{"id":282,"date":"2022-12-30T06:00:00","date_gmt":"2022-12-30T06:00:00","guid":{"rendered":"https:\/\/mortgagestogo.ca\/blog\/?p=282"},"modified":"2022-12-13T16:57:44","modified_gmt":"2022-12-13T16:57:44","slug":"best-5-year-variable-mortgage-rates-available-why-you-should-consider-a-variable-rate-mortgage-mortgagestogo-ca","status":"publish","type":"post","link":"https:\/\/mortgagestogo.ca\/blog\/best-5-year-variable-mortgage-rates-available-why-you-should-consider-a-variable-rate-mortgage-mortgagestogo-ca\/","title":{"rendered":"Best 5 Year Variable Mortgage Rates Available Why You Should Consider a Variable Rate Mortgage | MORTGAGESTOGO.CA"},"content":{"rendered":"\n<style type=\"text\/css\" data-created_by=\"avia_inline_auto\" id=\"style-css-av-lbfisag9-0f28721293a3df8b2e90cc8a4b845c4b\">\n#top .av-special-heading.av-lbfisag9-0f28721293a3df8b2e90cc8a4b845c4b{\npadding-bottom:10px;\n}\nbody .av-special-heading.av-lbfisag9-0f28721293a3df8b2e90cc8a4b845c4b .av-special-heading-tag .heading-char{\nfont-size:25px;\n}\n.av-special-heading.av-lbfisag9-0f28721293a3df8b2e90cc8a4b845c4b .av-subheading{\nfont-size:15px;\n}\n<\/style>\n<div  class='av-special-heading av-lbfisag9-0f28721293a3df8b2e90cc8a4b845c4b av-special-heading-h1 blockquote modern-quote modern-centered  avia-builder-el-0  el_before_av_textblock  avia-builder-el-first '><h1 class='av-special-heading-tag'  itemprop=\"headline\"  >Why You Should Think About Variable Mortgage Rates<\/h1><div class=\"special-heading-border\"><div class=\"special-heading-inner-border\"><\/div><\/div><\/div>\n<section  class='av_textblock_section av-laiuomb7-de511ec1e92e016185778297c91fdedb'  itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/BlogPosting\" itemprop=\"blogPost\" ><div class='avia_textblock'  itemprop=\"text\" ><p><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-446 aligncenter\" src=\"https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-300x300.png\" alt=\"variable rate mortgage; variable rate; fixed rate; mortgage variable\" width=\"300\" height=\"300\" srcset=\"https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-300x300.png 300w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-1024x1024.png 1024w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-150x150.png 150w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-768x768.png 768w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-36x36.png 36w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-180x180.png 180w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-705x705.png 705w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23-600x600.png 600w, https:\/\/mortgagestogo.ca\/blog\/wp-content\/uploads\/2022\/11\/Untitled-design-23.png 1080w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/p>\n<p><span style=\"font-weight: 400;\">You may have heard that mortgage rates are on the rise, and you&#8217;re thinking about lock<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the best 5-year variable mortgage rates available?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The best 5-year <a href=\"_wp_link_placeholder\" data-wplink-edit=\"true\">variable mortgage rates<\/a> are currently available at 2.40%, which is a decrease from the previous week\u2019s rate of 2.50%. This is the lowest rate that has been offered since early November 2016.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Variable mortgage rates have been on a steady decline over the past few weeks, and this decrease marks the seventh consecutive week of lower rates. Mortgage experts are attributing this downward trend to a combination of weakening economic data and concerns about the Donald Trump Administration\u2019s policies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The Bank of Canada (BoC) held its benchmark overnight rate steady at 0.5% earlier this month, but some analysts are now predicting that they will make a cut in the second half of 2017. If this happens, we could see further decreases in variable mortgage rates.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you\u2019re considering a variable-rate mortgage, now is a good time to lock in a low rate. However, you should be aware that there is always the potential for rates to increase again in the future. As such, you should only sign up for a variable-rate mortgage if you\u2019re comfortable with some degree of risk.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Why should you consider a variable-rate mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A variable-rate mortgage is a type of home loan where the interest rate is not fixed but instead fluctuates with the market. This means that your monthly payments may go up or down depending on the state of the economy. However, this also means that you could potentially save a lot of money if interest rates happen to drop.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Here are a few reasons why you should consider a variable-rate mortgage:<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> You could save money if interest rates drop.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> The monthly payments on your mortgage are flexible, so you can better manage your finances.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> Variable-rate mortgages tend to have lower interest rates than fixed-rate mortgages.<\/span><\/li>\n<li><span style=\"font-weight: 400;\"> You can use a variable-rate mortgage to pay off your home loan faster by making larger monthly payments when interest rates are low.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">How can you get the best 5-year variable mortgage rate?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">There are a few things you need to know in order to get the best 5-year variable mortgage rate. First, make sure you have a good credit score. Your credit score is one of the most important factors that lenders consider when determining your interest rate. If you have a good credit score, you will likely qualify for a lower interest rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Second, shop around. Don&#8217;t just go with the first lender you find. Be sure to compare rates from several different lenders before making a decision.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Third, consider a variable-rate mortgage. With a variable-rate mortgage, your interest rate can change over time. This can be either good or bad, depending on market conditions. However, if you think rates are likely to go down in the future, a variable-rate mortgage could be a good option for you. Just be sure to stay aware of market conditions and be prepared to make payments at a higher interest rate if rates do rise.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the benefits of a variable-rate mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A variable-rate mortgage is a type of home loan where the interest rate is not fixed and can fluctuate over time. This means that your monthly repayments could go up or down, depending on changes in the market.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There are several benefits to taking out a\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">variable rate mortgage:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-You may be able to get a lower interest rate than with a\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">fixed-rate mortgage. This could help you to reduce your monthly repayments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-A variable rate mortgage gives you the flexibility to make additional repayments on your loan, without being\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">penalised. This can help you to pay off your loan sooner.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">-If interest rates fall, you will benefit from lower repayments. This could free up extra cash that you can use for other purposes, such as investing or saving.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Of course, there are also some risks associated with a\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">variable-rate mortgage. For example, if interest rates rise, your monthly repayments will go up. This could make it more difficult for you to meet your repayment obligations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before deciding whether a variable rate mortgage is right for you, it&#8217;s important to understand both the risks and rewards involved. Speak to a financial advisor if you need help to make an informed decision about the best type of home loan for your needs.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">What are the risks of a variable rate mortgage?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">A variable rate mortgage is a type of home loan where the interest rate is not fixed and can fluctuate over time in line with market rates. This means that your repayments can also change, which can be both good and bad.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The main advantage of a variable rate mortgage is that if interest rates go down, your repayments will also decrease. This can make a big difference if you are on a tight budget. However, the flip side is that if interest rates go up, your repayments will also increase. This is why it\u2019s important to consider the risks before you decide whether a variable-rate mortgage is right for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the biggest risks of a variable rate mortgage is that you could end up paying more than you anticipated if interest rates rise. This could cause financial difficulties, especially if you have other debts such as credit cards or personal loans. Another risk is that your monthly repayments could become unaffordable, even if interest rates only rise slightly. This could put your home at risk of being repossessed.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before you take out a variable rate mortgage, it\u2019s important to consider these risks and make sure you would be able to afford the higher repayments if interest rates rise. You should also think about how much fluctuations in interest rates would affect your lifestyle and whether you would be comfortable with the uncertainty.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How to choose the right variable rate mortgage for you<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">When it comes to choosing a mortgage, there are many different options available. One type of mortgage that you may come across is a variable rate mortgage.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Variable-rate mortgages can offer some great benefits, but they also come with some risks. In this article, we&#8217;ll take a look at what a variable rate mortgage is and how to choose the right one for you.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A variable rate mortgage is a type of mortgage where the interest rate can change over time. The interest rate is usually based on an index, such as the prime rate, and will fluctuate along with that index. This means that your payments could go up or down depending on the market conditions.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Variable-rate mortgages can offer some great benefits. For starters, they often have lower interest rates than fixed-rate mortgages. This can save you money over the life of your loan. Additionally, if interest rates go down, you could save even more money by refinancing your mortgage at a lower rate.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are also some risks associated with\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">variable rate mortgages. For example, if interest rates rise, your monthly payments could become unaffordable. Additionally, if you need to sell your home before the end of your loan term, you may not be able to get as much for it as you would with a fixed-rate mortgage.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When deciding whether or not a variable-rate mortgage is right for you, it&#8217;s important to weigh the pros and cons carefully. If you&#8217;re comfortable with the risks involved, then a variable-rate mortgage could be a great option for you. However, if you&#8217;re not comfortable with the risks involved, then you may want to consider another type of mortgage.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Tips for getting the most out of your variable rate mortgage<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Assuming you qualify for a variable-rate mortgage, there are a few things you can do to ensure you get the most out of your mortgage and save money over the long term.<\/span><\/p>\n<ol>\n<li><span style=\"font-weight: 400;\"> Shop around for the best mortgage rate. Just like with fixed-rate mortgages, different lenders will offer different rates on their variable-rate mortgages. Be sure to compare rates from a few different lenders before settling on one.<\/span><\/li>\n<\/ol>\n<ol start=\"2\">\n<li><span style=\"font-weight: 400;\"> Consider the length of your mortgage. Variable-rate mortgages are available in both short- and long-term options. If you want the security of a lower interest rate for a longer period of time, you may want to consider a longer-term variable-rate mortgage. However, if you&#8217;re comfortable with the risk that interest rates could potentially rise over time, a shorter-term mortgage may be a better option for you.<\/span><\/li>\n<\/ol>\n<ol start=\"3\">\n<li><span style=\"font-weight: 400;\"> Make extra payments when possible. Since variable rates can fluctuate over time, making extra principal payments when rates are low can help you save money on interest over the life of your mortgage.<\/span><\/li>\n<\/ol>\n<ol start=\"4\">\n<li><span style=\"font-weight: 400;\"> Stay disciplined with your finances. Even though interest rates may be low, it&#8217;s important to keep up with your regular payments and not fall behind. If interest rates rise, your monthly payments could become more difficult to afford, so it&#8217;s important to stay on top of things from the beginning.<\/span><\/li>\n<\/ol>\n<h2><span style=\"font-weight: 400;\">The bottom line: is a variable rate mortgage right for you?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Only you can answer this question, and it really depends on your personal financial situation and your comfort level with risk. A lot of people are turned off by the thought of a mortgage rate fluctuating, but if you are comfortable with that risk and feel like you can weather any potential storms, a variable-rate mortgage could save you a lot of money in the long run.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Do your research and speak to a financial advisor to make sure you are making the best decision for your individual circumstances.<\/span><\/p>\n<table>\n<tbody>\n<tr>\n<td colspan=\"2\"><span style=\"font-weight: 400;\">MortgagesToGo.ca<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Website<\/span><\/td>\n<td><a href=\"http:\/\/mortgagestogo.ca\/\"><span style=\"font-weight: 400;\">Mortgagestogo.ca<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Services<\/span><\/td>\n<td><span style=\"font-weight: 400;\">New purchase, refinancing and equity takeouts, mortgage transfer, mortgage renewal Rates<\/span><a href=\"https:\/\/mortgagestogo.ca\/mortgage-rates\/\"><span style=\"font-weight: 400;\">\u00a0<\/span><\/a><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Rates<\/span><\/td>\n<td><a href=\"https:\/\/mortgagestogo.ca\/mortgage-rates\/\"><span style=\"font-weight: 400;\">https:\/\/mortgagestogo.ca\/mortgage-rates\/<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Address<\/span><\/td>\n<td><span style=\"font-weight: 400;\">12 Royal Vista Way NW #1110, Calgary, AB T3R 0N2<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Contact Details<\/span><\/td>\n<td><span style=\"font-weight: 400;\">(888) 888-5998<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Operating Hours<\/span><\/td>\n<td><span style=\"font-weight: 400;\">Monday &#8211; Friday 9 AM &#8211; 5 PM<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class='avia-iframe-wrap'><iframe loading=\"lazy\" title=\"M2G Mortgage Video Best Rates in Canada\" width=\"1500\" height=\"844\" src=\"https:\/\/www.youtube.com\/embed\/3_gxDHHw93s?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen><\/iframe><\/div>\n<\/div><\/section>\n","protected":false},"excerpt":{"rendered":"<p>Compare the best 5 year variable mortgage rates in Canada and learn why you should consider a variable rate mortgage. MortgagesToGo.ca has the lowest rates and offers same day approval.<\/p>\n","protected":false},"author":3,"featured_media":446,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[12],"tags":[],"class_list":["post-282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgages"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Best 5 Year Variable Mortgage Rates Available Why You Should Consider a Variable Rate Mortgage | MORTGAGESTOGO.CA - Mortgagestogo.ca Blog<\/title>\n<meta name=\"description\" content=\"Compare the best 5 year variable mortgage rates in Canada and learn why you should consider a variable rate mortgage. 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