Introduction:

The 5-year fixed mortgage rate is a popular choice among Canadian homebuyers, offering stability and competitive interest rates. For those looking to lock in their interest rate for a half-decade, it’s crucial to find the best deal. In this article, we’ll explore the top 5-year fixed mortgage rates in Canada and provide essential information to make an informed decision.

1. HSBC Bank – 1.74%

HSBC tops our list with its attractive 5-year fixed mortgage rate of 1.74%. This global bank offers competitive rates, flexible payment options, and an easy online application process with quick approval. Moreover, borrowers can benefit from HSBC’s special relationship with real estate agents, gaining access to exclusive property listings.

2. Tangerine Bank – 1.99%

Offering a 5-year fixed mortgage rate of 1.99%, Tangerine Bank is a strong contender for those seeking an online-based financial institution. As an exclusively digital bank, Tangerine streamlines the mortgage application process and delivers outstanding customer support. Its flexible payment options include bi-weekly and monthly schedules that can be easily adjusted.

3. BMO Bank of Montreal – 2.14%

With a competitive 5-year fixed rate at 2.14%, the Bank of Montreal (BMO) has long been a trusted choice among Canadians. BMO’s comprehensive financial services and expert advice allow customers to tailor their mortgage based on individual needs, making it ideal for first-time homebuyers and seasoned investors alike.

4. CIBC – 2.24%

The Canadian Imperial Bank of Commerce (CIBC) offers a 5-year fixed mortgage rate of 2.24%. CIBC provides various tools and resources such as pre-approval applications and a comprehensive online Mortgage Resource Centre to help borrowers navigate the homebuying journey. In addition, its Mortgage Cash Account feature allows customers to access extra funds if needed.

5. Scotiabank – 2.29%

Scotiabank rounds out the list with a 5-year fixed mortgage rate of 2.29%. Known for its global presence and strong support network, Scotiabank offers a variety of fixed-rate and variable-rate mortgage options. Moreover, their STEP (Scotia Total Equity Plan) program enables borrowers to access their home equity to fund other goals, such as home renovations or investments.

Conclusion:

As a homebuyer in Canada, finding the best five-year fixed mortgage rate is incredibly important for both financial stability and budgeting. By considering the top options from trusted institutions like HSBC, Tangerine Bank, BMO, CIBC, and Scotiabank, you can make an informed decision that fits your unique circumstances. Always research the specific terms and conditions of each lender and consult with a mortgage specialist when needed.