5-Year Fixed Mortgage Trap

Unconventional Wisdom

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2M ago 4:23

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The average Canadian wastes $22,000 after tax during their life for every $100,000 of their mortgage and takes 38 months longer to pay it off, according to a study by Moshe Milevsky.

This is because of taking 5-year fixed mortgages instead of variable.

They are marketed as being safe and a good protection against a sharp rise in interest rates.

The reality, though, is that they are nearly always a huge waste of money, because the interest rate is nearly always higher and you lose your negotiating power for five long years.

From 1975-2019, 1-year fixed mortgages saved money 100% of the time. 5-year fixed will probably save money for 5 years starting 2020-22, but it may be decades until next time.

That is why we call it the “5-Year Fixed Mortgage Trap”.

Listen to my latest podcast episode to find out:

Why people take 5-year mortgages.
What you should do instead.
Why being aware of your negotiating power is key.

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