Fixed vs Variable Mortgage

From the security of a fixed rate mortgage to the flexibility of a variable mortgage, you have several choices when it comes to interest rates.

Fixed Rate Mortgage
The interest rate for a fixed rate mortgage is locked in for the full term of the mortgage. Payments are set in advance for the term, providing you with the security of knowing precisely how much your payments will be throughout the entire term. Fixed rate mortgages can be open (may be paid off at any time without breakage costs) or closed (breakage costs apply if paid off prior to maturity).

Variable Rate Mortgage
With a variable rate mortgage, mortgage payments are set for the term, even though interest rates may fluctuate during that time. If interest rates go down, more of the payment is applied to reduce the principal; if rates go up, more of the payment is applied to payment of interest. Variable rate mortgages may be open or closed. A variable rate mortgage provides you with the flexibility to take advantage of falling interest rates and to convert to a fixed rate mortgage at any time!

Find peace of mind in knowing exactly what your interest rate will be for the term of your mortgage with a fixed rate mortgage secured from Mortgage Rate Canada Mortgages.

Open Features

  • Competitive rates
  • Up to 120 day rate guarantee so you can take the time to find your dream home
  • Dedicated Mortgage Specialist to help you from the moment you find out how much you can afford, to the day you move in
  • Convenient pre-approval contact options by phone or online
  • Amortization options – up to a maximum of 30 years (25 years for CMHC insured mortgages)4
  • FlexibleOpen dialog prepayment options on most mortgages to let you pay off your mortgage even faster
  • Convenient weekly, bi-weekly, monthly, and semi-monthlypayment frequencies available. You can also accelerate your weekly or bi-weekly payments which can save you thousands of dollars in interest over the life of your mortgage

See Today’s rates

With a Mortgage Rate Canada’s variable rate mortgage your interest changes with the changing  prime rate. As interest rates go up and down so does the amount of interest you pay.

  • Mortgage Rate Canada’s Best Rate
  • Option to convert at any time
  • Dedicated Mortgage Specialist to help you from the moment you find out how much you can afford, to the day you move in
  • Easy pre-approval by phone or online
  • Amortization options – up to a maximum of 30 years
  • Flexible prepayment options to let you pay off your mortgage even faster
  • Convenient weekly, bi-weekly, monthly, and semi-monthly payment frequencies available. You can also accelerate your weekly or bi-weekly payments which can save you thousands of dollars in interest over the life of your mortgage

See Today’s rates