Why Pick Fixed Rates?
Fixed rate mortgages are a great choice for Canadians who want to protect themselves against rising rates, sleep well at night knowing that their rate is fixed for a set period of time, or rental property owners who want to know what their costs will be when setting rents. These are just a few of the reasons why many people choose a fixed rate mortgage (definition). The downside to choosing a fixed rate mortgage usually comes in an environment where interest rates are going down. In such situations it may be more beneficial to choose a variable rate mortgage (definition) to take advantage of rates falling - albeit with greater risk. You can also use our rate engine to compare variable rate mortgages.
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