WHAT ARE THE DIFFERENT TYPES OF RATES
A fixed interest rate remains the same throughout the entire term of your mortgage. This option allows your payment to remain constant so you know exactly how much you will pay every month and what amount you will have paid off at the end of the term.
A variable interest rate will fluctuate with the prime rate throughout the mortgage term. While your regular payment will remain constant, it impacts the amount of principal you pay off each month.