It's the eternal question that homebuyers and homeowners coming up for mortgage renewals face: should I get a variable rate or fixed rate mortgage? With mortgage rates now in and around the incredibly low 2% mark, this is a question that's becoming even more pressing.
There is more to consider than just the interest rate number itself, when making that decision. It's important to understand the rules and penalties around a mortgage. You'll want to know what your privileges are around making extra payments for example. You should also make yourself aware of the penalties involved if you happen to break your fixed-rate mortgage, before it's term expires.
Here's a nice article below that talks about such issues, a bit more in detail. You should also talk to a lending specialist to better find a product that best suits your individual profile.