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8 yearFixed

Laurentian Bank

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A guide to 8-year fixed-rate mortgages

Jamie David

8-year fixed mortgage rates are not very common in Canada, but they are offered by some lenders. You won't see many posted rates on 8-year mortgages, however, as lenders tend to focus on more traditional terms like 7 and 10-year mortgages.

When would you take out an 8-year mortgage term?

If you have a very specific timeline that will see you need to end your mortgage in exactly 8 years, then there may be a justification for getting an 8-year fixed mortgage rate. However, you may be better off getting two more common mortgage terms that add up to 8, as more common mortgage terms tend to give you more choice of mortgage provider and access to better rates.

Alternatives to an 8-year fixed mortgage rate

Your best alternative to an 8-year fixed mortgage rate is either a 7-year or a 10-year fixed mortgage rate, depending on your needs and what's available in the market.

If you're specifically looking for the longest term with a fixed rate so you can maintain steady monthly payments for a long time, a 10-year fixed mortgage rate is probably the one to consider. 7-year fixed mortgage rates tend to be lower than 10-year fixed rates, but they don't lock the rate in for as long. They're a sort of compromise between price and consistency. 

Author bio

Jamie David

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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