Fixed vs Variable Mortgages: Which One Is Right for You?

Introduction

One of the most important decisions you’ll make during the home loan process is choosing between a fixed or variable mortgage. Both have unique benefits depending on your goals and risk preference.

Fixed Mortgage Advantages

• Stability and predictable monthly payments

• Protection from market rate increases

• Ideal for long-term homeowners

Variable Mortgage Advantages

• Lower initial interest rates

• Potential to save if the market trends downward

• Flexibility for short-term planning

Key Considerations Before Choosing

Ask yourself:

• How long do I plan to stay in this property?

• Am I comfortable with fluctuating payments?

• What direction are interest rates expected to move?

Conclusion

A mortgage consultant can help compare both options and align them with your financial goals.