Best 3-Year Variable Mortgage Rates In Canada

A  3-year variable-rate mortgage is better if: 

• You want a flexible mortgage term at a lower rate;
• You may pay off or refinance the mortgage before the end of the three years term. The penalty is much lower for variable-rate mortgages compared to fixed-rate mortgages.
• You may sell the property before the end of the term because of the lower penalty costs for variable-rate mortgages. 
• You are also financially capable of making a lump sum payment during the term if required due to a rise in interest rate.

A 3-year fixed-rate mortgage will be right for you if: 

• you want a predictable and consistent mortgage payment for the next three years; 
• you are on a tight budget;

• You are not hoping for any significant expenses in the next three years that may cause you to break the mortgage contract. Note that you will be charged a penalty if you choose to end or break your mortgage contract before the end of the contract term; or  

• you want to know how much interest you’ll pay over the life of your loan.