The Canadian Home Loan (CHL) has recently announced the launch of five-year fixed mortgage products. This new product is designed to help Canadians secure a mortgage with a fixed rate for a longer period of time, providing them with more stability and predictability in their monthly payments.
The five-year fixed mortgage products offered by CHL are available in both conventional and high-ratio mortgages. Conventional mortgages require a minimum down payment of 20%, while high-ratio mortgages require a minimum down payment of 5%. The interest rate for the five-year fixed mortgage products is set at the time of application and will remain the same for the entire five-year period. This provides borrowers with the security of knowing that their monthly payments will remain the same for the entire term of the loan.
The five-year fixed mortgage products also offer some additional benefits to borrowers. For example, borrowers can make additional payments on their loan without penalty, allowing them to pay off their loan faster and save on interest costs. Additionally, if the borrower decides to break their mortgage before the end of the five-year term, they may be eligible for a lower penalty than if they had chosen a shorter-term mortgage.
The launch of CHL’s five-year fixed mortgage products is an important step in helping Canadians secure a mortgage with more stability and predictability. By offering a fixed rate for a longer period of time, borrowers can better plan their finances and budget for their future. Additionally, the additional benefits offered by these products can help borrowers save money in the long run.
Overall, CHL’s five-year fixed mortgage products are an excellent option for Canadians looking to secure a mortgage with more stability and predictability. With a fixed rate for a longer period of time, borrowers can better plan their finances and budget for their future. Additionally, the additional benefits offered by these products can help borrowers save money in the long run.