Variable vs. Fixed Mortgage Renewal: What’s Right for You?

If your mortgage renewal is around the corner, choosing between a variable and a fixed rate can be a tough decision. A fixed rate offers stability; your payments stay the same, making it easier to budget each month. This option can be particularly appealing if rates are expected to rise, as it shields you from potential increases.

On the other hand, a variable rate can offer savings if the prime rate remains stable or decreases. Historically, variable rates have often led to lower costs over time, but they come with some uncertainty, as your payment could increase if rates go up. Many homeowners find that they lean toward one option based on their risk tolerance and financial goals.

Whether you prefer the predictability of fixed payments or want to take advantage of potential savings with a variable rate, I can help you understand which choice aligns best with your financial situation. I’ll guide you through each option, so you can renew with confidence and a rate that works for you.

Need more advice? Talk to an agent today.