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How To Choose The Right Mortgage Term

by mhuber on July 8, 2010

As of July, 2010 mortgage rates are moving down with a 5 year fixed for under 4% now in sight.

However, considering less than 30% of all 5 year fixed rate terms in Canada actually make it to renewal it may be advisable for you to consider a 3 or 4 year term.

In fact, the average mortgage length in Canada is only 38 months!

So a 3 or 4 year fixed rate term is an excellent option to consider and actually, typically has a lower interest rate than a 5 year.

Just thought you should know!

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