Fixed vs. Variable Rates: What’s Right for You?
Choosing between a fixed and variable mortgage rate isn’t just a financial decision—it’s a personal one. It comes down to how you manage risk, what stage of life you’re in, and what kind of financial stability you’re looking for.
Let’s break it down.
Fixed rates lock in your interest rate for the term of your mortgage, which means your payments stay the same—month after month. This is ideal if you’re looking for predictability and don’t want to worry about rate hikes. It’s especially appealing for first-time buyers or families budgeting around other fixed expenses.
Variable rates, on the other hand, tend to start lower than fixed rates. They fluctuate with the Bank of Canada’s rate decisions. This option can offer long-term savings, but it does come with more uncertainty—and isn’t for everyone.
At Wheeler Mortgage, we take the time to get to know your financial goals and risk tolerance before making any recommendations. We’ll walk you through current market trends, rate forecasts, and help you understand how each option could impact your long-term costs.
Our role isn’t just to offer you a mortgage—it’s to help you feel informed and confident in your choice.