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After consecutive years of record-low interest rates in Canada, we are entering a period of rising rates—which makes the cost of borrowing money, be it for a mortgage or a student loan, more expensive. The possibility of more rate hikes can make the stability of a five-year fixed mortgage rate seem like a good option compared to one with a variable rate—especially for first-time homebuyers or those about renew their existing mortgage. In fact, five-year fixed-rate mortgages are the most popular mortgage product in Canada. However, as with any financial product, they still have their drawbacks.
Before speaking to a lender or mortgage broker, learn more about how they compare to five-year variable mortgage rates.
What is a five-year fixed mortgage rate?
As the name implies, a five-year fixed-rate mortgage comes with a mortgage term of five years—that’s the duration for which your mortgage contract remains in effect. In Canada, mortgage terms range from six months to 10 years, with five years being the most common…
Although home insurance is not mandatory by law in Canada, many lenders will require proof of insurance at the time of signing or renewing your mortgage. You may wish you could forgo this expense, but the truth is having home insurance protects you from having to dole out a large amount of money all at once, especially when it’s unexpected. If you’re looking to get insured, you should review and compare home insurance quotes from different insurers.
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How much does home insurance cost?
The average cost of home insurance in Canada is $960 per year (equal to $80 per month), according to Ratehub…
This is also welcome news for retirees seeking so-called “longevity insurance,” even if it’s probable that the same forces at work are also depressing stock prices. In other words, the time may be fast approaching when near-retirees and full retirees start to consider annuities.
Are fixed annuities a safe investment?
I’ve written about annuities from time to time over this low-interest journey, but it never got to the point for me to pull the trigger personally and buy life annuities. It’s generally a bad time to annuitize when interest rates are low. And it’s worse in periods of high inflation…