icon

Find a 6-Month Fixed Open Mortgage

Compare 6-month fixed open mortgage rates to find the best rate.

Today's top rates in:

5-Year Variable
2.45%
5-Year Fixed
4.19%
Select one of the following to get started!

What is a 6-month fixed open mortgage?

Short term mortgages are considered three years or less, with 6-month terms being one of the shortest you can get.

People with 6-month open mortgages typically only require a short-term mortgage solution, and they usually intend to renew into a longer mortgage term afterwards. And since it’s an open mortgage, a borrower can repay any amount of the loan at any time without penalty.

But there’s a price to be paid for that convenience. The 6-month open mortgage terms are priced significantly higher than closed short-term mortgages, such as 1- and 2-year terms.

A price premium is placed on open mortgage terms largely due to the absence of a prepayment penalty. Because borrowers can repay the loan at any time, the loan is inherently riskier for lenders to fund. This is because they can’t know if they’ll receive the full interest cost over the term, or if the loan will be repaid quickly. That creates what’s known in the industry as “prepayment risk,” meaning the lender earns less profit at a given rate, versus a closed mortgage.

Latest mortgage articles

Does the type of debt you have matter when applying for a mortgage?
Learn how your monthly financial obligations and debt can affect your home affordability and mortgage eligibility.
Learn More
8 mins read
Should you ask your retired parents to co-sign your mortgage?
Parents can help their adult children break into the housing market by co-signing a mortgage. But there are risks to consider.
Learn More
3 mins read
Are we really headed for a buyer’s housing market in Canada?
Canada's housing market is showing sure signs of cooling. But are we in a buyer's market yet? Two experts weigh in.
Learn More
5 mins read

Subscribe to our newsletter

Stay on top of our latest offers, relevant news and tips!

Thanks for joining!

You'll be hearing from us shortly - stay tuned.