Fixed Rate Mortgage
A fixed rate mortgage (FRM), locks in your mortgage rate for the term of your mortgage contract unlike a variable rate mortgage (VRM). If rates go up your mortgage rate is protected so your neither your rate or monthly payment will be increased. If rates do go down you could explore breaking your mortgage and paying the penalty if there are potential savings. A sunlite Mortgage agent could assist you in calculating any potential savings.
A fixed rate mortgage is the better choice for if you are looking for interest rate stability. Fixed rate mortgage term range from 1 year to 10 years and like the rate, the payment stays the same until the mortgage maturity date.