A plain-English guide to the trade-offs between fixed and variable rates—so you can choose with confidence.
A fixed-rate mortgage locks in your interest rate for the full term. Your payment never changes, which makes budgeting simple and protects you if rates rise.
A variable-rate mortgage moves with the lender's prime rate. Historically, variable rates have cost less over time—but only if you can handle the swings.
If you're stretched on your budget or value certainty, fixed usually wins. If you have flexibility, a longer time horizon, and want to ride out interest-rate cycles, variable can pay off.
The right answer is personal. We help you compare both side by side using your actual numbers, not a generic example.
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