{"id":1859,"date":"2025-02-20T16:40:16","date_gmt":"2025-02-20T16:40:16","guid":{"rendered":"https:\/\/advisor.wellington-altus.ca\/wagner\/?p=1859"},"modified":"2025-02-26T18:41:45","modified_gmt":"2025-02-26T18:41:45","slug":"my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage","status":"publish","type":"post","link":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/","title":{"rendered":"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage"},"content":{"rendered":"

 <\/p>\n

 <\/p>\n

\"\"I\u2019m one of the 1.2 million<\/a> Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.<\/p>\n

Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.<\/p>\n

Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage<\/strong>. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends<\/a>\u2014it\u2019s the best decision for me.<\/p>\n

Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:<\/strong><\/p>\n

    \n
  1. I expect the overnight interest rate in Canada to decrease.<\/strong><\/li>\n<\/ol>\n

    Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada’s<\/a> overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025.<\/p>\n

    Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates.<\/p>\n

      \n
    1. I can handle higher rates if I\u2019m wrong.<\/strong><\/li>\n<\/ol>\n

      My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.<\/p>\n

      One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.<\/p>\n

        \n
      1. I can change my mind <\/strong><\/li>\n<\/ol>\n

        Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch.\u00a0 It will be, however, at future rates, at the time of conversion.<\/p>\n

        It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.<\/p>\n

        Other Areas to Consider When Renewing Your Mortgage<\/strong><\/p>\n

        Renewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:<\/p>\n

          \n
        1. Your Financial Situation<\/strong><\/li>\n<\/ol>\n

          Evaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.<\/p>\n

            \n
          1. Goals for Your Mortgage and Property<\/strong><\/li>\n<\/ol>\n

            Think about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires?\u00a0 Answering these questions will help you select a mortgage term that aligns with your goals.<\/p>\n

              \n
            1. Shop Around<\/strong><\/li>\n<\/ol>\n

              Don\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage.<\/p>\n

                \n
              1. Penalties and Prepayment Options<\/strong><\/li>\n<\/ol>\n

                If you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.<\/p>\n

                Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.<\/p>\n","protected":false},"excerpt":{"rendered":"

                I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.
                \nPreviously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.
                \nNow, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.
                \nHere\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:
                \n1. I expect the overnight interest rate in Canada to decrease.
                \nVariable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada’s overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025.
                \nGiven the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates.
                \n2. I can handle higher rates if I\u2019m wrong.
                \nMy amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.
                \nOne of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.
                \n3. I can change my mind
                \nMany lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.
                \nIt\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.
                \nOther Areas to Consider When Renewing Your Mortgage
                \nRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:
                \n1. Your Financial Situation
                \nEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.
                \n2. Goals for Your Mortgage and Property
                \nThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.
                \n3. Shop Around
                \nDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage.
                \n4. Penalties and Prepayment Options
                \nIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.
                \nRenewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.<\/p>\n","protected":false},"author":181,"featured_media":1860,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_oasis_is_in_workflow":0,"_oasis_original":0,"_oasis_task_priority":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[31],"tags":[],"class_list":["post-1859","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-women-in-the-know"],"yoast_head":"\nMy Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage - Wagner Investment Management Team<\/title>\n<meta name=\"description\" content=\"I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:1. I expect the overnight interest rate in Canada to decrease.Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada's overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025. Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates. 2. I can handle higher rates if I\u2019m wrong.My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.3. I can change my mind Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.Other Areas to Consider When Renewing Your MortgageRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:1. Your Financial SituationEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.2. Goals for Your Mortgage and PropertyThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.3. Shop AroundDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage. 4. Penalties and Prepayment OptionsIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage - Wagner Investment Management Team\" \/>\n<meta property=\"og:description\" content=\"I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:1. I expect the overnight interest rate in Canada to decrease.Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada's overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025. Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates. 2. I can handle higher rates if I\u2019m wrong.My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.3. I can change my mind Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.Other Areas to Consider When Renewing Your MortgageRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:1. Your Financial SituationEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.2. Goals for Your Mortgage and PropertyThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.3. Shop AroundDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage. 4. Penalties and Prepayment OptionsIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/\" \/>\n<meta property=\"og:site_name\" content=\"Wagner Investment Management Team\" \/>\n<meta property=\"article:published_time\" content=\"2025-02-20T16:40:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-26T18:41:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/advisor.wellington-altus.ca\/wagner\/wp-content\/uploads\/sites\/95\/2025\/02\/Picture1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1381\" \/>\n\t<meta property=\"og:image:height\" content=\"789\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Karen Routledge\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Karen Routledge\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/\"},\"author\":{\"name\":\"Karen Routledge\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#\\\/schema\\\/person\\\/9b0c6473100e8044330c7932c5e14d95\"},\"headline\":\"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage\",\"datePublished\":\"2025-02-20T16:40:16+00:00\",\"dateModified\":\"2025-02-26T18:41:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/\"},\"wordCount\":678,\"publisher\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/wp-content\\\/uploads\\\/sites\\\/95\\\/2025\\\/02\\\/Picture1.jpg\",\"articleSection\":[\"Women in the Know\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/\",\"name\":\"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage - Wagner Investment Management Team\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/wp-content\\\/uploads\\\/sites\\\/95\\\/2025\\\/02\\\/Picture1.jpg\",\"datePublished\":\"2025-02-20T16:40:16+00:00\",\"dateModified\":\"2025-02-26T18:41:45+00:00\",\"description\":\"I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:1. I expect the overnight interest rate in Canada to decrease.Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada's overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025. Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates. 2. I can handle higher rates if I\u2019m wrong.My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.3. I can change my mind Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.Other Areas to Consider When Renewing Your MortgageRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:1. Your Financial SituationEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.2. Goals for Your Mortgage and PropertyThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.3. Shop AroundDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage. 4. Penalties and Prepayment OptionsIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#primaryimage\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/wp-content\\\/uploads\\\/sites\\\/95\\\/2025\\\/02\\\/Picture1.jpg\",\"contentUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/wp-content\\\/uploads\\\/sites\\\/95\\\/2025\\\/02\\\/Picture1.jpg\",\"width\":1381,\"height\":789},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/2025\\\/02\\\/20\\\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#website\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/\",\"name\":\"Wagner Investment Management Team\",\"description\":\"Wellington-Altus Private Wealth\",\"publisher\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#organization\",\"name\":\"Wagner Investment Management Team\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/wp-content\\\/uploads\\\/sites\\\/95\\\/2020\\\/05\\\/cropped-WAPW-Favicon.png\",\"contentUrl\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/wp-content\\\/uploads\\\/sites\\\/95\\\/2020\\\/05\\\/cropped-WAPW-Favicon.png\",\"width\":512,\"height\":512,\"caption\":\"Wagner Investment Management Team\"},\"image\":{\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#\\\/schema\\\/logo\\\/image\\\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/advisor.wellington-altus.ca\\\/wagner\\\/#\\\/schema\\\/person\\\/9b0c6473100e8044330c7932c5e14d95\",\"name\":\"Karen Routledge\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/867e07e28ef8038730b7807dd68c340176411528e739c9e2db5c8bd87e25af8a?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/867e07e28ef8038730b7807dd68c340176411528e739c9e2db5c8bd87e25af8a?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/867e07e28ef8038730b7807dd68c340176411528e739c9e2db5c8bd87e25af8a?s=96&d=mm&r=g\",\"caption\":\"Karen Routledge\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage - Wagner Investment Management Team","description":"I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:1. I expect the overnight interest rate in Canada to decrease.Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada's overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025. Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates. 2. I can handle higher rates if I\u2019m wrong.My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.3. I can change my mind Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.Other Areas to Consider When Renewing Your MortgageRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:1. Your Financial SituationEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.2. Goals for Your Mortgage and PropertyThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.3. Shop AroundDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage. 4. Penalties and Prepayment OptionsIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/","og_locale":"en_US","og_type":"article","og_title":"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage - Wagner Investment Management Team","og_description":"I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:1. I expect the overnight interest rate in Canada to decrease.Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada's overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025. Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates. 2. I can handle higher rates if I\u2019m wrong.My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.3. I can change my mind Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.Other Areas to Consider When Renewing Your MortgageRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:1. Your Financial SituationEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.2. Goals for Your Mortgage and PropertyThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.3. Shop AroundDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage. 4. Penalties and Prepayment OptionsIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and circumstances.","og_url":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/","og_site_name":"Wagner Investment Management Team","article_published_time":"2025-02-20T16:40:16+00:00","article_modified_time":"2025-02-26T18:41:45+00:00","og_image":[{"width":1381,"height":789,"url":"https:\/\/advisor.wellington-altus.ca\/wagner\/wp-content\/uploads\/sites\/95\/2025\/02\/Picture1.jpg","type":"image\/jpeg"}],"author":"Karen Routledge","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Karen Routledge","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/#article","isPartOf":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/"},"author":{"name":"Karen Routledge","@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/#\/schema\/person\/9b0c6473100e8044330c7932c5e14d95"},"headline":"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage","datePublished":"2025-02-20T16:40:16+00:00","dateModified":"2025-02-26T18:41:45+00:00","mainEntityOfPage":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/"},"wordCount":678,"publisher":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/#organization"},"image":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/#primaryimage"},"thumbnailUrl":"https:\/\/advisor.wellington-altus.ca\/wagner\/wp-content\/uploads\/sites\/95\/2025\/02\/Picture1.jpg","articleSection":["Women in the Know"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/","url":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/","name":"My Money Story: 3 Reasons Why I\u2019m Renewing into a Variable Rate Mortgage - Wagner Investment Management Team","isPartOf":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/#website"},"primaryImageOfPage":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/#primaryimage"},"image":{"@id":"https:\/\/advisor.wellington-altus.ca\/wagner\/2025\/02\/20\/my-money-story-3-reasons-why-im-renewing-into-a-variable-rate-mortgage\/#primaryimage"},"thumbnailUrl":"https:\/\/advisor.wellington-altus.ca\/wagner\/wp-content\/uploads\/sites\/95\/2025\/02\/Picture1.jpg","datePublished":"2025-02-20T16:40:16+00:00","dateModified":"2025-02-26T18:41:45+00:00","description":"I\u2019m one of the 1.2 million Canadians with a mortgage coming up for renewal in 2025\u2014and in my case, I have two: one for my primary residence and another for a vacation property.Previously, I was locked into 5-year fixed-rate mortgages at 2.49% and 2.44%, secured when rates were near historic lows. It was my first time choosing fixed-rate mortgages, and at the time, I felt those low rates were worth locking in.Now, I\u2019ll be renewing into higher rates compared to my previous terms\u2014potentially close to double my prior rate. This time, however, I\u2019m returning to a variable rate mortgage. While this isn\u2019t the most popular choice right now\u2014variable-rate mortgages account for only 10% of newly originated loans in 2024, according to Canadian Mortgage Trends\u2014it\u2019s the best decision for me.Here\u2019s Why I\u2019m Renewing into a Variable Rate Mortgage:1. I expect the overnight interest rate in Canada to decrease.Variable mortgage rates are tied to the lender\u2019s prime rate, which is influenced by the Bank of Canada's overnight rate. In 2024, the overnight rate dropped by 1.75% from its most recent highs, and the Bank of Canada reduced rates again in January 2025. Given the current economic outlook, I expect this trend to continue. If I\u2019m right, my variable mortgage rate will decrease over time, saving me money compared to locking in at today\u2019s fixed rates. 2. I can handle higher rates if I\u2019m wrong.My amortization is low, which gives me confidence in choosing a variable rate. For those unfamiliar, amortization is the total length of time it takes to pay off your mortgage. The shorter your amortization, the larger portion of each payment goes toward reducing the principal rather than covering interest costs.One of my mortgages has less than five years remaining, and the other has fewer than 16 years\u2014though it\u2019ll be paid off even faster once I redirect payments from my first mortgage to the second. If rates were to rise unexpectedly, it wouldn\u2019t seriously impact my repayment goals or overall financial plan.3. I can change my mind Many lenders offer the option to convert a variable-rate mortgage to a fixed-rate term. If I ever decide I\u2019m no longer comfortable with a variable rate, I have the flexibility to make the switch. It will be, however, at future rates, at the time of conversion.It\u2019s important to understand the terms and conditions of your mortgage. If you choose a variable rate, make sure to check if early conversion options are available. Having this flexibility gives me peace of mind with my decision.Other Areas to Consider When Renewing Your MortgageRenewing your mortgage is an opportunity to reassess your financial strategy and ensure your choice aligns with your current needs and future goals. In addition to the factors I\u2019ve highlighted, here are a few other key considerations:1. Your Financial SituationEvaluate how much flexibility you have in your budget to handle potential increases in interest rates. If you can, increase your regular payments to lower your amortization, reducing your future interest costs.2. Goals for Your Mortgage and PropertyThink about your long-term objectives. Do you want to pay off your mortgage faster? Is having a predictable payment schedule more important? Are you planning to sell your property or move before your term expires? Answering these questions will help you select a mortgage term that aligns with your goals.3. Shop AroundDon\u2019t automatically renew with your current lender. Research other lenders\u2019 offerings\u2014sometimes switching providers can save you money over the term of your mortgage. 4. Penalties and Prepayment OptionsIf you\u2019re considering switching lenders or making lump-sum payments, review any penalties and prepayment terms associated with your mortgage.Renewing a mortgage is a significant financial decision, but with careful evaluation of your options, you can choose a solution that best supports your goals and 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