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A fixed rate keeps your payment the same for the whole term, which makes budgeting simple and predictable. A variable or adjustable rate moves with the market, so your payment can rise or fall. It often starts lower but is less certain over a long amortization. The right choice comes down to how much payment change your budget can absorb.
With a variable rate, your payment or the portion going to interest can change when rates move. That can save money when rates fall, but it means your budget has to handle a higher payment if rates rise. Fixed rates trade that flexibility for certainty.
Over a full amortization, neither is always cheaper. Variable rates have often cost less historically, but not always, and the gap depends on where rates go. If a steady payment lets you sleep at night, the certainty of a fixed rate has real value.
Beyond the rate, look at prepayment privileges, which let you pay extra without a penalty, and the term length, which sets how long your rate is locked. These features affect your total cost as much as the rate itself.
If your budget is tight or you value predictability, fixed often fits. If you have room to absorb change and want to bet on rates easing, variable can pay off. We help you match the choice to your finances.
We explain your options in plain language, in French or English, and run the numbers on both so you can decide with confidence.
Neither is always better. Fixed gives certainty, variable can cost less but carries risk.
Most variable mortgages let you convert to a fixed rate during the term. Ask your broker about the terms.
Rules that let you pay extra on your mortgage each year without a penalty, helping you pay it off faster.
Talk to Dean Brideau at Hypothèque Metro Mortgage, serving all of New Brunswick. Call 1.506.388.4990 or toll free 1.866.977.4990, or visit metrofinance.ca. Advice in French or English, at no cost to you.
