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The choice between fixed or variable rate mortgages will depend on your tolerance for risk as well as your ability to manage possible increases in mortgage payments.

A fixed rate mortgage is appealing for those who value stability and consistency–for example, anyone on a tight monthly budget who wants to anticipate their monthly costs long-term.

Variable rate mortgages are calculated on an ongoing basis, at a lender’s prime rate plus/minus a set percentage. Variable rates shift according to the economy, so there’s potential for savings, but there is also the risk of rate increase.