The term you select is important. Short term mortgages are appropriate if you believe interest rates will be lower at renewal time. Long term mortgages are suitable if you feel current rates are reasonable and you want the security of budgeting for the future. This is especially important for first time homebuyers.

You can choose a fixed or variable interest rate. A fixed rate mortgage allows you to budget precisely for whatever term you select  because your payments will remain the same every month. A variable rate mortgage fluctuates with the market. For more information click here.