Learning for Life Scholarship
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What is the difference between a fixed rate and variable rate mortgage?

With a Fixed Rate Mortgage, the interest rate and mortgage payment will not change for the term of the mortgage. Terms usually range from 6 months to 5 years.

With a Variable Rate Mortgage, the interest rate will fluctuate as market rates go up or down. The variable rate can be lower than the fixed rate but this is not always the case.

Check our mortgage rates.