Closed-term fixed-rate mortgage

Same rate guaranteed for 5 years.

No longer available.

As of August 26, 2025, we’re no longer offering this mortgage. If you currently have this product, it will be honoured until the end of your term.

Term

5 years

Amortization

Up to 25 years

Things to keep in mind.

Closed-term fixed-rate mortgages have additional restrictions that you should consider:

Property purchase price must be less than $1 million
You must plan to live in the home
If you sell the home within the five-year term and repay the mortgage in full, you will pay a prepayment fee
You can’t transfer this mortgage to another financial institution during the five-year term
You can’t combine this mortgage with an existing mortgage to blend interest rates or extend the term
You can’t extend your original amortization (i.e., number of years over which your mortgage repayment is calculated) or increase the outstanding mortgage balance
You may not borrow against the equity in your home during the five-year term

Key features.

Predictable budgeting

With a fixed-rate mortgage, you get the same interest rate for the entire term of your mortgage, so you can count on making the same payment every month.

Options to prepay

Get some repayment flexibility, with options to prepay up to 20% of your original balance once per mortgage year and increase payments by up to 20% once per mortgage year.

Buy your first home with less.

With a high-ratio insured mortgage loan, you could put as little as 5% down on the first $500,000 and 10% on the rest for a home that costs under $1.5 million. You’ll also get a reasonable interest rate, even with your smaller down payment.

Explore high-ratio insured mortgages