Whether you just closed on your first home or need to refinance your existing one, it pays to choose the right mortgage.
I want to know what my interest rate and mortgage payment will be over the term of the mortgage.
A fixed rate mortgage is likely best for you. Your rate is fixed for the term of the mortgage of the mortgage and your payments will not increase if interest rates rise.
I'm comfortable with fluctuations in my interest rate and mortgage payment.
With some variable rate mortgages, your rate and payment go down and up with interest rate movements. Others have fixed payments even if interest rates change. As interest rates drop, more of your payment is applied to your mortgage principal. If rates rise, more is applied to interest.
I'm not sure whether to go with a fixed rate or variable rate mortgage.
Your mortgage is split between fixed and variable rates, allowing you to take advantage of potential rate decreases while also protecting yourself from potential increases. Use our Mortgage Laddering Calculator to see how you may be able to protect against interest rate increases.
Want to compare mortgages? Our new Mortgage Comparison Calculator lets you compare two mortgages side by side and see how the differences affect your cost of borrowing. Information on all our mortgage products is available in our Mortgage Centre.
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