Fixed or Variable? The Right Mortgage for You

There are pros and cons to both fixed and variable rate mortgages, and the right choice for you will depend on a number of factors. If you are risk-averse, or if you are not confident in your ability to weather sudden increases in your monthly payments, a fixed-rate mortgage may be the better choice. With a fixed rate mortgage, your payments will remain the same for the length of the term, so you’ll always know exactly what your payments will be.

On the other hand, a variable rate mortgage can offer lower interest rates than a fixed rate mortgage, but there’s also the potential for those rates to increase over time. If you’re comfortable with a little bit of risk and you’re confident that you can handle higher payments, if necessary, a variable rate mortgage could save you money in the long run. Ultimately, the best way to decide is to talk to Cody Chambers, Mortgage Broker, and see what they recommend for your specific situation.

Cell: +1 778-319-5744
Email: Codychambers@dominionlending.ca
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