What is a hybrid mortgage, and does it ever make sense to get one?
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When it comes to selecting a mortgage, you're usually asked to choose between a fixed rate and a variable rate. But did you know there’s a third option that combines elements of both?
This article has been updated from a previous version.
When it comes to selecting a mortgage, you're usually asked to choose between the certainty of a fixed-rate mortgage, which allows you to lock in a particular interest rate for your term, and the uncertainty of a variable-rate mortgage, which fluctuates alongside the Bank of Canada’s overnight interest rate. But did you know that there’s a third, lesser-known option that combines elements of both?
About the author
Isabel Slone is a writer from Toronto, Ontario. Her byline has appeared in The New York Times, ELLE, The Globe and Mail, Toronto Life, and more.
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