With mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn’t forget about term length.
Samantha Brookes, founder and CEO of Mortgages of Canada, says that before the Bank of Canada started raising interest rates last year, a five-year term was the norm for most homebuyers, but that’s changed. People are now going shorter in hopes that interest rates will come back down in the coming years.
