One of the first decisions home buyers and mortgage shoppers face is whether to select a fixed rate or a variable rate mortgage.

With a fixed rate mortgage, both the mortgage rate and monthly payment will remain constant for the term of the mortgage.


Can essentially “set it and forget it” regardless of whether rates rise or fall during the term. Easy for budgeting and offers stability. Five year fixed rate applicants qualify for higher financing because a lower rate is applied for qualifying than for applicants with a shorter term or variable rate mortgage.


There is often a rate premium to pay for this security as compared to variable rate mortgages, and it can be costly to fully prepay these mortgage prior to their term maturity without selling the home.

Discover what type of mortgage is right for you with our Mortgage Assessment

Check our Mortgage Rates Today for both fixed and variable rates as well as our New Home Rates offered in connection with our Rate Protection Program