Kelowna Mortgage Rates | BC Direct Mortgages

Current RatesMost Popular
			 $ 99 
			Per Month
Saturday, July 31st, 2021
Closed Term
Rates
1 Year
1.84%
2 Year
1.54%
3 Year
1.54%
4 Year
1.84%
5 Year
2.04%
7 Year
2.64%
10 Year
3.04%
Variable
1.45%
Rates are subject to change without notice

Fixed vs Variable Rates

Choosing a Fixed or Variable rate will depend largely on your personal budget and financial goals. A fixed rate is better suited for people who are more comfortable with a set budgeted amount for their mortgage. Knowing what to expect can provide security, regardless of market and rate fluctuations.

On the other hand, you may want to take advantage of lower variable rates, provided that you are comfortable accepting the changes in your mortgage payments. With mortgage rates at near historical lows, we can help you determine whether this is the time to lock in a fixed rate, or to choose a variable rate which can fluctuate over time.

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Open vs Closed Mortgages

Having an open mortgage means that you have more flexibility for the repayment of your loan. This allows you to make pre-payments on your mortgage and provides a wider range of options if you’ re considering selling your home in the near future. You may, however, wish to take advantage of lower closed mortgage rates if you know that you intend to stay in your home or would prefer the security of a lower loan payment.

Pre-Payment and Repayment Schedules

Planning at the mortgage negotiation stage can help you to achieve your financial goals. We can help you assess your needs – whether you would like the ability to make pre-payments on your loan, to increase your payment frequency to pay down your mortgage faster, or simply to service your loan while keeping cash flow at a maximum.