For first time home buyers, it is often quite a difficult decision to choose between fixed and variable mortgage rates. If you choose to go for the latter, then 5-year variable mortgage rates would be lower than its fixed counterpart. Because here the inherent risk is lower for the lender as they are safeguarded from any financial uncertainties. To better understand the difference and how it would affect your monthly payment, once must consider a few comparisons before arriving at a conclusion.

RateGuru Mortgage will assist you in understanding the key differences and finding the best variable mortgage rates in Canada. If you were to historically examine the key benefit of choosing a variable mortgage rate then one must consider the fact that it’s proven to be less expensive than fixed rates. Speaking of a 5-year mortgage plan, most Canadians opt for this option because they usually end up paying lower interest and it also helps in mortgage renewal on more favorable terms. If you are looking for the best variable mortgage rates in Canada, reach out to us for a truly unbiased suggestion.

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*Calculation does not include mortgage insurance premium. Mortgage insurance premium will depend on your credit profile and the down payment amount. Assume an extra $20 per payment on average, over the amortization period of the mortgage.

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First Mortgage
First time mortgage doesn’t mean only the first home home that you buy. It can also mean the primary lien on the property you are planning to buy. It’s not about the level of home buying but the property itself. The term mortgage is a security for the lender.