Fixed-rate mortgages pros and cons

A fixed-rate mortgage is often the best choice for someone who:
Plans to stay in their home long-term (e.g., 10+ years).
Values stability, predictability, and peace of mind over potential initial savings.
Has a fixed income and needs to ensure their housing costs will not rise.

The pre-approval process can often be completed within a few days, and sometimes even within 24 hours, once you have submitted all the required documentation to your lender.

In the vast majority of cases, Mortgage Brokers are free for the borrower. They are typically paid a commission or “trail” by the lender once your loan is settled and funded. This commission structure is regulated to ensure it does not influence the broker’s recommendation against your best interests. You should always confirm with your broker that there are no fees for their service.

While technically possible up until the moment you sign, it becomes extremely risky and impractical very close to the closing date. Switching with less than two weeks until closing is generally considered too late, as it will almost certainly delay the sale and jeopardize the entire transaction.