Abbotsford and Chilliwack Five Year Fixed

The five-year fixed-rate mortgage is highly favored by homeowners in Abbotsford and Chilliwack, with approximately 70% of all home loans being of this type and two-thirds of these having a five-year term. The interest rate for this mortgage option is often linked to the five-year government bond yield, offering a predictable and steady payment schedule for homeowners. However, it’s important to note that mortgage loan terms can vary, ranging from one to ten years, and homeowners have the flexibility to renegotiate their mortgage or switch to a different lender when it’s time to renew.

Variable rate mortgages, while available, are less common due to their nature of providing fluctuating payment amounts. Engaging with a mortgage broker like Jodi Smith at Whalen Mortgages Abbotsford and Chilliwack can be instrumental in helping you identify the mortgage option that aligns best with your financial needs. Moreover, they can assist in locating lenders who offer more favorable terms, particularly those that do not impose penalties for refinancing.

Contact Jodi Smith at Whalen Mortgages Abbotsford and Chilliwack for more information.