Best 6-Month Variable Mortgage Rates In Canada

A 6-month variable-rate mortgage is better if you: 

• Want a flexible mortgage term at a lower rate;
• Are likely to pay off or refinance the mortgage before the end of the 6-month term. The penalty is much lower for variable-rate mortgages compared to fixed-rate mortgages.
• Are likely to sell the property before the end of the term because of the lower penalty costs for variable-rate mortgages or
• are financially capable of making a lump sum payment if required due to a rise in interest rate.

A 6-month fixed-rate mortgage will be right for you if: 

• you want a predictable and consistent mortgage payment for the next six months; 
• you are on a tight budget;

• You are not hoping for any significant expenses in the next six months that may cause you to break the mortgage contract. Note that you will be charged a penalty if you choose to end or break your mortgage contract before the end of the contract term; or  

• you want to know how much interest you’ll pay over the life of your loan.