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Find Today’s Lowest 9-Year Fixed-Rate Mortgages

Don’t miss out on the lowest rates by relying on someone to guide you who only has limited information. At nesto, you can be rest assured that you’re receiving the very best rate upfront because we compare all of the lenders’ rates in one central location. Our advanced technology presents the full picture of the entire market in seconds to find the most affordable mortgage while our commission-free experts offer you unbiased support throughout the mortgage process.

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Find The Best 9-Year Fixed Mortgage Rates

As Canadians, we tend to be fairly conservative when it comes to our finances. So, it makes sense that fixed rates are the most popular type of mortgage nationally. In fact, thy account for about 70% of all outstanding mortgages. The 5-year renewal option is the most popular, coming in at 60% of all mortgages. But, it’s important to note that fixed rates are available in different terms ranging from 1 to 10 years. We compare them all in a single glance and then advise which term best suits your specific needs.

By choosing a ‘fixed’ rate, you’re ensuring that your monthly payments remain the same throughout your mortgage term. The ‘term’ refers to the duration of your current rate, whereas your ‘amortization’ is the length of time it will take for you to become mortgage-free.

It’s important to understand that all borrowers must meet the standards of approval for the Bank of Canada’s benchmark 5-year fixed qualifying rate, even if you choose a mortgage with a lower interest rate and shorter term. This benchmark is in place to both reduce the lender’s risk as well as ensure you can comfortably afford to pay back your mortgage.

Benefits of Fixed-Rate Terms

Borrowers who want the added peace of mind of knowing exactly what they have to pay towards their mortgage each month enjoy fixed rates. Typically, more conservative Canadians view a fixed rate as an appealing option because having a fixed term in place means your mortgage payments will not change until your term expires. Selecting a fixed rate is like having an insurance policy in place that guarantees your rate will not rise over your chosen term (1-10 years).

Fixed-rate mortgages are most popular among homebuyers and homeowners who are looking for a reliable payment schedule, manage a tight monthly budget, or are generally more risk-averse when it comes to finances. For instance, young families with large mortgages relative to their income may be better off opting for the peace of mind that a fixed rate provides.

Consumer Protections For Longer Fixed Mortgage Terms

The benefit of taking on a term longer than 5 years is that a lender can only charge you a penalty of 3 months’ interest after you surpass the 5th anniversary of your mortgage term (per the Interest Act). However, if you end your 9-year fixed mortgage term before your 5th anniversary, the lender can calculate your prepayment penalty charge as the greater of 3 months’ interest or the interest rate differential penalty.

This key piece of legislation protects you from outrageously hefty mortgage penalties in the event you need to break your mortgage early while still offering you peace of mind with consistent and predictable monthly payments.

Popularity of the 9-Year Fixed-Rate Mortgage

The 5-year fixed-rate option is the clear term winner when it comes to fixed mortgages across Canada. But your decision should be based on more than popularity – taking into consideration your risk tolerance as well as your ability to withstand increases in mortgage payments. This is where our expert support is even more invaluable.

9-year terms are not very common among those who select a fixed rate. Choosing a 9-year fixed-rate mortgage often coincides with personal plans that make sense to align with the mortgage term.

Why choose nesto

At nesto, our commission-free mortgage experts, certified in multiple provinces, provide exceptional advice and service that exceeds industry standards. Our mortgage experts are non-commissioned salaried employees who provide impartial guidance on mortgage options tailored to your needs and are evaluated based on client satisfaction and advice quality. nesto aims to transform the mortgage industry by providing honest advice and competitive rates using a 100% fully digital, transparent, seamless process.

nesto is on a mission to offer a positive, empowering and transparent property financing experience – simplified from start to finish.

Contact our licensed and knowledgeable mortgage experts to find your best mortgage rate in Canada.