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6-month fixed rates: Frequently asked questions

What are 6-month fixed mortgage rates

Are 6-month mortgage rates higher than other rates?

Open vs. closed fixed rates

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A guide to 6-month fixed mortgage rates

Jamie David

6-month mortgages are not incredibly common in the Canadian market, but they are a great tool for specific situations, especially when some short-term flexibility is required. Read on to understand when a 6-month mortgage term makes sense.

When do you need a 6-month mortgage?

The main use case for a 6-month mortgage term is when you need some short-term flexibility with your mortgage. For example, if you were planning to sell your home in the next six months, a 6-month mortgage term could minimize your exposure to the significant prepayment penalties associated with breaking a mortgage before the term is over. A 6-month mortgage might also be what you need to tie yourself over between two longer mortgage terms if you're not yet ready to commit to your new term.

Pros of a 6-month mortgage

Here are a few of the benefits of taking out a 6-month mortgage:

  • Maximum flexibility
  • Available with open rates for even more flexibility!
  • Often available with the option to convert to a longer term at any time

Cons of a 6-month mortgage

As with all things, 6-month mortgages also have some drawbacks. Here are the main cons of 6-month mortgages to consider:

  • Higher mortgage rates than more traditional mortgage terms
  • Don't allow you to lock in a low rate for a long time

Alternatives to a 6-month mortgage term

If you're looking for an extremely flexible mortgage, then there are a couple of alternatives to a  6-month mortgage term. Firstly, you could opt for an open mortgage rate, of any term length. The downside of this is that open mortgage rates are far more expensive than closed mortgage rates, so this is an expensive option.

The other main alternative to a 6-month mortgage term, assuming you're primarily after flexibility, is to opt for a variable mortgage rate. With a variable mortgage rate, breaking your mortgage early will result in a lower prepayment penalty than you would have received with a fixed rate. 

Jamie David, Director of Marketing and Head of Mortgages

Jamie has 15+ years of business and marketing experience. She contributes her mortgage expertise to The Globe and Mail and authors Ratehub’s mortgage and homebuying guides. read more


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