While the vast majority of homeowners opt for the familiar 5-year fixed term, a tiny percentage of Canadians prefer the stability that comes with locking in a 10-year rate.
In an unpredictable world where interest rates fluctuate, a 10-year fixed mortgage can offer peace of mind with long-term, stable payments. However, this product comes with trade-offs, like slightly higher interest rates and potentially large prepayment penalties. That said, in certain situations, it can be the perfect solution for homeowners who prioritize predictability over short-term savings.
In this article, we’ll explore real-life stories from Canadian mortgage brokers and their clients who opted for 10-year fixed mortgages—some with great success, and others who faced unexpected challenges.
We’ll also examine why this option remains niche and the factors you should consider before locking in for a decade.
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