Re:Bank of Canada increases overnight rate target to 1 per cent
by papercrane on Wednesday September 06, 2017 @10:54PM
(#15188841)
> but I have never seen a term longer than 5 years (most are shorter).
Five is pretty standard, but you can get longer if you want. RBC has seven year rates on their website, and if you ask you can get the full term of your mortgage. The rate is ridiculous though, for example, in April 2013 the RBC posted rate for a 25-year term was 8.75%. Obviously negotiable, but still a high starting point.
When I was financing our first home our mortgage broker said he only ever had one person get a 25-year term.
Five is pretty standard, but you can get longer if you want. RBC has seven year rates on their website, and if you ask you can get the full term of your mortgage. The rate is ridiculous though, for example, in April 2013 the RBC posted rate for a 25-year term was 8.75%. Obviously negotiable, but still a high starting point.
When I was financing our first home our mortgage broker said he only ever had one person get a 25-year term.
Source for the 25-year rate: http://business.financialpost.com/personal-finance/mortgages...