When you're buying a home, one of the most important financial decisions you'll make is choosing the right mortgage. For many first-time home buyers , the options can feel overwhelming, especially when faced with the question: Should I choose a fixed-rate mortgage or a variable-rate mortgage? As your realtor, I've seen how this decision impacts buyers not just at closing, but for years to come. Let's break down the differences between these two mortgage types so you can make the choice that best fits your budget, risk tolerance, and long-term goals. What is a Fixed-Rate Mortgage? A fixed-rate mortgage locks in your interest rate for the entire length of the term (often 1 to 5 years in Canada, though some lenders offer longer). This means your mortgage payments stay exactly the same until your term ends. Advantages of Fixed-Rate Mortgages: Predictability: You always know what your payment will be, which makes budgeting easier. Protection from interest rate h...