Not all mortgages are created equal. The right mortgage can save you money, offer flexibility, and fit your long-term plans. Here's a breakdown of the most common types of mortgages and how they work—so you can make a confident decision.

Fixed-Rate Mortgage

Best for: Predictability and long-term planning

With a fixed-rate mortgage, your interest rate stays the same throughout your term (usually 1-5 years). This means your payments won't change, even if interest rates rise.

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Variable-Rate Mortgage

Best for: Lower initial rates and risk-tolerant borrowers

A variable-rate mortgage is tied to your lender's prime rate. If the prime rate changes, your interest, and sometimes your payment, changes too.

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Open Mortgage

Best for: Short-term needs and flexibility

An open mortgage lets you repay or pay off your mortgage in full at any time without penalty.

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Closed Mortgage

Best for: Long-term stability and lower rates

With a closed mortgage, you're limited in how much extra you can pay down without penalty.

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High-Ratio vs. Conventional Mortgages

Other Specialized Options

Which One Is Right for You?

The best mortgage depends on your plans, financial comfort zone, and how long you expect to stay in your home. Not sure what fits? That’s what I’m here for—I'll help you break it down and choose the right fit.