Before you choose a variable or fixed mortgage you should understand their differences. Our mortgage brokers can provide a free consultation for your mortgage. Please call or email us for a free quote.

Variable Mortgage Risk

Variable mortgages can offer very low interest rates. They are also much riskier than fixed mortgages. A variable mortgage can go up or down based on the trend setting Bank of Canada interest rate. Our mortgage brokers can help you determine the proper level of risk for you situation. Factors such as your income and the amount of the mortgage are important.

At the present time interest rates are low, consider what would happen if the interest rares increased. Could you afford the increased mortgage payments or would you be forced to sell the property. It is always a good idea to pay more than the minimum interest per month. If the interest rate does go up at least you know that you can afford the payments.

Check to make sure that the variable mortgage and be converted to a fixed mortgages. Find out if there are other options such as a lump sum payment. If interest rates are stable and not projected to increase then a variable mortgage might be your best option.

Fixed Mortgage Risk

A fixed mortgage has a low level of risk. You know exactly what your monthly payments will be and how long you must make the payments. Fixed mortgages are perfect for people with a very steady income such as a government employee. Fixed mortgage interest rates are usually a little higher than the variable interest rate. If interest rates are projected to be higher in the near future, it is probably a good idea to get a fixed mortgage.


Every mortgage situation is different we recommend that you consult with a mortgage broker before choosing a variable or fixed mortgage.

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