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Jamie David, Business Director Mortgages
There is a wide range of mortgage products available in Canada, and 25-year fixed-rate mortgages are excellent proof that the industry is ready to meet any need, no matter how niche. For most of us, 25-year mortgages are not going to be the best product for our needs, but for the right person, it might be just the ticket.
What is a 25-year fixed-rate mortgage?
A 25-year fixed-rate mortgage is what it says on the box: A mortgage with a fixed-rate for a period of 25 years. Fixed mortgage rates have the advantage of locking in a set monthly payment for your entire mortgage term (unlike variable rates, which can change month to month). A 25-year term is the longest available in Canada, but comes with much higher rates than a more traditional term length, like a 5-year mortgage.
25-year terms vs. amortization
It's important not to be confused between 25-year terms and 25-year amortization periods. A 25-year term locks in a single rate for the entire 25-year term. A 25-year amortization, on the other hand, refers to the total life of your mortgage, which is more commonly comprised of several mortgage terms (for example, five 5-year terms back-to-back).
Alternatives to a 25-year fixed mortgage rate
If you're looking to lock in a low rate for a long period of time, or are trying to ensure steady mortgage payments for as long as possible, a 25-year fixed mortgage rate might seem attractive. However, the very high mortgage rate you'll be offered will very likely make it unviable.
A strong alternative to a 25-year fixed mortgage rate is a 10-year fixed mortgage rate. A 10-year term with a fixed rate offers many of the benefits of a 25-year term, but with a much lower mortgage rate.
Jamie David is the Business Director of Mortgages at Ratehub.ca. A graduate of the Systems Design Engineering program at the University of Waterloo, she has over 15 years of business, marketing, and engineering experience in the financial technology, banking, education, energy and retail industries. She has worked in top organizations like TD Bank, Trading Pursuits, Petro-Canada, and the TTC. Her passion for personal finance, investing, education, and business strategy brought her to Ratehub.ca where she heads a very talented, cross-functional team that is dedicated to providing Canadians with the best mortgage experience all the way through from online search to (keys-in-your-hand) funded mortgage.
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Both Ratehub.ca and CanWise Financial are owned and operated by Ratehub Inc. When comparing mortgage rates on Ratehub.ca, you’ll see rates from a number of lenders and mortgage brokers, including CanWise Financial. All products are sorted according to the rates available to you and the selection criteria you’ve shared with us.
We’re happy to send users to CanWise because of their great rates, trusted advice, and experienced mortgage team. Read any of their 3,300 five-star Google and Facebook reviews and you’ll see what we mean.