SERVING Peterborough/Ontario/Atlantic Canada - MOBILE
Ray Cummings Mortgage Agent Level 1
Mortgage Planner
C Ontario/Canada Wide 705-868-7797   P Atlantic 902 830-7292
Considering locking into a fixed mortgage? Get informed...learn the benefits and variable mortgage products before making a change so you can choose the best option for your current situation.
Fixed vs variable rate mortgages: which one is right for you

Fixed Rate Mortgages

  • A fixed rate mortgage gives you 100% confidence that your payments will not change for the entire length of your mortgage term

  • Your mortgage payments are an equal amount every month

  • Fluctuations in prime will not affect you. You do not have to worry about increasing mortgage payments to account for how the changing rates affect your payment to interest and principal. However, if interests rates drop, you will be paying more interest than those on a variable rate.

  • Fixed rates offer you stability and consistency in payment amount

Variable Rate Mortgages

  • A variable mortgage typically has a lower interest rate than a fixed rate mortgage.

  • When the prime rate goes down, more of your mortgage payment will go to pay down principal. Conversely, when the prime rate goes up, more of your mortgage payment will go to pay down interest

  • If variable interest rates rise higher than what your mortgage payment will cover in interest alone only payments, your bank may increase your mortgage payment or you could extend your amortization

  • Historically, variable rates are less expensive

Heres a glance at Canadas historical mortgages rates...


Total amount raised
Updated: 01/22/21
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Subject to change. Conditions may apply.
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