Buying a home is exciting—but choosing the right mortgage rate? That’s where things get tricky. Should you lock in a fixed rate for peace of mind or ride the wave with a variable rate for potential savings? Let’s break it down so you can make the smartest move for your future.
Fixed Rate: Stability First
What it is: Your interest rate stays the same for the entire term.
Why people love it: Predictable payments, no surprises.
Best for: Anyone who values certainty and wants to sleep easy knowing their payment won’t change.
Variable Rate: Flexibility & Potential Savings
What it is: Your rate moves with the market (Prime Rate).
Why it’s tempting: Historically lower costs and the chance to save if rates drop.
Best for: Risk-tolerant borrowers who want flexibility and can handle fluctuations.
Pro Tip
If you’re torn, consider a TD FlexLine or hybrid mortgage. It gives you the stability of a fixed portion plus a revolving HELOC for flexibility and future equity access.
Ready to explore your options? Let’s chat! I’ll help you find the perfect fit for your goals and budget.