Make Your Mortgage Work for You

When it comes to choosing a mortgage, there’s no one-size-fits-all solution. The right option depends on your goals, your budget, and your lifestyle. Here’s a breakdown of some of the most common choices—and what they actually mean.

Interest Rate Type

• Fixed Rate: Great if you want predictable monthly payments. Your rate stays the same for the entire term, which is helpful if you’re on a fixed income or like stability.
• Variable Rate: The interest on these mortgages changes as the Bank of Canada changes their interest rate. There are two types, one where your payment stays the same but just more or less of that payment goes towards principle and the other where your payments go up and down. 

Amortization

This is how long it will take you to pay off the mortgage. A typical amortization is 30 years, but it can be shorter or longer. The shorter the amortization the higher the payments (but you pay less interest overal) while a longer amortization decreases the payments but you pay more interest. 

Payment Schedule

Choose how often you make payments—monthly, bi-weekly, weekly, or even accelerated options. Matching payments with your pay schedule can help budgeting feel smoother.

Mortgage Term

This is the length of time your rate and conditions are locked in—most commonly 5 years. At the end of your term, you can renew or renegotiate based on current rates.

The Bottom Line: Mortgages come with choices, and the best option depends on your situation. Want to know which one is right for you? Let’s chat—I’ll walk you through your options and make sure your mortgage actually works for you.