VARIABLE VS FIXED MORTGAGES.

UNSURE WHICH ONE IS FOR YOU? LET ONE OF OUR MORTGAGE BROKERS HELP YOU.

Both mortgage types have their benefits, but which one is going to be best for you? Learn more below.

WHAT IS A VARIABLE-RATE MORTGAGE?

A variable-rate mortgage is a mortgage whose interest will fluctuate over time. This is based on the Bank of Canada’s prime rate. Unlike a traditional bank, the Bank of Canada is not a commercial company and doesn’t provide services to the public. Instead, its role is to “promote the economic and financial welfare of Canada”.

Benefits of a Variable Rate Mortgage

Historically, variable-rate mortgages tend to have lower interest rates than a fixed-rate mortgage. Another benefit that you can take advantage of is that if you can pay more than the interest rate %, you can add the additional dollars to paying down your principle. 

Refinancing Mortgage Paperwork

WHAT IS A FIXED-RATE MORTGAGE?

A fixed-rate mortgage refers to the interest rate, which stays the same over the term of the mortgage. Once locked in, the interest rate does not change with market conditions. This means that if you get a low-interest rate (such as now in our post-pandemic time), you will keep that same low rate even if interest rates increase over time. 

Benefits of a Fixed Rate Mortgage

A fixed-rate mortgage is great for those who are looking for a consistent payment each month. This allows you to properly budget and plan your finances. Due to the stable nature of fixed-rate mortgages, they can also give you security and peace of mind that during your term, your payments won’t fluctuate. 

Refinancing Mortgage Paperwork

GET A MORTGAGE PRE-APPROVAL TODAY!

Whether you decide that a variable rate or a fixed rate mortgage is best for you, it’s always recommended that you meet with a mortgage broker. When you work with one of our mortgage brokers, they will provide you with a full view of what you can qualify for, help with the mortgage pre-approval process, and can set you up for life’s next journey. Give us a call today or reach out to one of our team members today. 

CONTACT US.

Contact Mortgage Design Group today to get started on your mortgage application!

(403) 942-4099

N

Over 200+ Google Reviews

We understand the need to work with the best in mortgages. At Mortgage Design Group, we have over 200 reviews from happy customers that have worked with us over the years. 

N

Free World Class Experience.

Getting excellent service might be rare these days but at Mortgage Design Group Inc. providing world-class service is non-negotiable!

N

Wide Variety of Vendors.

With a wide variety of lenders to choose from, our clients know they have options when it comes to getting the right financing.

N

Professional Licensed Brokers.

All our mortgage brokers are fully trained and licensed! This means our clients know that they are talking to qualified experts.

N

Easy Online Service.

We want to make mortgages easy and accessible to everyone, and that's why we don't let ourselves be limited to our offices. 

N

Trusted Partners.

Our priority is to build long-term relationships. Whether you're a first-time buyer or buying your third property, it's important you know we are here to help.