| 5 Year Fixed Rates | Our Rate | Bank Rate | ||
 | Scotia Bank | 4.39% | 0.00% | |
 | TD Bank | 4.49% | 0.00% | |
 | First National | 4.24% | 0.00% | |
 | Mcap | -0.30% | 5.04% | |
 | RMG | 4.24% | 0.00% | |
 | Lendwise | 0.00% | #REF! | |
 | RFA Mortgage | 4.29% | 5.14% | |
 | Equitable Bank | 5.09% | 0.00% | |
 | CMLS Financial | 4.29% | 4.49% | |
 | ATB Financial | 4.09% | #REF! | |
Spruce Grove Five Year Fixed
The five year fixed rate mortgage is the most popular among Spruce Grove homeowners, with 70% of home loans being fixed rate and two-thirds having a five-year term. The 5-year mortgage rate is influenced by the five-year government bond yield and provides a stable payment option for homeowners. However, mortgage loan terms can range from one to ten years and home owners have the option to renegotiate or switch lenders at renewal periods.
Variable rate mortgages are an option, but are less popular as they offer fluctuating payments. A mortgage broker like Whalen Mortgages Spruce Grove can help you determine the best mortgage option for you and assist in finding a lender who does not charge penalties for refinancing.
Contact Whalen Mortgages Spruce Grove for more information.