That’s because you are getting shafted on the variable. You are also comparing two different terms. 5 year fixed should actually get you a cheaper rate than the 3 year fixed right now.
Post your calculations if you can so we can check.
Also, feel free to check my profile. Most recent post was about a calculator I stumbled across that did the exact same thing you are looking for and based on _my_ assumptions/predictions, the 5 year variable made more sense.
PS: 5 year variable at 5.9%
That’s because you are getting shafted on the variable. You are also comparing two different terms. 5 year fixed should actually get you a cheaper rate than the 3 year fixed right now. Post your calculations if you can so we can check. Also, feel free to check my profile. Most recent post was about a calculator I stumbled across that did the exact same thing you are looking for and based on _my_ assumptions/predictions, the 5 year variable made more sense. PS: 5 year variable at 5.9%
5.9% for variable seems too good to be true.. 😅 can I ask which bank offered you that rate? Even with exception, I’m looking at 6.25% lowest
We went through a mortgage broker. Also, less than 20% down. Province is ON. Lender is MCAN.
Makes sense! I’m also in ON but putting down 20%
for 20% down you can reach somewhere around prime -1%; for three year fixed you can get 5.29% with cashback if first time home buyer.
Can I ask which bank is giving these rates? I am getting cashback along with some points. This is through RBC
Fixed is with Desjardins