1 year fixed mortgage rate Grande Prairie lowest rates
1 year fixed mortgage rate Grande Prairie lowest rates
1 Year Fixed RatesOur
Rate
Bank
Rate
Scotia
Bank
3.19%3.64%
TD Bank 3.59%3.59%
First
National
3.99%4.24%
Mcap 3.84%3.89%
RMG 3.84%3.84%
Lendwise3.99%3.99%
Street
Capital
2.69%4.14%
Equitable
Bank
3.64%4.69%
CMLS
Financial
3.34%3.34%
ATB
Financial
3.49%4.09%

 

1-year fixed mortgage rates described for Grande Prairie Home Owners

Most Grande Prairie residents are unfamiliar with the 1-year fixed rate mortgage. That’s understandable given that just over one in twenty mortgage holders have this type of mortgage, though around two thirds have a fixed rate mortgage.

 

What is a 1-year fixed rate mortgage?

It is a mortgage that has a 12 month duration. At the end of that year, you’re able to renew, refinance, switch lenders and do everything you can normally do when a five year mortgage comes up for renewal. Yet it is the five year mortgage that is the most popular mortgage product in Canada.

 

Who should get a one year fixed rate mortgage?

Do you think you could relocate to a new home in the next year? Get a one year fixed rate mortgage. Then you won’t be hit with a penalty for breaking the mortgage. If you think mortgage rates will decline in the next year, a one year fixed rate mortgage is the ideal balance between predictability and flexibility. You can refinance in a year, but your house payments can’t spike if the economy shifts. If your credit significantly improves, you’re able to get more favorable loan terms, too.

Note that you can renew a one year mortgage for another one year mortgage. You can continue to do this as long as you want. And you can’t get hit with a three month interest penalty because you wanted to refinance an adjustable rate mortgage to a fixed rate mortgage at today’s low interest rates. On the other hand, the shift from a variable rate mortgage to a fixed rate mortgage is cheaper than refinancing a fixed rate mortgage.

One year mortgages are a good choice for those who want to avoid mortgage penalties if they may break or refinance the mortgage. Call us today to lock in the lowest 1 year fixed mortgage rate today, your top Grande Prairie Mortgage Brokers