It all depends on what you want. Your Mortgage Agent will assess your personal situation and needs to find the best mortgage for you at the best rate.

If rates are low and stable, and/ or you are prepared to take a risk, you can generally pay a lower rate with a variable rate. You can lock into the fixed rate for the balance of the current term at any time. This is not for everyone; however, as sudden upward rate movements can have a significant impact on your payments. You may want to discuss this with your Mortgage Agent.

Any term 3 years or longer is considered "long term" in today's economy. Because long-term rates are usually higher than short-term rates, you may not want to choose this option. On the other hand, by locking in you will avoid exposure to rate increases. You'll have the comfort of knowing exactly what your payments will be and you'll be able to manage your budget accordingly.

A mortgage which allows you to minimize - or hedge - your interest rate risk by splitting your mortgage into 5 parts. For example: A $150,000 mortgage could be split into five $30,000 segments with terms of 6 months, 1, 2, 3 and 5 year terms negotiated at today's best rates. The average rate would rise or fall much more slowly than changes in the market, however, as only the shorter terms are affected by even the most volatile rate movements over the first few years. Confused? Talk with your Mortgage Agent. You can also have fixed, variable and credit line components in a mortgage for flexibility.

Many lenders allow you to make a lump sum payment - usually 10% to 20% of the original principal balance. In addition, many mortgage products now include a "double-up and skip-a-payment" feature. This lets you "bank" extra mortgage payments for a rainy day, at which time you can "skip" them if you need to. Ask your Mortgage Agent to advise you on your options today!

Most mortgages now allow the amortization to be adjusted by increasing the payment on closed terms by 10% - 20% per year, once annually.

Most mortgages now come with the option to pay your mortgage at a frequency that matches your cash flow - weekly, bi-weekly or semi-monthly. The added benefit of the "accelerated" weekly and bi-weekly payments is that by dividing a regular monthly payment into two or four respectively, and deducting it at the new interval, an extra payment a year is made directly against principal. The surprising effect of this one extra payment a year is to reduce the amortization of the average mortgage by approximately 5 years over 25 year mortgage amortization period, with cash savings at the end of the mortgage term.