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Buying a home and getting a mortgage can be overwhelming—but it doesn’t have to be. Here’s a short overview of the two main types of mortgages and their pros and cons.

Closed Fixed-Rate Mortgages

This is the most popular type of mortgage in Alberta. With a closed fixed-rate mortgage, your interest rate and payment amount won’t change for the term of your contact, so you can rest easy knowing exactly what your payments will be and how much of the mortgage will remain at the end of your term.

But, with a closed mortgage, it can be difficult (and expensive) to pay off your mortgage early or switch lenders before your term is up. If you’re not sure you can commit to your mortgage for the full term, then you should consider an open fixed-rate mortgage.

Variable-Rate Mortgages

With a Variable-Rate Mortgage, the interest rate changes according to your bank's mortgage prime rate. When the interest rate drops, more of your payment goes towards the principal (your original borrowed amount). When the interest rate increases, more of your payment goes towards interest. If your payments no longer cover the required interest, your payment amount will go up.

Historically, homeowners with variable-rate mortgages have enjoyed lower average interest rates than those with fixed-rate mortgages, but there are no guarantees. If you’re okay with possible rate and payment fluctuations, then a variable-rate mortgage may be the way to go.

Learn more about mortgages: 6 mortgage terms you need to know.


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About Me

It has been my privilege to establish exceptional relationships with my clients while assisting them in meeting their dreams of home ownership for the past 24 years in Edmonton and Surrounding Areas.


With ATB’s Clear-Cut Mortgage Rates, what you see is what you get. That’s because we’ve stopped the common practice of posting inflated mortgage rates. No negotiating. No guessing.

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