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Short answers on a 4.43% three-year fixed, the income behind a $400,000 mortgage, the end of a fixed term, and a two-year versus a five-year term.
Is 4.43% a good three-year fixed?
Put it next to the other three-year reports from the same week, not next to a rate from the spring.
What income carries a $400,000 mortgage?
The payment at 4.43%, the payment the stress test uses, and the income that clears a 39% housing ratio.
What happens when a fixed term ends?
The rate ends. The loan does not. You renew, switch, or pay it out.
A two-year or a five-year fixed?
One Scotia menu from October 7 had both. The shorter term was cheaper. That is not always the reason to take it.