Which Type of Mortgage is Right for Me?

How much equity do you have in your home?

Home equity represents the personal financial stake you currently have in your home. It's the difference between the current market value of your home and your outstanding mortgage balance.

If you are not sure how much equity you currently have in your home, you can calculate it here .

Choose the statement that reflects your preference

Your answer to this field will determine whether the tool recommends a fixed or a variable rate mortgage—or a combination of the two. Below is some additional detail to help you choose your answer:

I want the opportunity to save as much money as possible on my mortgage, even if it means the interest rate could fluctuate.

Many economic experts agree that a variable rate mortgage offers the greatest advantage when it comes to long-term savings. It generally offers the lowest mortgage rate available and can therefore potentially save you thousands of dollars in interest costs over the life of your mortgage.

This type of mortgage is ideal if you are comfortable with rate fluctuations and have the flexibility to accept possible increases in your amortization.

I do not want my interest rate to fluctuate, even if it means I might pay more in interest costs during my mortgage term.

A fixed rate mortgage offers you the security that your interest rate will not go up during the term of your mortgage (rate is locked in). It also means that you will not be able to capitalize on interest cost savings if rates go down during the term of your mortgage.

Would you be interested in a mortgage that offers the security of a fixed rate and the potential savings of a variable rate?

We offer a solution that allows you to split your mortgage between fixed and variable rates—all in one plan. The variable portion lets you take advantage of potential long-term savings, while the fixed rate portion protects you if rates rise. This strategy could save you thousands of dollars over the term of your mortgage.

Here's a quick example of how it works:

• 50% of your mortgage could be fixed for 5 years
• 50% of your mortgage could be in a 5-year variable rate mortgage

In addition, the percentage split does not have to be 50/50.