Fixed-term mortgage

Fixed-term mortgage

Our fixed-term mortgage lets you pay a fixed interest rate during the term you choose. Generally a Fixed term mortgage is offered at a lower rate than an open term mortgage. With this mortgage you also have the option of paying off any or all of the balance owing on the mortgage at any time, but with an interest penalty.

Mortgages up to 95% of the value of your home are eligible. Customize your fixed term mortgage with amortization up to 35 years to manage your payments and cash flow.

Features and benefits

  • prepay up to 20% of your original mortgage amount once a year, without penalty, to decrease the amount of interest you pay
  • increase your payments up to 20% once a year, without penalty, to decrease the amount of interest you pay
  • add the cash back option give yourself extra funds for renovations and other expenses
  • enjoy terms from six months to ten years


Our cash-back option
Consider adding the cash-back option to your mortgage if you need a little extra cash for

  • home renovations
  • legal fees or moving costs
  • a lump-sum mortgage payment to reduce your principle
  • RRSP contributions
  • paying down other debt

Whether you are renewing your mortgage, taking out a new mortgage or transferring your mortgage, you can receive up to 5% cash back on a ten-year mortgage. The amount of the cash back is based on the term of your mortgage. On a $200,000 mortgage amortized over ten years you could receive up to $10,000.


Fixed-rate mortgages are the most classic form of loan for home and product purchasing in the United States. The most common terms are 15-year and 30-year mortgages, but shorter terms are available, and 40-year and 50-year mortgages are now available (common in areas with high priced housing, where even a 30-year term leaves the mortgage amount out of reach of the average family).

Outside the United States, fixed-rate mortgages are less popular, and in some countries, true fixed-rate mortgages are not available except for shorter-term loans. For example, in Canada the longest term for which a mortgage rate can be fixed is typically no more than ten years, while mortgage maturities are commonly 25 years.



In the United States, fixed-rate mortgages, like other types of mortgage, may offer the ability to prepay principal (or capital) early without penalty. Early payments of part of the principal will reduce the total cost of the loan (total interest paid), and will shorten the amount of time needed to pay off the loan. Early payoff of the entire loan amount through refinancing is sometimes done when interest rates drop significantly.

Some mortgages may offer a lower interest rate in exchange for the borrower accepting a prepayment penalty.