Best 10-Year Fixed Mortgage Rates In Canada

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Best 10-Year Fixed Mortgage Rates In Canada

Best 10-years fixed mortgage rates from top mortgage lenders in Canada. Rates are updated daily. Select a mortgage to view more details.

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Overview Of The Best 10-Year Fixed Rate Mortgages In Canada

A 10-year term mortgage keeps you in a ten-year mortgage relationship with a specific lender.

Most Canadians know about a 5-year term mortgage, but even longer-term mortgages are available. 

You will learn all you need to know to make the right mortgage term decision. We cover the rationale to consider when selecting your mortgage term, why ten terms are better and not better for you, and what to do next when your mortgage term ends.

Understanding A 10-Year Fixed-Rate Mortgage?

A 10-year fixed-rate mortgage allows you to lock in a fixed rate with a specific lender for ten years. Even if the market rate changes, your mortgage rate and regular mortgage payment will not change for the entire agreement term. 

A 10-year mortgage term gives you the unique opportunity to enjoy peace of mind without worrying about short-paying your mortgage principal due to a change to the market rate. The payment is stable for the entire term of your contract.

How Fixed-Rate Mortgage Affects The Relationship With Your Lender

A 10-year term mortgage keeps you in a ten-year mortgage relationship with a specific lender.

You are bound by all the “terms and conditions” of the mortgage agreement and are obligated to make regular mortgage payments while in a relationship with the lender.

During these ten years, your relationship with the lender can be open or closed, commonly called an open-term or a closed-term mortgage. The main difference between these terms is your ability to pay off the mortgage during your mortgage agreement with the lender. 

A closed-term mortgage cannot be negotiated, refinanced, or paid off in full before the end of the 10-year term without incurring a prepayment penalty.

An open-term mortgage allows you to fully pay off, negotiate, or refinance your mortgage at any time without incurring a prepayment penalty.

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How Does A 10-Year Fixed-Rate Mortgage Work?

Mortgage contracts are designed to last for a specific period. This is called a mortgage term.

The “term” is simply the time you contract to hold the loan with a specific lender. 

You can either renew your mortgage contract with the same lender or take your mortgage to a new lender through a process called mortgage refinance after the 10-year term agreement. 

This is not to be confused with amortization, which is how long you are expected to pay off the entire mortgage loan ultimately. The most common amortization periods in Canada are 25 years and 30 years.  

Let’s say your mortgage has a 10-year fixed-rate term, amortized over 25 years, with a monthly payment of $2,000 to $3,000. 

In Canada, a mortgage term can range from six months to 10 years. A 10-year fixed-rate mortgage implies that your mortgage contract with the lender will expire (or mature) ten years after the mortgage registration date.

Because your mortgage rate is fixed for the entire 10-year term, your monthly payment will not be affected by the rate changes in the market, and it will stay the same every pay period for the entire ten years of the mortgage term.

What Happens At The End Of The 10-Year Fixed-Rate Term?

At the end of the 10-year term, you can either renew or refinance the mortgage.

Refinancing The Mortgage

Mortgage refinancing allows you to replace an existing mortgage with a new mortgage with different terms and conditions. Refinancing a mortgage will enable you to customize your mortgage more, such as switching the rate type from fixed to variable, switching the terms from ten years to three years, ten years or even one year.

There are many reasons why you may choose to refinance your mortgage after the end of the 10-year term:  

  • To lower your interest rate;  
  • To pay off your mortgage sooner by shortening the term; 
  • To convert from a fixed-rate mortgage to a variable-rate mortgage, and vice versa; or
  • To cash out on the equity in the home for debt consolidation, for a financial emergency, or to finance a significant investment.

Renew the Mortgage or Switch Lenders

Mortgage renewal is continuing your previous mortgage contract to a new term. Other features of your mortgage will remain the same as your interest rate, which will be reassessed to match the market rate, and the term, which will start as a new term.

Your amortization period and the loan balance will not change from your current balances when you renew the mortgage.

Federally regulated lenders, such as TD Bank, Haventree Bank, Scotia Bank, and EQB, are required to provide you with a renewal letter at least two days before the end of your current mortgage term.

The renewal statement will contain the following information: 

  • the balance or remaining principal at the renewal date; 
  • the interest rate; 
  • the payment frequency; 
  • the term; and 
  • any charges or fees that apply.

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Is A 10-Year Fixed-Rate Mortgage Right For You?

A 10-year fixed-rate mortgage will be right for you if you: 

  • want to enjoy a predictable and consistent mortgage payment each month for the next ten years;  
  • are you not looking at changing or refinancing your mortgage for the next ten years; or 
  • are hoping for a change in your financial, credit, or family needs that may warrant a lifestyle change.  

 

On the flip side, a 10-year fixed-rate mortgage would not be suitable for you if: 

  • You are expecting a drop in the mortgage rate. Locking into a contract for ten years does not offer the flexibility to benefit from declining the mortgage rate; or  
  • You want a lower mortgage payment. Mortgage rates for 4-year and 5-year fixed terms are lower than that of a 10-year fixed-rate mortgage.

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