5 reasons to choose a variable-rate mortgage
TORONTO One of the big decisions homeowners face is whether to choose a fixed- or variable-rate mortgage. Now may be the time to go variable.
A fixed-rate mortgage locks in an interest rate and the payment stays constant over the term. For new homeowners taking on a huge debt, this may help them sleep at night. You pay more, but you know exactly what the payment will be for your entire mortgage term.
With a variable-rate mortgage, the payment can fluctuate as interest rates rise or fall. For this reason, you usually get a better rate ` to reflect the uncertainty and increased risk.
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