Mortgage & Wealth Strategies
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Beyond The Rate
As expert mortgage brokers, we know building wealth through homeownership and achieving financial freedom is about more than just chasing the lowest rate—it’s about strategy.
We're taking you behind the scenes and giving you the insider tools and powerful strategies to get ahead. If you’re a first-time homebuyer, you’ll find everything you need to secure your first property and start building wealth from day one.
If you’re an existing homeowner, this is where you take control. Maximize the wealth-building potential of your current home with proven strategies for refinancing, leveraging equity, and optimizing your mortgage for bigger opportunities.
Your mortgage is more than a loan—it’s a gateway to long-term financial success.
Our goal is simple: to equip you with the knowledge and tools to make smart, strategic decisions that will transform your financial future.
Let’s get started.
The Pros and Cons of Fixed vs. Variable Mortgages
December 8, 2022 | Posted by: Matt Broom-Hall
When it comes to choosing a mortgage, borrowers in Canada have two main options: a fixed rate mortgage or a variable mortgage. But which type is best for you? Here, we'll take a look at the pros and cons of each type to help you make an informed decision.
Fixed Rate Mortgages
A fixed rate mortgage is a home loan in which the interest rate remains the same throughout the term of the mortgage. This means that the monthly payment will also remain the same, providing predictability and stability. Here are some of the pros and cons of fixed rate mortgages:
- Pros:
- Predictable monthly payments
- Protection against rising interest rates
- Simplicity and ease of budgeting
- Cons:
- Higher interest rates compared to variable mortgages
- No potential for savings if interest rates go down
Variable Mortgages
A variable mortgage is a home loan in which the interest rate can fluctuate over the term of the mortgage. This means that the monthly payment can change, depending on changes in the market interest rate. Here are some of the pros and cons of variable mortgages:
- Pros:
- Potentially lower interest rates compared to fixed mortgages
- Potential for savings if interest rates go down
- Flexibility to switch to a fixed rate mortgage if interest rates rise
- Cons:
- Unpredictable monthly payments
- Risk of higher payments if interest rates go up
- Possible difficulty qualifying for a variable mortgage
Which Type of Mortgage is Right for You?
Ultimately, the decision between a fixed rate and variable mortgage comes down to your individual circumstances and financial goals. If you want the predictability and stability of a consistent monthly payment, a fixed rate mortgage may be a good option. If you're willing to take on the potential risks in exchange for the potential savings of a lower interest rate, a variable mortgage may be the way to go. Be sure to carefully consider all the factors and do your research before making a decision.
Creating happy homeowners by providing personal bespoke mortgages solutions with uncompromising service.
Matt Broom-Hall
Mortgage Broker & Happiness Creator
Flare Mortgage Group
mortgages@mattbroomhall.com