Rob Carrick at the Globe and Mail wrote an interesting article this week comparing the BMO and CIBC 5-year fixed rate mortgages offers currently in the market. What works better for you depends on the situation of course (and this is only comparing fixed rates as well) but what really stood out is the strength of the mortgage offers from these two big banks.
BMO's offer is very simple, just a 5-year, 3.75% fixed rate closed mortgage with a maximum amortization of 25 years. The CIBC offer is more complicated, as it's designed for consumers who currently have a mortgage but are thinking of renewing or switching before the end of the existing term. CIBC is offering 3.99% on a 5-year fixed rate mortgage, but you get 2% of the mortgage principal back to help you cover your switching costs. The argument for switching now is that the rates are among the lowest they've ever been historically and this allows you to lock in for the next 5 years. There's a lot of other factors to consider before deciding if that makes sense of course but it's good to see such low rates and some tempting options.
For a quick check on other fixed mortgage rates, consult the Canadian Mortgage Rate Comparison table provided by FiscalAgents.com.
Find more Canadian deals at RedFlagDeals.com
BMO's offer is very simple, just a 5-year, 3.75% fixed rate closed mortgage with a maximum amortization of 25 years. The CIBC offer is more complicated, as it's designed for consumers who currently have a mortgage but are thinking of renewing or switching before the end of the existing term. CIBC is offering 3.99% on a 5-year fixed rate mortgage, but you get 2% of the mortgage principal back to help you cover your switching costs. The argument for switching now is that the rates are among the lowest they've ever been historically and this allows you to lock in for the next 5 years. There's a lot of other factors to consider before deciding if that makes sense of course but it's good to see such low rates and some tempting options.
For a quick check on other fixed mortgage rates, consult the Canadian Mortgage Rate Comparison table provided by FiscalAgents.com.
Find more Canadian deals at RedFlagDeals.com
