1993 Caterham HPC Evo
Location: Quinte West Ontario
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Quote:
Originally Posted by Dadhawk
Wait, so Canada doesn't have fixed rate mortgages as an option? That's news to me, not that I'm a Canadian mortgage expert.
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No, Canada offers both flexible and fixed rate mortgages. It's just that the maximum term for either is 5 years. You can amortize it over as long as 35 years, (I think) but you have to renegotiate the contract every so many years like 1, 3 or 5 which is the maximum.
Worst rates we ever got locked into was when we bought the out-laws house in the early 80’s. The father-in-law sold us the house at a mere $10 grand over market because we were in a bind and he was a huge piece of SHIT! We got screwed over by our independent broker at the last minute so we had to settle for three years fixed at 18.75% for the first mortgage from our bank. Then the father-in-law held the second three years fixed at 22%.
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