3 Year Fixed Mortgage Rates

 

3 year fixed mortgage rates are the most common type of mortgage in Canada for homeowners, so it’s essential to understand how to find the best possible rate. Rates4u.ca makes it easy for all Canadian’s to compare the 3 year fixed mortgage rates from the biggest banks, credit unions, and mortgage in Canada. Rates4u.ca has created this site for you to learn more about comparing 3 year fixed rates.

About 3 Year Fixed Mortgage Rates- Frequently Asked Questions

When the mortgage rate is ‘fixed,’ it means that the rate (%) is set for the mortgage term, whereas with a variable mortgage rate, the rate fluctuates with the market interest rate, known as the ‘prime rate.’ An example of this would be if the 3-year fixed mortgage rate is 4%, you will pay 4% interest throughout the mortgage term.

Deciding whether or not to go with a variable mortgage rate or a fixed-rate mortgage is one of the most significant factors on how much interest you will pay.

Due to Rates4u.ca’s mortgage rates, most of the shoppers that use Rates4u.ca typically opt for the  3 year fixed-mortgage rates when they are low.

This depends on you and your With Rates4u.ca, you can sort and filter through the lowest mortgage rates in terms to find the most suited fixed mortgage rates or variable mortgage rates for your mortgage needs.

With Rates4u.ca, you can filter out all the mortgage rates and do the entire process independently in just a few clicks. With this, you can find the best 3 year mortgage rates.

Simply put, if you are looking for the best mortgage rates  than Rates4u.ca provides the most up to date, current fixed mortgage rates as well as variable mortgage rates, choose your term select suitable mortgage options, and compare the best mortgage rates.

Rates4u.ca helps you connect with a mortgage broker who can identify the best fixed or variable mortgage rates  for your home purchase or mortgage refinancing needs.

There are a wide variety of mortgage rate options available for you. The most popular rates are the 3 Year Fixed mortgage rates, the 5 Year Variable mortgage rates, and also the 3 Year Fixed mortgage rates; you should consult your mortgage broker  who can help you make the right decision for your mortgage rates needs.

Best Mortgage Bank 3 Year Mortgage Rates

BMO Best Mortgage Rates - Rates4u.ca - Best Mortgage Bank Rates

BMO 5-year Fixed Mortgage Rate

Rate Type5-Year-Fixed

Mortgage TypeClosed

Prepayment 20%

HSBC Best Mortgage Rates - Rates4u.ca

HSBC 3-year Fixed Mortgage Rate

Rate Type3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

CIBC Best Mortgage Rates - Rates4u.ca

CIBC 5-year Variable Mortgage Rate

Rate Type5-Year-Variable

Mortgage TypeClosed

Prepayment 20%

Best Mortgage Broker 3 Year Mortgage Rates

citadel-mortgages

5 Year Fixed Rate
(High Ratio)

Rate Type 5-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

citadel-mortgages

3 Year Fixed Rate
(High Ratio)

Rate Type 3-Year-Fixed

Mortgage TypeClosed

Prepayment 15%

citadel-mortgages

3 Year Variable Rate
(High Ratio)

Rate Type 3-Year-Variable

Mortgage TypeClosed

Prepayment 20%

How Do You Qualify For The Best 3 Year Mortgage Rates?

A Good Credit Score: You will generally need a 650 to 720 Credit score or above. Any co-borrowers, on your mortgage application, will also need good credit. Like anything else, there are exceptions to this. But the more exceptions you require, the lower your chances of getting the best rate.


Employment Tenure: If you just started your job, you may not qualify with some of the mortgage lenders. Many mortgage lenders prefer to see at least a one-year job history if you’re salaried.


Clean Credit: Lenders want to see no derogatory items on your credit report. You want to make sure that no missed mortgage payments show on your credit report as lenders will not be comfortable lending at the best mortgage rates if this is an issue on your credit report. Also one missed payment in three years might be okay; five missed payments are not, especially if they went to collections.


Provable Income: A lender will usually ask you to prove your full income with tax documents and/or employer pay stubs. This is important you make think your income is fine, but you will need a two-year history of any bonus income, commissions, tips income or part-time income in order to be able to use it as part of your mortgage application. 


Reasonable Debt Ratios: If your monthly housing and payment obligations are more than 44% of your gross monthly income, you’ll seldom get the best rates. It is important to note that, your monthly housing costs (mortgage payment, property taxes, heat, and half your condo fees) cannot be more than 39% of your gross monthly income. That 39% limit usualy requires a 680+ credit score.

To qualify for the lowest mortgage rates, you’ll have to pass the federal government’s mortgage stress test. All that means is that the lender will calculate your debt ratios using an inflated interest rate. If the lender is offering you a 3.25% rate, for example, it might stress test you to see if you can afford payments at a 5.25% rate.


Best Mortgage Rates In Canada

3-Year Variable Mortgage Rates

0.99%

5 Year Fixed Mortgage Rates

1.64%

save-icon

Yes

Pre-approval

finance-13-5

15%

Pre-approval

download__1_-removebg-preview

15%

Lump sum pre-payment

BMO 5-year Fixed Mortgage Rate

2.39%

BMO Best Mortgage Rates - Rates4u.ca - Best Mortgage Bank Rates

5-Year-Fixed

Dislike_down_hand

No

Pre-approval

finance-13-5

20%

Pre-Paymentsl

download__1_-removebg-preview

20%

Lump sum pre-payment

HSBC 3-Year Fixed Mortgage Rate

2.50%

HSBC Best Mortgage Rates - Rates4u.ca

HSBC 3-Year Fixed Mortgage Rate

Dislike_down_hand

No

Pre-approval

finance-13-5

20%

Pre-Payments

download__1_-removebg-preview

20%

Lump sum pre-payment

CIBC 5-Year Variable Mortgage Rate

2.45%

CIBC Best Mortgage Rates - Rates4u.ca

5-Year Variable Mortgage Rate

Dislike_down_hand

No

Pre-approval

finance-13-5

10%

Pre-approval

download__1_-removebg-preview

10%

Lump sum pre-payment

Citadel 5 Year Fixed Mortgage Rate

1.64%

citadel-mortgages

5-Year-Fixed

save-icon

Yes

Pre-approval

finance-13-5

15%

Pre-Payments

download__1_-removebg-preview

15%

Lump sum pre-payment

Citadel 3 Year Fixed Mortgage Rate

1.39%

citadel-mortgages

3-Year-Fixed

save-icon

Yes

Pre-approval

finance-13-5

15%

Pre-Payments

download__1_-removebg-preview

15%

Lump sum pre-payment

Citadel 3 Year Variable Mortgage Rate

0.99%

citadel-mortgages

3-Year-Variable

Dislike_down_hand

No

Pre-approval

finance-13-5

20%

Pre-approval

download__1_-removebg-preview

20%

Lump sum pre-payment