The below article goes over the difference between fixed or variable rate mortgages, and which is the better option for you.
With the biggest investment of your life, a home loan, staring you in the face, you have the task of determining what will give you the best chance at peace of mind when you secure that mortgage: A fixed-rate mortgage or an variable-rate mortgage. Both have their advantages and disadvantage and the trick is determining what will work to your economic advantage. So, the question you have to ask yourself is how long you think you need to pay off this home loan. Will this be a 5-year or a 25-year home loan? Or will it be somewhere in the middle? What kind of mortgage will offer the best savings?
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