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Fixed or variable rate mortgage: Which is right for you?

September 15, 2022
min read

Whether you’re a first time home buyer, looking to switch, or renewing your mortgage, you will be faced with the decision of choosing between a fixed rate mortgage or a variable rate mortgage.

What are the differences between Cambrian fixed rate and variable rate mortgages?

The key differences between the types of mortgages are:

  • Is the interest rate fixed or variable?
  • Is the mortgage open or closed?
  • Can you change the terms of the mortgage, transfer or pay it off without paying a penalty?

Which is the best mortgage option for you?

When choosing the type of mortgage for you, it is important to look at your financial circumstances and goals. Whether a fixed or variable mortgage is better for you really depends on what you value most: lower rate, flexibility or peace of mind.

Rate & Flexibility If you’re looking for the lowest rate, consider Cambrian’s Variable Closed Mortgage. Plus, you have the flexibility to convert to a Cambrian Fixed Rate Mortgage at any time without penalty.
Peace of Mind Some people prefer the security of knowing that their mortgage interest rate stays fixed throughout the mortgage term. In this case, a Fixed Rate Mortgage may be a better option for you.
Full Flexibility A Variable Open Mortgage is perfect for people who are looking for the most flexibility with their mortgage. If you are uncertain how long you will be staying in the home or want to make changes to your mortgage in the near term, without paying a penalty, then Cambrian's Variable Open Mortgage might be a great fit for you.

Today’s Rates

*All rates and yields subject to change without notice.
5 Year Variable Closed Mortgage
Variable Open Mortgage
5 Year Fixed Closed Mortgage

Want to Discuss with an Advisor?

We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.

“I had a wonderful experience at Cambrian. I've been with the same institution for the last 21 years and all the fees and restrictions have finally pushed me into wanting to make some changes.

My advisor was prepared for my arrival with all the documents ready and waiting. He took the time to go over each one...”

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