A 5 year fixed mortgage rates Ontario is one of the most popular mortgage rates. This fixed rate gives you the security of a fixed interest rate, so you always know exactly what your payments are as changing interest rates will not affect your mortgage, plus a shorter term than the 7 or 10 year fixed mortgage rate. In addition to the interest type, the mortgage type or term of the mortgage can have a significant impact on the amount of your monthly payment as well as the amount of interest you will pay on the principal. The term of 5 years is the length of time over which a loan is paid back. Once the end of the term is reached, the mortgage can be renegotiated if the buyer chooses. There are two common types of mortgages “open” and “closed” but with a 5 year fixed closed rate, you cannot so if rates become lower, you pay still pay the agreed fixed rate. There is also the 5 year variable rate with will save money with a lower rate and an option to lock into a fixed rate.