When it comes to choosing an interest rate for your mortgage, should you go variable or fixed? Gary Siegle, Alberta regional manager of Invis, advises that for first-time homeowners, variable rates probably aren’t the best bet.


“We don’t normally recommend them to first time buyers because it’s too much to manage,” he says. “For first-time buyers, having something fixed and known and measurable over time is more important than getting the lowest rate.”


People who take on variable rates do tend to pay less in the long run, so if you have deep pockets, you might want to consider them. “Most of the time, people getting into variables looked at them over the long term,” he said.